As we saw in the one bedroom condo market for the past three months, the Back Bay / Beacon Hill / South End two bedroom or more condo market is also very stable, if not stronger than the one bedroom market.
For the past three months (according to data obtained from the Multiple Listing Service) we have seen year-over-year increases of 1.7% in the sales price of two or more bedroom condos ($471K in 2012 vs. $463K in 2011) for condos selling under $550K. The days on market also slipped from 84 days in 2011 to 62 days while the average listing to sale price ratio average climbed from 95.8% in 2011 to 97.7% in 2012.
In the two bedroom or more over $550K market, the average sale price went from $1,247K in 2011 to $1,276 in 2012. The days on market was virtually the same (92 days in 2011 to 98 in 2012) but I think this was due to a slightly higher level of inventory choices in this price range (239 sales in 2012 vs. 174 in 2011). We also saw increases in the average list price to sale price ratio in this price range as it increased from 93.9% in 2011 to 95.7% in 2012.
Of course, these are averages and as with all property, each property / neighborhood must be evaluated on it's own merits.
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