East Boston 2009 Condo Sale Prices Remain Strong

In 2009, East Boston had a significant number of condominium sales. Of the 99 condos sold in 2009, only 13 were bank owned and 2 were short sales. Eighty-four of the 99 condos sold last year were sold by “regular sellers” to buyers, most of whom were owner occupants who chose East Boston as their home. While the East Boston condo market is supposedly more depressed than its 2004 and 2005 peaks, it has not taken as big a hit as one might think. The 2009 average condominium sale price was $226,031 with an average price per square foot of $243. In 2004, only 58 condominiums were sold with an average price of $224,467 and an average price per square foot of $253. In 2005, East Boston saw a condo sale price peak with 105 sales averaging $250,723 and an average price per square foot of $277.

East Boston’s average condo sale price in 2009 was only about a 10.5% drop from the average condo sale price in 2005. By contrast, the average sale price for an East Boston three-family plunged almost 50% from a 2005 high of $494,384 to a 2009 low of $248,266. It is evident there is a strong demand in East Boston for new or renovated properties in excellent condition, such as the many condominiums that have been sold and recently renovated, and there is less tolerance for older triple-deckers with poor layouts and deferred maintenance—unlike four or five years ago when buyers ignored many defects. The good news is that the overall demand and price paid for East Boston properties in excellent condition, as reflected in 2009 condominium sales, remains significantly strong.

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.

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