Boston MA condo prices continue to rise! During the 2nd quarter 2017, average jumped sharply compared to the previous year. Listing volume has remained stable, but condos are selling more quickly and for higher prices. This is an indication that demand is still exceeding supply. Here’s a closer look at the specific Boston MA condo prices and other real estate market statistics for 2nd quarter 2017.
The average selling price of condos in Boston MA for the 2nd quarter 2017 was $866,893. This is almost 10% higher than it was during the same timeframe in 2016 and almost 20% higher than 2015. What an amazing increase in such a short amount of time! If you still are not convinced that Boston MA condo prices have truly rebounded, these figures should tell you everything that you need to know.
The volume of listings sold in Boston MA has remained steady over these last few years. During 2nd quarter 2017, 1290 listings sold.
Listing timeframes continue to shorten. The average days on market for Boston condos is down to 37 days. However, this figure is deceiving. Many homes are going under contract much sooner. In fact, many go under agreement within a few days (typically right after the open house).
So, what do all of these figures tell us? The listing volume has remained steady, but condos are selling more quickly and Boston MA condo prices continue to rise. Therefore, it appears the listing volume is not meeting current demand. It is still a seller’s market in Boston.
For more information on Boston MA condo prices or statistics for other cities and towns, contact us. This data was pulled from the MLS Property Information Network, Inc. It is intended to provide a basic understanding of the market, is not certified, and may not include each condo transacted in Boston.