Overview of the 2017 Back Bay Condo Market
In 2017, the condominium market in Back Bay is holding steady. Following historic trends, condominium listings on the market rose steadily through the early part of the year, then spiked during the summer months. In January 2017, there were approximately 10 condominiums listed on the market. That number hovered around 40 from March through May, then spiked to over 60 in June and July. As of September 2017, there were approximately 20 condominiums available for sale and rent in Back Bay.
In the past, the number of days that condominiums in Back Bay stay on the market has fluctuated. In December 2016, condominiums sold or rented roughly 44 days after their listing date. In March 2017, condos stayed on the market an average of 76 days after being posted for sale or rent. They remained available for a slightly longer period of time (89 days) in June 2017. As of September, they are selling or renting around 114 days after their positing date. The variation in time on the market is influenced by several factors. One main influence is the rise and decline of the local student population throughout the year. Housing availability peaks in the summertime when students leave for the season, but it falls when the academic year starts again in August and September.
As with other nearby Boston neighborhoods, Back Bay has seen a growing trend in price increases for condominium housing. In the third quarter of 2017, one could expect to purchase a condominium for an average price of $1,194 per SF. That number was slightly higher ($1,185 per SF) in the first quarter of the year. In 2016, pricing for condominiums peaked at $1,148 per SF. At the lowest price point, one could buy a condominium for an average of $1,043 per SF.
During the first quarter of 2017, 27 condominiums closed in Back Bay. That number jumped to 127 in the second half of the year. Historically, the highest number of condominium closures occurred in the third quarter of 2013, when 178 condominiums closed. During the first half of 2017, the asking-selling price ratio for condominiums was 96.81 percent. The asking-selling price ratio increased to 96.90 percent in the second quarter of the year. In the first part of 2017, sold condominiums remained on the market for an average of 52 days. In the second quarter, they have averaged 42 days on the market.
In Back Bay, condominiums come in a variety of sizes. This year, some of the smallest units were less than 500 SF. Of the seven condominium rentals on the market below 500 SF this year, sizes have ranged from 280 SF to 496 SF. The smallest, a 280 SF unit on Marlborough Street, sold for $349,000. That translates to a price of $1,246 per SF. In all areas of the neighborhood, Back Bay condominiums are available in a range of sizes. You can rent or purchase a one-bedroom, two-bedroom, or three-bedroom condominium throughout this historic Boston neighborhood. Some properties include utilities in the asking price, while others do not. Rental prices start at around $1,895 per month, and you can find a unit for upwards of $10,000 per month. Location, proximity to schools and transportation centers, and the inclusion or exclusion of a reserved parking spot influence pricing. Prospective renters and buyers are finding condominium units available in Back Bay's historic Victorian and brownstone homes.