This is Neighborhood Watch, a monthly breakdown from Curbed Boston about what's going on market-wise in key neighborhoods 'round the region (and, for our purposes here, towns and cities are neighborhoods, too—because they almost were, after all). All stats courtesy of William Raveis Real Estate. First up this month, Back Bay.
The story of Back Bay's single-family market is in re-runs from August, apparently. Sales were up annually in September by 27.3 percent; and prices were up (the median by 12.2 percent to $3,701,250; the average by 11.6 percent to $4,754,643). And the average time it takes to sell one of these puppies jumped again, this time by 25.7 percent to 225 days.
In the condo market, the story remained largely the same, too—sales up annually by a double-digit percentage, prices down slightly—but the big takeaways are the drops in both inventory and time on the market. The average time it takes to sell a Back Bay condo was down 12.5 percent annually in September to 109 days; and, in keeping with a momentous, portentous trend in the Hub in general, the inventory of unsold condos on the market was down nearly 25 percent.
· Back Bay Prices Up, Single-Family Sales Taking Forever [Curbed Boston]
· Boston Condo Inventory Is So Low [Insert Punchline Here] [Curbed Boston]