Welcome to another installment of everyone's favorite piece with regard to facts and statistics about the Boston area real estate market.
Today we are here to discuss new construction. Let's be honest, if you're a buyer, new construction can be very appealing for a number of reasons. From aesthetics to not having to worry about faulty systems (though that does happen) new construction can be highly desired.
Currently, in Boston proper, there are 132 properties (as of 10/9/17 according to the Multiple Listing Service) that are being marketed as having been constructed in 2017 or are in pre-construction stages. Only 3 of the 132 listings are single family homes. The rest are condos.
Here is a dirty little secret: some listing agents mark a property as new construction when in reality the building is a total gut job of an existing foundation. Which is also why it is important to do your due diligence before making an offer if you absolutely desire brand new from the ground up.
Nevertheless, the average list price of a new construction condo in Boston is currently $1,164,188 and the average size is just over 1,400 square feet. That is $780 a square foot. On average these new construction listings have been sitting on the market for 60 days. However, that doesn't tell the whole story as many projects are yet to be completed. Unlike Slip65 in East Boston, most new construction projects do not sell out in pre-construction stages.
Out of the 129 condos, there are 42 three bedroom units, one 4 bedroom unit, 73 two bedroom units, and the rest are a combination of 1 bedroom and studio layouts.
So, Patrick, I'm ready to buy a new construction property in Boston, what can I get? Glad you asked. Of course, it all depends on your budget but there is nearly something for everyone.
20 Taft Hill Park
361 Maverick St
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I'm really ready to go for it:
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