The following information is from the local MLS database, as of September 1, 2007, compared to (August 25, 2007).
Total # of condos for sale in the city of Boston: 2,171 (2,293)
Average # of days on market: 132 (127)
Median price of all condos for sale in the city of Boston: $379,000 ($375,000)
Average price of all condos for sale in the city of Boston: $568,102 ($568,627)
Number of condos sold (closed) over past 30 days: 468 (536)
Median sales price, last 30 days: $362,882.50 ($360,000)
Average sales price, last 30 days: $443,718 ($436,425)
Average days on market: 90 (91)
Ratio, closing (sales) price to original (list) price: 94% (95%)
Number of properties going under agreement, last 30 days: 259 (297)
Total Market Volume (Velocity): $207,660,218 ($233,924,068)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: Everyone’s waiting to see what the fall market will be like, in the city. Will buyers appear, checks (and pre-approvals) in hand? Will more sellers put their properties up for sale, driving up inventory?
Days on market should go down, but only because of all the new listings coming on the market, right? Also, you might see a moderate increase or decrease in average and/or median list price, I’m not sure which. Could go up, if more people list their properties at unrealistic prices, could go down if people decide this is their best chance to find a buyer, before the year is over.
I don’t think any Fed moves will affect our local market. It’s too remote an event. Most people who decide to buy right now are considering other things more than whether or not banks’ lending rates go down a half a point. They are thinking more about monthly loan payments and the stability of their jobs.
I have noticed an increase in web traffic on my site, and a good number of people have contacted me about buying over the coming months.
Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 08/01/2007 through 09/01/2007.
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