How did the Boston Back Bay condo for sale market do last month?
The Boston Back condo for sale market offered buyers less breathing room to make decisions in August, with days-on-market falling from 38 days to 30 days.
In August 2022, twenty-five Back Bay condos sold. The sales data in down from thirty-one sales in August 2021. Information based on Massachusetts MLS.
The average Boston Back Bay condo sold for $1,375,000 in August 2022. The sales price is down from $1,525,000 from August 2021.
The average price per square foot for a Boston Back Bay condo in August 2022 was $1,227.00. The sales price per square foot s down from $1,155.00 from August 2021.
From first glance, it would appear that the sudden rise in mortgage interest rates may be having in impact on the Back Bay condo sales market, as sales price and price per sq. ft. has come down. Yet, we need more months of data to obtain a clearer picture.
National Housing Market
Buyers get their first break from the rush for homes as time on market rises
In August, national time on market increased year-over-year for the first time in 26 months, and also grew in the vast majority of large metros. These trends reflect a housing market that is getting a refresh from the past two-plus years of frenzied buyer demand that outmatched supply, with inventory rising and more typical seasonality expected to return in the fall. It’s a long road to balance, with homes still selling more quickly than prior to COVID. However, relative to the market’s recent peak, August’s milestone shift in time on market trends is a step toward offering buyers relief from the relentless rush for homes.
Home price growth continues to moderate, but affordability remains a challenge
National listing prices continued to grow by double-digits year-over-year in August, but the pace decelerated for the third month in a row. Until recently, asking prices kept accelerating due to the combination of still-high seller expectations and a shift in the mix of inventory to include more larger homes. However, data indicates that these trends are changing course, with listing prices per square foot also moderating. Even so, prices remain historically high and continue to rise more quickly than usual, which means affordability is still a challenge for buyers and that many homeowners are sitting on record-high levels of equity.
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