Boston, Back Bay MA Condo Market Report Aug 2012 is in. Activity is high right now because the market has finally gotten back to more normal responses. Prices are still low but rising and interest rates are still historically low, but threaten to rise at some point soon. I am told by various experts that when they begin to go up they will quickly. Part of me doesn’t fully believe this because interest rates are tied to business growth and everyone wants the economy to grow right now. If your listing is languishing on the market there are really only a couple of reasons why. Price, Marketing and the staging of your home. Call me if you are having problems with any of this and I can help you get sold for full market value in under 90 days guaranteed. Now to the numbers.
Condominium Active Listings: 88 Avg. Liv.Area SqFt: 1,628.27 Avg. List$: $1,751,181 Avg. List$/SqFt: $938 Avg. DOM: 141.32
Condominium Under Agreement Listings: 30 Avg. Liv.Area SqFt: 833.23 Avg. List$: $640,663 Avg. List$/SqFt: $745 Avg. DOM: 71.27
Condominium Sold Listings: 64 Avg. Liv.Area SqFt: 1,223.52 Avg. List$: $1,300,366 Avg. List$/SqFt: $878 Avg. DOM: 102.69 Avg. Sale$: $1,230,753 Avg. Sale$/SqFt: $843
In the location, location, location category Back Bay has it over all other areas in Boston. It is clear the Actives are overpriced and on the market longer if we look at the Average SqFt price of the listings. For Active we are at $938 per SqFt, for the Under Agreement we are at $745 and the Solds are at $843. What does this tell us, Price Counts. The less expensive listings are getting more activity. Since there is a lot of activity out there right now you need to price yourself right. You can not depend on this one statistic for this last month, but a professional can help you get your condo priced right in the competitively.
Condominium Expired Listings: 16 Avg. Liv.Area SqFt: 1,324.81 Avg. List$: $1,301,344 Avg. List$/SqFt: $878 Avg. DOM: 180.44
Condominium Canceled Listings: 6 Avg. Liv.Area SqFt: 1,223.67 Avg. List$: $1,552,833 Avg. List$/SqFt: $981 Avg. DOM: 183.17
No surprise here, way overpriced by the Sellers and listing agents. If your agent is telling you what you want to hear about price and not backing it up with at least 5 showings a week and a couple of offers every 15 days then you are working with the wrong agent. Condo sales are a process that can be mapped out with actual results to be expected. Call me if you are having problems. Tune in next month for the Boston, Back Bay MA Condo Market Report 2012.