The following information is from the local MLS database, as of September 30, 2006, compared to (last weekâ€™s numbers).
Total # of condos for sale in the city of Boston: 2,899 (2,901)
Average # of days on market: 125 (125)
Median price of all condos for sale in the city of Boston: $389,000 ($389,000)
Average price of all condos for sale in the city of Boston: $561,725 ($553,208)
Number of condos sold (closed) over past 30 days: 261 (392)
Median sales price, last 30 days: $342,00 ($327,500)
Average sales price, last 30 days: $498,263 ($437,097)
Average days on market: 106 (98)
Ratio, closing (sales) price to original (list) price: 93% (93%)
Number of properties going under agreement, last 30 days: 247 (253)
My thoughts: Closings dropped, a lot, but I think this is a matter of timing. The properties that “closed” this week went under agreement from 4-6 weeks ago. Seeing as the median and average sales prices didn’t drop, I think the lower sales figures may have been due to the “end of summer” doldrums, and nothing else. I think we will have an uptick in sales, this fall, but nothing on the level of last September, of course.