End of the condo bubble in Boston?

I sat next to a real estate guy on the plane today, and we discussed the condo market in Boston. He told me that condos in the city are bought by empty nesters who have sold their suburban home and are moving back, and by young people just starting out.

In Boston, suburban houses are no longer selling. Since they can't sell in the burbs, they cannot move to the city. And young people are not moving to the city. But since volume slows in the winter, I don't think people will start cutting prices until at least the spring/summer.