The following information is from the local MLS database as of August 23, 2008, compared to (August 16, 2008) (and August 25, 2007).
Total # of condos for sale in the city of Boston: 1,999 (2,062) (2,293)
Average # of days on market: 136 (135) (127)
Number of condos sold (closed) over past 30 days: 474 (461) (536)
Average days on market, sold units: 93 (95) (91)
Ratio, closing (sales) price to original (list) price: 94% (94%) (95%)
Median close price, 2008: $375,075
Median close price, 2007: $360,000
Median under agreement price, 2008: $359,000
Average close price, 2008: $438,168
Average close price, 2007: $436,425
Average under agreement price, 2008: $476,943
# of properties going under agreement, last 30 days: 333 (371) (297)
Average days on market: 99 (99) (N/A)
Velocity: $207,691,522 ($203,459,322) ($228,791,740)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: No one’s listing! Typical end-of-summer drop in inventory. What’s gonna happen this fall? We’ll see. My prediction? Volume the same as last year (which was lower than 2006 & 2005), and prices about the same, on average.
Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 7/23/2008 – 8/23/2008, and the period 7/25/2007 – 8/25/2007.
