Boston Condo Sales Triple In The First 75 Days of 2010

Back On January 9th I wrote an article titled  "If You Wait For The All Clear Signal To Buy Your Boston Home You Missed the Bottom of the Boston Real Estate Market by About Six Months" and now the numbers are telling me that the bottom for Boston Real Estate passed by about six months ago.

It may be a short term bottom and the precursor of another leg down but I dont think so. As long as the GDP is expanding and the stock market has some traction I would not come to Boston looking for any steal deals. Sales tripled in Boston Condos in the first 75 days of 2010 when making the easy comparison to the disastrous 2009 but they still doubled over 2008 and are up close to 50 percent from 2007

One of my favorite sayings I learned in my 5 years as a stock trader is "You Gotta Buy Em When They Hate" Well I think the time that they hate Boston Condos has come and gone. Although I usually eschew market predictions but barring any disastrous exogenous events I have to say that I think we have just put a bottom in on the Boston Real Estate Market.

Back Bay Condos

1/1/07-3/15/07 Sold and U/A-62 Units Sold, Average price per sq ft-$742
1/1/08-3/15/08 Sold and U/A-49 Units Sold, Average price per sq ft-$1037
1/1/09-3/15/09 Sold and U/A-29 Units Sold, Average price per sq ft-$969
1/1/10-3/15/10 Sold and U/A-100 Units Sold, Average Price per sq ft-$998

Boston Condos (the whole city)

1/1/07-3/15/07 Sold and U/A-682 Units Sold, Average price per sq ft-$427
1/1/08-3/15/08 Sold and U/A-511 UnitsSold, Average price per sq ft-$371
1/1/09-3/15/09 Sold and U/A-384 Units Sold, Average price per sq ft-$381
1/1/10-3/15/10 Sold and U/A-1008 Units Sold, Average Price per sq ft-$418

Notice also that prices per sq ft are hanging firm and even rising.