The Boston Back Bay Condominium Housing Report Feb 2012 includes 210 listings in the Active, Under Agreement, Sold, Expired and Canceled categories. Lots of new listings came on the market to get the Spring season started. The Days on Market are coming down again and the mix is about right with the Active’s slightly longer on the market than the solds. The good news is that the Under Agreement listings are a lower DOM and them means next month the stats for the others should come down as well. Get your Condo priced right, get it staged to sell and get an agent who knows how to promote your property here on line. That is where the buyers are.
Condominium Active Listings: 159 Avg. Liv.Area SqFt: 1,621.70 Avg. List$: $1,781,825 Avg. List$/SqFt: $967 Avg. DOM: 147.53
Condominium Under Agreement Listings: 27 Avg. Liv.Area SqFt: 1,234.30 Avg. List$: $1,051,022 Avg. List$/SqFt: $807 Avg. DOM: 116.33
Condominium Sold Listings: 14 Avg. Liv.Area SqFt: 1,763.14 Avg. List$: $2,267,921 Avg. List$/SqFt: $1,063 Avg. DOM: 140.29 Avg. Sale$: $2,165,714 Avg. Sale$/SqFt: $1,012
We are in the 95%+ range for list price to sale price. This is not too bad. Listing prices are good and since it is still a buyers market with lots of inventory on the market ready for sale this forces the motivated seller to be realistic and take a slightly reduced value. Nothing wrong here. But looking at the expired listings I wonder why the DOM is 88.5. What agent is taking less than a 3 month listing agreement? Why would sellers be so dense to not give a professional a reasonable amount of time to sell a home. I make a 90 day guarantee and even that would be 2 days short of what is happening with the expired’s in Feb. Now that Spring is upon us, the Red Sox are in FL it is time to get this season started.
Condominium Expired Listings: 4 Avg. Liv.Area SqFt: 1,251.50 Avg. List$: $903,500 Avg. List$/SqFt: $724 Avg. DOM: 88.50
Condominium Canceled Listings: 6 Avg. Liv.Area SqFt: 1,370.17 Avg. List$: $1,349,983 Avg. List$/SqFt: $899 Avg. DOM: 198.00