Below is a report of sales and listing activity for the past week.
Information is derived from LINK, the online database that is used by most Boston real estate agents.
New listings: 82
Back on market (listings that went under agreement but deals fell through): 15
Price changes (almost always downward, but some go up): 64
Under agreements: 109
Off market (variety of reasons, but sometimes these are old listings that never sell): 46
ON MARKET DATA:
Total number of listings: 2038
Average asking price: $705,883
Median asking price: $489,000
Average $ / SF: $541
Average days on market: 24
My opinion: The Boston condo market is as strong as ever, based on number of listings currently on the market. Although June had 40% less sales compared to a year ago, there are still only 2000 properties currently on the market, and the average days on market (24) is very low (less than one month’s supply). Prices, if they fall, will fall slowly, and moderately, in my opinion. There seems to be plenty of buyers out there, at least as long as interest rates stay low.