The average sale price for condos decreased in six Boston neighborhoods but sharply increased in others in the third quarter, according to a new analysis by Berkshire Hathaway HomeServices Warren Residential.
These neighborhoods saw a decrease in the average sale price for condos, but the drop does little to make these locations more affordable for the average buyer:
Beacon Hill: A 16 percent drop, from $1,608,561 in the third quarter last year to $1,349,938 this year;
Charlestown: A 0.86 percent decline, from $712,878 to $706,677;
Downtown: A 6.99 percent decrease, from $1,765,447 to $1,378,764;
Fenway/Kenmore: A 14.27 percent drop, from $713,095 to $611,304;
South End: A 4.6 percent decline, from $1,299,323 to $1,239,499;
Waterfront: A 2.5 percent decrease, from $1,283,877 to $1,251,399.
“There’s a lot of supply that’s on the market,” said Shayan Jalali, a realtor with Berkshire Hathaway. “A lot of new construction that’s been added to inventory recently, so buyers just have more to choose from than before.”
Some neighborhoods saw a rise in prices, ranging from 6.4 percent in the North End to a whopping 119.8 percent in little Bay Village:
Allston: A 30.5 percent increase in the average sale price, from $527,947 in the third quarter last year to $689,292 this year;
Back Bay: An 18.7 percent rise, from $1,504,364 to $1,786,697;
Bay Village: A 119.8 percent increase, from $615,000 to $1,351,875;
Brighton: A 43.2 percent rise, from $430,148 to $616,092;
Dorchester: A 17.3 percent increase, from $461,703 to $541,796;
East Boston: a 7.2 percent rise, from $477,678 to $512,317;
Jamaica Plain: A 15.5 percent increase, from $555,817 to $642,373;
Mattapan: A 59 percent rise, from $257,500 to $409,500;
North End: A 6.4 percent increase, from $661,272 to $703,724;
Roslindale: A 17.4 percent rise, from $423,958 to $497,994;
Seaport: A 36.5 percent increase, from $1,282,307 to $1,750,771;
South Boston: A 16.7 percent rise, from $729,076 to $851,124;
West End: A 24.9 percent increase, from $470,285 to $587,785;
West Roxbury: A 19.6 percent rise, from $383,575 to $458,773.
“The report should be looked at as a whole,” Jalali said regarding the increases in Mattapan and Bay Village. “It’s tough to pinpoint an exact reason for the price jumps since they were only based on the three to four transactions that occurred in each of those two neighborhoods. There were also not many properties that were listed in those two neighborhoods.
“Bay Village is very desirable area, so less listings equals less options for buyers to choose from equals more power to sellers to charge higher prices,” he continued. “In Mattapan, many properties have been purchased in recent years and renovated, so it makes sense that the properties were bought at lower prices in the past few years and are now being sold for higher prices if they’ve been improved.”