Downtown Boston condo prices are hitting new highs as demand for homes in the city continues to rise, according to new data.
The average price of Boston condos in the second quarter of 2014 soared to an all-time high of almost $728 per square foot, an increase of nearly 12 percent from the same period a year ago, the real estate tracking firm LINK said. Luxury units also hiked up, to $1,188 per square foot, almost 15 percent higher than last year
Many new condo units are under construction, but tight supply and high demand are still pushing up prices, said Debra Taylor Blair, president of LINK.
“We’re experiencing this unprecedented level of demand for condominium living in Boston,” Blair said. “It’s this lifestyle trend -- people want to live in the city, walk to work, and play where they work and live.”
And they’re willing to pay. Nearly half of condo listings sold for more than asking price, according to LINK.
The average price of a Boston condo last quarter was $851,199, up about 17 percent from last year. Luxury home prices jumped more than 18 percent, to an average of $2,077,292.
LINK tracks condo sales in a dozen sections of the city, from Charlestown to South Boston.Priyanka Dayal McCluskey can be reached at firstname.lastname@example.org. Follow her on Twitter @priyanka_dayal.