Is the Back Bay real estate market doing better than last year? From the previous blog, data from Charlestown indicated lower inventory and quicker sales. What about Back Bay? Here is a comparison of 1st quarter single-family home and condominium sales in 2011 vs. 2012, and highlights will follow.
1. Sales and inventory for single-family homes in Back Bay have more than doubled.
2. Sales and inventory for condos have increased nicely, too.
3. Single family homes are selling quicker and selling for less.
4. The time and price of condos has not changed significantly.
5. What does this all mean?
i. It's a good time to buy a single-family home in Back Bay. As we saw in last week's post, inventory for single-family homes in Charlestown decreased while prices rised. Maybe people are relocating for size or neighborhoods.
ii. Condos are increasing slower than single-family homes.
iii. If you're looking to buy a single-family house, do it in Back Bay. If you're looking to sell a single-family house, it's advantageous if it is located in Charlestown.
iv. If you're looking to buy a condo, do it in Back Bay. If you're looking to sell a condo, if it's in Charlestown it will probably sell fast, if it's Back Bay it will probably sell for more.
What do you think of this news? I'd like to see your takes in the comments below.
If you are thinking of buying or selling real estate please call Chris Remmes at 617-861-3645 or visit chrisremmes.com