Boston luxury homes see largest price drop in nation
The average luxury home sale in the first quarter of 2015 was almost a million dollars less than in 2014.
A year ago the average luxury home in Boston cost $4.4 million. Now it costs $3.6 million, according to the real estate research firm Redfin.
Redfin defines luxury homes as the “priciest 5 percent of properties.’’ In the first three months of 2015, luxury home prices nationwide grew at their slowest pace in three years. And Boston saw the biggest price drop of any city in the country.
Peter Phinney, a Boston Redfin agent, said that though multi-million dollar sales have been down, the high end market isn’t exactly tanking.
“While there have been fewer sales at the ultra high end of $5 million plus, the $1 million to $2 million range is as strong as ever,’’ Phinney said in a statement. “Boston occasionally sees homes list above the $3 million mark, but we’re not New York City or San Francisco.’’
According to Redfin, the average sale price for a luxury home in Boston during the first months of 2015 was $3,590,000, while the average sale price for all other homes was $570,000.
If Redfin’s numbers indicate cooling demand for ultra-lux homes in Boston, sellers haven’t seemed to notice. There are still plenty of multi-million dollar listings on the market, and new luxury condos are announced every few weeks.
H/T BostInno
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