[Boston, MA]

by Henry Springs

Recent statistics reveal sales of downtown condos have increased 7% despite the national housing slump and its affect on greater Boston real estate. During the first quarter inventory dropped significantly while prices continued to rise. The median price of a condo rose to a healthy $489, 800 while prices for single family homes in the first quarter of 2007 fell 5.7 percent. It indicates condo sales across the board are healthy and that increased purchases in the market have led to a lower inventory of immediate condo units. Boston's overall condo market for 2007 will be categorized by increased sales and rising prices.

According to Otis & Ahearn, a downtown Boston marketing firm, the downtown "market is cooking." Sales reports indicate 760 condos have been sold in the first quarter of this year compared to 759 sales in 2006. A total of $512 million was spent in 2007 compared to $446 million in 2006. Sales may prove higher once confirmed for first quarter. Sales along the water front, Fenway, and the South End dropped 40 percent compared to last ye