How is the Boston condo sales market doing, compared to prior years?

Caveat (of course!): this data is drawn solely from MLSPIN, our local multiple listing service, so it is woefully incomplete. The data includes all sales reported in MLSPIN during the month of August, for the past four years. However, it does not include ALL sales within the city – some developers bypass MLSPIN completely, while others only put several “test” units into the system, one in each price range.

Also, MLSPIN has only become the primary listing database for downtown Boston agents during the past two-to-three years; prior to that, just about everyone used LINK, the other listing database (so, 2004 numbers are especially suspect).

2007

Number of condos sold (closed) over past 30 days: 468
Median sales price, last 30 days: $362,882
Average sales price, last 30 days: $443,718
Average days on market: 90
Ratio, closing (sales) price to original (list) price: 94%

2006

Number of condos sold (closed) over past 30 days: 580
Median sales price, last 30 days: $341,000
Average sales price, last 30 days: $421,297
Average days on market: 97
Ratio, closing (sales) price to original (list) price: 94%

2005

Number of condos sold (closed) over past 30 days: 651
Median sales price, last 30 days: $345,000
Average sales price, last 30 days: $442,003
Average days on market: 54
Ratio, closing (sales) price to original (list) price: 96%

2004

Number of condos sold (closed) over past 30 days: 601
Median sales price, last 30 days: $339,000
Average sales price, last 30 days: $401,707
Average days on market: 47
Ratio, closing (sales) price to original (list) price: 97%

My thoughts?

Wow. Look at the sales volume. It’s dropped, a lot – by a third, compared to 2005? Now, some of this is because a lot of new developments closed in 2005, but that can’t account for the drop. I think a lot of the change is due to first-time homebuyers delaying purchases in 2006 and 2007. Plus, the frenzy of the market and buyer psychology (“we have to buy, now!”).

Wow. Look at the change in “average days on market”. Almost doubled.

Wow. Look at average and median sales prices. Very little change. Very little.

Hmmm. Look at list to sales price. When all is said and done, properties that end up selling are usually priced accurately from the very beginning. Owners who are just “trying out the market” probably list at inappropriate prices, then withdraw their units, if and when they don’t sell.

Based on information provided to and compiled by MLS Property Information Network, Inc. All data, courtesy of MLSPIN.

Back to Boston condos for sale homepage

Contact me to find out more about Boston condos for sale or to set up an appointment call/text 617-595-3712.

Boston condos

Boston condos for sale

SEARCH FOR CONDOS FOR SALE AND RENTALS

For more information please contact one of our on-call agents at 617-595-3712.

Updated:  1st Q 2018

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

Comments

comments

Call Now