Median and average prices dropped in the Back Bay, third-quarter, 2006 versus third-quarter, 2007.
According to the Herald:
Condo prices in toney Back Bay are falling at a time when the overall Boston market is showing signs of a rebound.
Preliminary Multiple Listing Service figures show median Back Bay condo prices fell to $509,000 during the third quarter, down 15 percent from a year earlier.
Based on my analysis of the MLS data, average sales prices dropped, as well, from $857,331 to $703,261, or 17.9%.
There weren’t many units closing an any of the large condo complexes, so that doesn’t explain the drop.
Perhaps, as John Ford says in the article, it’s just a matter of people having more of a selection of high-end product, throughout the city. The InterContinental, on the Rose Kennedy Greenway, may have drawn buyers out of the neighborhood, and sales at One Charles and in the Ritz Towers remain as strong as ever.
In fact, … preliminary MLS figures show the number of Back Bay condos changing hands actually rose to 123 in the latest quarter, up 6.9 percent from a year earlier.
Also, number of days on market actually dropped, from 118 days to 91 days, on average.
More: Back Bay down, but not at all out – By Jerry Kronenberg, The Boston Herald
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