Weekly Boston Condo and Real Estate Sales and Listings Update, August 16, 2008
The following information is from the local MLS database as of August 16, 2008, compared to (August 9, 2008) (and August 18, 2007, where available).
Total # of condos for sale in the city of Boston: 2,062 (2,069) (2,312)
Average # of days on market: 135 (136) (127)
Number of condos sold (closed) over past 30 days: 461 (439) (510)
Average days on market, sold units: 95 (101) (87)
Ratio, closing (sales) price to original (list) price: 94% (93%) (95%)
Median close price, 2008: $372,500
Median close price, 2007: $370,565
Median under agreement price, 2008: $349,900
Average close price, 2008: $441,343
Average close price, 2007: $461,728
Average under agreement price, 2008: $448,611
# of properties going under agreement, last 30 days: 371 (399) (333)
Average days on market: 99 (99) (N/A)
Velocity: $203,459,322 ($194,523,406) ($228,791,740)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: Although sales volume is off at least 10% compared to last year, inventory is off as well, meaning there still isn’t a glut on the market.
Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 7/16/2008 - 8/16/2008, and the period 7/18/2007 - 8/18/2007.