East Boston Condos See a Typical Seasonal Drop in Sales

Since September 1, 2008, 21 East Boston condos have either sold or gone under agreement. During the late spring and summer months of this year, approximately 30 condos would sell or go under agreement every 60 days. The sales rate has seasonally dropped by about 35%.

Because most condos are purchased by first-time homebuyers, often young professionals, the above statistical drop is pretty normal—many first time homebuyers seeking to purchase a condo are renters whose leases expire September 1. They actively look for condos beginning March or April, hoping to close on them any time between June and September. After the “peak summer months,” condo buyers often “disappear” until the following early spring, especially if they are “locked into a lease.”

Of the 21 condos sold or under agreement, 9 were bank owned and one was a short sale. Eleven of the units were “regular sales,” ranging in price from $162,500 for a brand new 559 square foot one bedroom on Chelsea Street to $328,000 for a brand new 1,400 square foot 2 bedroom with parking on Cottage Street in Jeffries Point. There should continue to be a strong demand for well-built, well-priced condominiums in East Boston.

Please check back as we continue to update you on East Boston real estate happenings. To see all our listings, or to search MLS properties, head to the Tony’s Realty Website.

Email Tony with your questions or comments.

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