Comments on: 2008 vs. 2006 condo sales http://www.bostonreb.com/2008/04/2008-vs-2006-condo-sales/ Boston real estate, Boston condos, Boston luxury condos, Boston luxury real estate, Back Bay condos, Back Bay real estate, Back Bay luxury condos, Boston Back Bay condos Mon, 06 Feb 2012 05:38:19 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: John A Keith http://www.bostonreb.com/2008/04/2008-vs-2006-condo-sales/comment-page-1/#comment-4553 John A Keith Fri, 18 Apr 2008 21:04:26 +0000 http://bostonreb.com/2008/04/18/2008-vs-2006-condo-sales/#comment-4553 Oh, confused, I misunderstood. I will probably still do a weekly analysis tomorrow; the above was done solely to show how things have changed (or, not changed) in two years. Also, that, surprisingly, my words in 2006 did not come back to haunt me. Oh, confused, I misunderstood. I will probably still do a weekly analysis tomorrow; the above was done solely to show how things have changed (or, not changed) in two years. Also, that, surprisingly, my words in 2006 did not come back to haunt me.

]]> By: John A Keith http://www.bostonreb.com/2008/04/2008-vs-2006-condo-sales/comment-page-1/#comment-4548 John A Keith Fri, 18 Apr 2008 16:46:32 +0000 http://bostonreb.com/2008/04/18/2008-vs-2006-condo-sales/#comment-4548 Guest, I don't think so. Buyers will at least have a pre-approval when owners accept their offers. I have not heard of many deals falling apart once P&S is signed. I haven't been tracking "back on markets', though, so don't really know. Guest, I don’t think so. Buyers will at least have a pre-approval when owners accept their offers.

I have not heard of many deals falling apart once P&S is signed. I haven’t been tracking “back on markets’, though, so don’t really know.

]]> By: John A Keith http://www.bostonreb.com/2008/04/2008-vs-2006-condo-sales/comment-page-1/#comment-4549 John A Keith Fri, 18 Apr 2008 16:35:26 +0000 http://bostonreb.com/2008/04/18/2008-vs-2006-condo-sales/#comment-4549 Must I do everything? The following information is from the local MLS database, as of April 14, 2007 Total # of condos for sale in the city of Boston: 2,493 Average # of days on market: 119 Median price of all condos for sale in the city of Boston: $395,000 Average price of all condos for sale in the city of Boston: $593,894 Number of condos sold (closed) over past 30 days: 376 Median sales price, last 30 days: $362,500 Average sales price, last 30 days: $493,805 Average days on market: 121 Ratio, closing (sales) price to original (list) price: 94% Number of properties going under agreement, last 30 days: 505 My thoughts (2007): The number of listings on the market is going up, pretty quickly - 160 in one week. As I mentioned in an entry this week, it looks as though the “spring market” started a bit later than during previous years. Buyers should have no trouble finding the “perfect home” right now. Sellers need to be careful - if they don’t price their properties right, they’re going to have to wait a long time to sell. Must I do everything?

The following information is from the local MLS database, as of April 14, 2007

Total # of condos for sale in the city of Boston: 2,493
Average # of days on market: 119

Median price of all condos for sale in the city of Boston: $395,000
Average price of all condos for sale in the city of Boston: $593,894

Number of condos sold (closed) over past 30 days: 376
Median sales price, last 30 days: $362,500
Average sales price, last 30 days: $493,805
Average days on market: 121
Ratio, closing (sales) price to original (list) price: 94%

Number of properties going under agreement, last 30 days: 505

My thoughts (2007): The number of listings on the market is going up, pretty quickly – 160 in one week. As I mentioned in an entry this week, it looks as though the “spring market” started a bit later than during previous years. Buyers should have no trouble finding the “perfect home” right now. Sellers need to be careful – if they don’t price their properties right, they’re going to have to wait a long time to sell.

]]> By: confused http://www.bostonreb.com/2008/04/2008-vs-2006-condo-sales/comment-page-1/#comment-4550 confused Fri, 18 Apr 2008 16:28:01 +0000 http://bostonreb.com/2008/04/18/2008-vs-2006-condo-sales/#comment-4550 What happened in 2007....I had a nice chart going plotting your weekly numbers What happened in 2007….I had a nice chart going plotting your weekly numbers

]]> By: Guest http://www.bostonreb.com/2008/04/2008-vs-2006-condo-sales/comment-page-1/#comment-4551 Guest Fri, 18 Apr 2008 16:03:42 +0000 http://bostonreb.com/2008/04/18/2008-vs-2006-condo-sales/#comment-4551 Is it possible that places under agreement don't actually close b/c financing is unavailable? While it's certainly not the time to test out the waters for sellers, if people need to sell they may find that the credit markets are choking the available capital to those willing to buy. The lack of available money has historically caused many different assets to be repriced even if fundamentally it doesn't make sense. If people who need to sell do so at much lower prices then the available comps will trend down. Of course maybe there are enough people out there with 20% down and 700 FICO to support the market, but I don't think there are. Is it possible that places under agreement don’t actually close b/c financing is unavailable? While it’s certainly not the time to test out the waters for sellers, if people need to sell they may find that the credit markets are choking the available capital to those willing to buy. The lack of available money has historically caused many different assets to be repriced even if fundamentally it doesn’t make sense. If people who need to sell do so at much lower prices then the available comps will trend down. Of course maybe there are enough people out there with 20% down and 700 FICO to support the market, but I don’t think there are.

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