What housing slowdown?

I rent a condo in the Back Bay in Boston. The Back Bay is trendy, and prices have appreciated dramatically. Three of the four condo units in my building have been sold within the past 6 months, and I don't think any of them were on the market for more than 4 or 5 days. My unit sold for about $450K in 3 days. Annual rent is around $12K, giving a price to rent ratio of ~40.