The 10 most expensive condo sales over the past month in Boston ranged in sales price from $1,600,000 to $2,935,000. The multi-million dollar Boston condo market is still alive and breathing, but it appears to be somewhat sluggish based upon the housing statistics associated with the sale of these 10 units.
The two most notable statistics that can be evaluated across the properties, of which 8 out of the 10 are Back Bay condos, are sales price to original listing price ratio and number of days on market. Both statistics demonstrate a luxury market that is suffering from one of two ailments – overpricing or lack of demand. Sales price to original listing price ratio for these 10 ultra-luxury units that closed in the past month was a paltry 77%. Additionally, average number of days on market was 246.
There are some highlights in each of these statistics. Related to price ratio, unit W9-D at the Back Bay Mandarin Oriental carried a sales price to original listing price ratio of 64% – originally listed at $3.9 million and finally selling at $2.5 million after 176 days on the market. And from a days on market perspective, unit 1 at the Back Bay’s Meads of Commonwealth finally sold after 777 days on the market.
These types of statistics demonstrate that while there is indeed activity in the luxury Boston condo market, at the highest levels, for the particular slice of time investigated, the buying public are taking ample time in flexing their muscles to purchase at price points that are significantly off of original listing prices.