The following information is from the local MLS database, as of August 20, 2006.
Total # of condos for sale in the city of Boston: 2837 (-39)
Average # of days on market: 129 (+5)
Lowest priced condo in city of Boston: $105,900, a 428 square foot one bedroom in Dorchester.
Second lowest priced condo in city of Boston: $110,000, a 483 square foot one bedroom in Mattapan.
Highest priced condo in city of Boston: $13,995,000
Median price of all condos for sale in the city of Boston: $379,000 (same)
Average price of all condos for sale in the city of Boston: $558,312 (same)
Number of condos sold (closed) over past 30 days: 414 (-23)
Median sales price, last 30 days: $340,000 (same)
Average sales price, last 30 days: $395,846 (-$8,000)
Average days on market: 95 (+4)
Ratio, closing (sales) price to original (list) price: 94% (same)
Number of properties going under agreement, last 30 days: 358 (-34)
My thoughts: Although some of the data stayed the same, I believe it is all accurate, and up to date. As you can see, under agreements and sales have stayed constant, pretty much, every week.
LINK data, as of August 18, 2006:
According to LINK, there are 3,125 properties on the market, throughout Boston. This is not all-inclusive, it is only those properties listed in LINK – mostly condos in the Boston Proper neighborhoods.
Over the past week, there were 134 new listings. There were 138 listings taken off the market. There were 93 listings going under agreement. There were 125 properties that closed.
About that: If it’s true (and I don’t doubt it) that there were 138 listings taken off the market and 93 listings going under agreement, then there was a net loss of 97 listings on the market, last week, according to LINK.
A vibrant market in Boston is if there are about 2,000 condos for sale, at any one time. So, if we lose 100 listings a week, it will take ten weeks to bring the market back to equilibrium.