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Is the Back Bay real estate market doing better than last year?

Is the Back Bay real estate market doing better than last year? Here is a comparison of 1st quarter single-family home and condominium sales in 2011 vs. 2012.

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.

Highlights: 

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

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

BackBayRes April 25, 2012 at 11:13 AM
A couple facts to round out this article. Based on the 2012 assessor's data, there are less than 100 single-family dwellings in the Back Bay (unless you extend it into areas which really are the South End, Symphony, or Fenway, which some realtors do to boost the stats). Therefore, it's a very limited group and any time one house sells, it's noteworthy. Second, because of their location, size, and rarity, these single-families are priced in the multiple millions, so any indication of increased sales may imply that the high end segment of the market is improving, not that this neighborhood is doing any better (or worse) than others. Third, the houses which have sold recently are real showplaces (e.g. 15 Commonwealth) and aren't really indicative of the market.

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