The high end of Boston’s housing market keeps going higher.
Prices for luxury condos in the city hit records in the first three months of 2016, according to new numbers from real estate data firm LINK. Condos in upscale buildings in Boston’s central neighborhood sold for an average of $1,380 a square foot, topping the previous record, set just three months prior, by 6 percent.
The average sales price of units in these buildings was $2.3 million, one of the highest numbers LINK has recorded for Boston.
Who’s paying these prices? It’s a mix of foreign buyers and well-heeled empty-nesters ditching the suburbs for a pad downtown, said LINK president Debra Taylor Blair. And as they scour the city, they’re not seeing much on the market, which is driving prices even higher.
“Brokers are calling people up and saying ‘Will you sell your condo if I can get you $5 million?’ ” Blair said. “It’s kind of crazy.”
The tight inventory of luxury condos for sale comes in sharp contrast to the top end of the rental market, which has seen a string of fancy apartment buildings open in the last year. That has tempered rising rents.
For would-be buyers, a similar trend could be brewing. A slew of new high-end condo projects are pushing through the city’s approval process and launching construction. In the meantime, new swanky towers full of luxury condos — Millennium Tower downtown, One Dalton in the Back Bay, and 50 Liberty in the Seaport — are selling fast.
When those sales close later this year, the city’s high end could look even higher.