The number of Boston condominiums for sale for under $500,000 has plummeted by 84 percent over the past four years, leaving many people priced out of the market, statistics show.
There were 424 active condo listings in the city as of March 10, and only 178 — 42 percent — were priced at less than $500,000, according to the Greater Boston Association of Realtors. In 2010, 1,145 of the 1,836 condo listings — or 62.4 percent — were in that price range.
"These are really dramatic drops," said David Bates, a broker at Gibson Sotheby's International Realty and author of the blog The Bates Real Estate Report. "People are getting priced out."
A general rule of thumb for prospective buyers is that their monthly mortgage payment shouldn't exceed one-third of their monthly gross income. So in Boston, where the Census Bureau says the median household income was $53,136 in 2012, $500,000 is the most many people can afford to pay for the convenience of living in the city.
The reason the number of condos beneath that price point has dwindled so dramatically is because the demand for them has increased at a much faster rate than new inventory has come on the market, said Michael DiMella of Charlesgate Realty Group.
Adam Stearns, a 30-year-old sales manager, has been looking for a two-bedroom condominium around $350,000 but has seen only six to eight properties in the past six months, even though he has been preapproved and has been looking in places as varied as East Boston, Dorchester and Mission Hill.
"Your money doesn't go that far in the Boston real estate market," Stearns said. "I think sellers are taking advantage of the fact that it's a seller's market and asking for far too much."
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