Condos in Back Bay and Beacon Hill during the first quarter of 2013 saw double digit gains in the price per sq.ft. over the first quarter of last year. Both neighborhoods saw 12% gains which is nothing to sneeze at, especially when you look at Back Bay pricing which actually went up over $100 per foot. The ever increasing condo market might see even larger gains as the spring market continues to heat up.
In what should be more good news for potential sellers the increased competition has also led to an increase in the number offers coming in at over asking. The number of homes selling for over asking more than doubled in the first quarter of 2013. For those that might be thinking it’s all the low end of the market, we can also tell you that one third of those over asking sales were on homes priced above $1.2 million.
If you’re thinking of buying a new home or selling your current home, contact Back Bay Realty Group at 617-449-3642 to find out how these market conditions will affect you.