Boston condo values remained about the same as the previous month, according to the latest S&P / Case-Shiller Home/Condo Price Index.
The index measures the current value of condominiums in the Boston metropolitan area – it does not measure value within the city itself. Another caveat is that it uses a unique way to compare values. They pair up condos, using the same properties in 2000 and current day. So, there are some important weaknesses in their analysis. But, since the index is as good a way as any to get an idea of the state of the local real estate market, it does have some value.
The S&P / Case-Shiller Home Index estimates that condominium values are 58.35% higher than they were in January 2000. The value has been about the same for the past four months and equals the value of last November/December.
Boston-area values reached their zenith in October 2005 when they were estimated to have increased over 80% since the millennium.