According to data recently released by LINK, the Listing Information Network Inc., inventory in the downtown Boston condo market dropped 16 percent, from 1,022 in September to near a record low of 863 in December. Owners are simply opting not to sell if they don’t have to. They are leasing their properties or continuing to live in them.
Though Boston area sales declined 20 percent in the fourth quarter, the full-year data showed median sales prices rose, from $460,000 in 2007 to $475,000 in 2008. The median selling price for luxury properties increased by nearly 9 percent, from $699,000in 2007 to $730,000 in 2008. We are seeing that the luxury market is doing remarkably well, while other neighborhoods show price declines partially due to high foreclosure rates.