Back Bay remains one of Boston's most desirable residential neighborhoods, as evidenced by the number of transactions that take place at or above a property's asking price.
On average in Back Bay during 2017....
- All studios traded 2.3% above asking price
- All 1-bed condos traded 0.5% above asking price
- All 2-bed condos traded 0.5% below asking price
- All 3-bed condos traded 2.5% below asking price
- All 4-plus-bed condos traded 6.1% below asking price
By price point...
- Condos that closed between $500,000 and $1,000,000 traded 0.9% above asking price
- Condos that closed between $1,000,000 and $2,000,000 traded 1% below asking price
- Condos that closed between $2,000,000 and $3,000,000 traded 2.6% below asking price
- Condos that closed between $3,000,000 and $4,000,000 traded 2.6% below asking price
- Condos that closed between $4,000,000 and $5,000,000 traded 4.8% below asking price
- Condos that closed above $5,000,000 traded 5.6% below asking price
All condo types in Back Bay sold for 99.5% of asking price in an average of 48 days. In 2016, for comparison, condos sold for 98.5% of asking price in an average of 59 days.
Multiple offer scenarios and bidding wars are likely to remain a common occurrence for those looking to purchase in Back Bay, particularly for properties in or below the $1M - $2M range.
Source: MLS
416 Marlborough Street, Unit 3. Sold over asking price by Campion and Company.