The following information is from the local MLS database, as of June 21, 2008, compared to (June 14, 2008) (and June 23, 2007 – where available).
Total # of condos for sale in the city of Boston: 2,489 (2,485) (2,667)
Average # of days on market: 123 (123) (114)
Number of condos sold (closed) over past 30 days: 488 (456) (550)
Average days on market, sold units: 96 (92) (98)
Ratio, closing (sales) price to original (list) price: 93% (92%) (94%)
Median close price, 2008: $389,000
Median close price, 2007: $380,000
Average close price, 2008: $531,434
Average close price, 2007: $542,214
Number of properties going under agreement, last 30 days: 451 (439) (498)
Average days on market: 90 (89) (N/A)
Velocity: $259,339,932 ($233,814,983) ($298,218,210)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
Total Market Value, condos for sale: $1,500,820,398 ($1,513,989,315) (N/A)
My thoughts: Under agreements and solds are down 10% from last year at this time, but average and median prices have stayed about the same. Inventory level is down about 7-8%.
Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 5/21/2008 – 6/21/2008, and the period 5/23/2007 – 6/23/2007.
