This year’s brutal winter seems to have landed a punch to downtown Boston’s condominium market.
Condo sales for the first three months of this year plummeted 17 percent, with 495 properties sold, down from 597 the same time last year. The median selling price also slipped for the first time since 2009 to $630,000, from $660,000 last year, according to LINK, a real estate tracking firm.
The number of luxury sales also fell. Just 38 properties sold during the first quarter of the year, a 68 percent plunge from the 120 sales last year. However, the median price of these luxury units, which include spas and valet services, soared to $2.2 million, from $1.3 million last year.
Debra Blair, the president of LINK, said the supply of condos on the market has become extremely tight. “We have no inventory in the city,” she said.
This winter’s record snowfall may have exacerbated an already tight market, Blair said, and kept buyers and sellers indoors.
LINK follows condo sales in 11 central Boston neighborhoods, including the Back Bay, the Fenway, downtown, and Charlestown. It doesn’t track sales in some of the city’s lower-income neighborhoods, such as Mattapan and Dorchester.