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: 209
Back on market (listings that went under agreement but deals fell through): 13
Price changes (almost always downward, but some go up): 267
Under agreements: 89
Off market (variety of reasons, but sometimes these are old listings that never sell): 86
ON MARKET DATA:
Total number of listings: 2428 (+25)
Average asking price: $681,000 (- $11,000)
My opinion: A high number of new listings is offset by an increase in properties coming off the market. Notice the huge number of price changes (again). This is good news – sellers are lowering their expectations of what they can sell for. This is how things are supposed to work! (It’s called supply & demand.)
The average asking price has gone down by $40,000, since the spring (it was at $720,000 in June). Median asking price dropped from $499,000 to $479,000.