The most recent stats were just released by the Greater Boston Association of Realtors and showed some impressive stats around many Boston neighborhoods including Back Bay. With 40 closed condo sales in the month of August (up 8.1% from last year), the market showed a median sales price of $1,085,000 – up over 30% from 2014! These Back Bay figures mirror the Boston condo market statistics as a whole with an increase of almost 20% in condo median sales price from 2014.
This chart shows the change in median price in Back Bay’s condo market compared to MLS average:
Other neighborhoods also saw some impressive increases in median sales price in just one year:
The Autumn market is typically one of the strongest with more inventory coming to the market as vacation season winds down and holiday preparation has not yet begun. We saw a bit of this in August with the Inventory of Homes for Sale increasing 17.2% to 75 – or about 2.5 months of inventory. If you are thinking about buying a home, you will want to check out our upcoming home buyer event in a few weeks. This free class goes through the entire home buying process and provides you with tips and tricks on how to navigate the market – and those potentially painful bidding wars. Find out more.