The median price of a Back Bay home is $1,000,000
I’m amazed by that, I have to tell you.
I distribute a series of Boston real estate market reports on a weekly basis. They are broken down by ZIP code.
This week’s report on ZIP code 02116 showed something I found startling.
There are 150 condos on the market, currently.
Half of these are listed over $1,000,000.
What do you get for $1,000,000 in the Back Bay (02116 actually straddles the Back Bay and South End, but I’m focused on the Back Bay listings, only, here)?
A 1300-square foot, 2-bedroom, 2-bathroom condo at One Charles, with a parking space included.
Over the past twelve months, there have been at least 160 sales of +$1 million properties in the Back Bay.
Over the past twelve months, there have been at least 50 sales of +$2 million properties in the Back Bay.
There have been more +$2 million sales over the past year than ever before.
There’s around a 1/2 year’s supply of +$1 million properties on the market, currently. I don’t think that’s too excessive, given the number of buyers.
It makes you wonder – should you continue to call $1 million condos “luxury” when they pretty much refer to the standard “typical” Back Bay home?
Here is a copy of the detailed marketing report I distribute weekly to my clients.
If you want to begin receiving it, please contact me about working for you as a buyer’s agent.