According to the most recent market report put out by GBREB, Back Bay condo median prices saw an increase of over 26% from the year prior. In 2015, there were 41 condos at an average price of $1,050,000. This year saw 38 transactions at a median price of $1,330,000 – an increase of 26.7%!
Inventory was much tighter in Back Bay with almost 1/3 less listings on the market during the month. We continue to see limited inventory and a hyper-competitive market in many neighborhoods like Back Bay. Compared to the entire area MLS, Back Bay continues to be well above the market in median pricing, as is to be expected:
Take a look at the complete market snapshot for the Back Bay condo market last month: