Weekly Boston Real Estate Sales and Listings Update, May 5, 2007
The following information is from the local MLS database, as of May 5, 2007, compared to (last week).
Total # of condos for sale in the city of Boston: 2,570 (2,514)
Average # of days on market: 117 (120)
Median price of all condos for sale in the city of Boston: $399,000 ($399,000)
Average price of all condos for sale in the city of Boston: $587,904 ($588,721)
Number of condos sold (closed) over past 30 days: 363 (369)
Median sales price, last 30 days: $385,000 ($365,000)
Average sales price, last 30 days: $506,577 ($518,593)
Average days on market: 131 (123)
Ratio, closing (sales) price to original (list) price: 95% (94%)
Number of properties going under agreement, last 30 days: 528 (571)
NEW: Total Market Volume (Velocity): $183,887,611
(Velocity is the # of units sold multiplied by the $ amount)
My thoughts: Number of units on the market has (have?) increased steadily over the past several weeks. I think this is because owners have felt more comfortable listing their properties for sale. However, I don’t know if there are enough buyers out there. Sellers need to be very careful about list prices or they’re going to get stuck.
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