A lack of inventory and the urge to live in two of Boston’s finest neighborhoods, the Back Bay and South End, are adding fuel to the competition among buyers as multiple offers and many sales way above the asking price have exceeded last year’s totals.
More homes sold for over asking price in the first part of this year in the South End and the Back Bay compared to a year ago. Of the 79 condos sold from January 1st, through April 15th, 42 units were sold above the asking price. That is 53%. One year ago, 36 units of the 115 sold were above asking price, or 31.3 %. The Massachusetts Association of Realtors reported just 488 condos available for sale in Boston, at the end of March, down from 648 units one year ago.