May 6, 2009 Andrea McDonough

Boston Real Estate 2009 1st Quarter Report

The 2009 city wide report of Boston Real Estate, created by Link Boston, is showing some key trends that indicate it’s still a strong buyers market:

 1.     Sales in the first quarter of 2009 have fallen 33.4% since 2008, with 339 transactions compared to 509 in the 1st quarter of 2008 and 660 in 2007.

2.     The average selling price dropped by 14.63% and the average price per square foot (PSF) fell by 9.74%, creating a great market for buyers to cash-in on some basement bargains.

Here’s how to find the best deals:

 1.     LOCATION:

The biggest discounts in the city are in areas like, Midtown with sale prices falling by 60.94%, the Seaport District by 42.03% and the North End by 26.59%.

 2.     BEDROOMS:

Studios took a dive, to 23.21% below 2008’s average selling price and two bedrooms dropping by 22.08%.

3.     SIZE:

The average selling price for unit within 1501-1800 sq. ft fell by 26.61% and units much smaller, within the 701-1000 sq. ft. range dipping 16.02%.

 **Key indicators show that this is a buyers market and by keeping up to date with neighborhood trends you can find some excellent deals. 

Andrea McDonough

Andrea McDonough is a motivated and knowledgeable sales and leasing agent with a prior background in economics and commercial property investments. Andrea graduated from St. Lawrence University with a degree in Economics. Prior to joining the Bushari Group, she worked for C.B. Richard Ellis on the Capital Markets Team, where she focused her efforts on research, marketing and analysis. Andrea is training to run the Boston Marathon in 2009 and has run more than 40 races since 2001. She continues to increase her road biking mileage and plans to bike Central New York’s “Ride for Missing Children” in 2009. Andrea is also a “Big Sister” for the Big Sister’s of Massachusetts Bay and coach’s figure skating in her spare time.

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