2008 vs. 2006 condo sales
The following information is from the local MLS database, as of April 18, 2008.
Total # of condos for sale in the city of Boston: 2,517
Average # of days on market: 122
Lowest priced condo in city of Boston: $43,000 (sweet!)
Median price of all condos for sale in the city of Boston: $380,000
Highest priced condo in city of Boston: $11,500,000
Average price of all condos for sale in the city of Boston: $611,864
Number of condos sold (closed) over past 30 days: 223
Median sales price, last 30 days: $379,000
Average sales price, last 30 days: $601,785
Average days on market: 131
Ratio, closing (sales) price to original (list) price: 93%
Number of properties going under agreement, last 30 days: 475
The following information is from the local MLS database, as of April 15, 2006.
Total # of condos for sale in the city of Boston: 2,992
Average # of days on market: 104
Lowest priced condo in city of Boston: $124,900
Median price of all condos for sale in the city of Boston: $389,000
Highest priced condo in city of Boston: $13,995,000
Average price of all condos for sale in the city of Boston: $558,758
Number of condos sold (closed) over past 30 days: 320
Median sales price, last 30 days: $354,000
Average sales price, last 30 days: $459,660
Average days on market: 99
Ratio, closing (sales) price to original (list) price: 93%
Number of properties going under agreement, last 30 days: 497
My thoughts (2006): If you think prices are going to drop in Boston Proper, you are mistaken. It’s all about supply and demand, and there’s no more supply coming.
My thoughts (2008): Why the level of inventory has not risen is an open question. It basically comes down to, in my opinion, that people only list right now if they want to sell – they’re not trying out the market, and many owners may just be waiting out the “storm”. I think most owners in Boston make enough money that they don’t need to sell; we have a 4.4% unemployment rate – not many people are wandering the streets with tin cans in hand, begging (well, except for on Boylston Street). You would expect inventory levels to rise because the volume of sales has dropped, pretty significantly.
We are definitely seeing a “spring market” out there, based on the Under Agreement activity. I think it will be almost exactly what it was last year, in number of sales. By the end of May, things will freeze again, until the fall. If we have three months of stability in-between, then we might see activity pick up. Of course, everyone thinks that a national election puts a lot of people on the sidelines. I dunno.
Based on information provided to and compiled by the Multiple Listing Service Property Information Network, Inc. covering the period 3/18/2008 through 4/18/2008, and the period 3/15/2006 through 4/15/2006.