The following information is from the local MLS database, as of July 31, 2006.
Total # of condos for sale in the city of Boston: 2980 (-135)
Average # of days on market: 122 (+8)
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.
Median price of all condos for sale in the city of Boston: $384,999 (same)
Highest priced condo in city of Boston: $13,995,000
Average price of all condos for sale in the city of Boston: $564,603 (+$5,000)
Number of condos sold (closed) over past 30 days: 396 (+22)
Median sales price, last 30 days: $350,000 (+$1,000)
Average sales price, last 30 days: $416,199 (-$21,000)
Average days on market: 88 (+2)
Ratio, closing (sales) price to original (list) price: 93% (same)
Number of properties going under agreement, last 30 days: 368 (-20)
My thoughts: The drop in number of properties on the market is probably sellers taking their properties off the market, until September. I never understood the logic of that, but okay.
Average sales price has dropped $46,000, over the past three weeks. Now, keep in mind, these are SALE prices, meaning they closed in the past week, meaning they went under agreement probably six weeks ago. That means we’re just now seeing the price drops that may have started, over a month ago. Keep an eye on that figure. It shows what people are actually paying for homes. List prices, on the other hand, have stayed pretty constant, even with the market slowdown.