The following information is from the local MLS database as of December 13, 2008, compared to (December 6, 2008) and (December 15, 2007).
Total # of condos for sale in the city of Boston: 1,718 (1,794) (2,164)
Average # of days on market: 143 (138) (141)
Number of condos sold, past 30 days: 219 (211) (276)
Average days on market, sold units: 112 (115) (100)
Ratio, closing/sales price to original/list price: 90% (92%) (93%)
Months supply of condos: 7.84 (8.50) (7.84)
Median close price, last thirty days, this year: $315,000
Median close price, last thirty days, last year: $370,500
Average close price, last thirty days, this year: $413,708
Average close price, last thirty days, last year: $526,454
# of properties going under agreement, last thirty days: 199 (205) (240)
Average # of days on market: 123 (114) (106)
Velocity: $90,602,035 ($88,043,338) ($142,891,100)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: What you see is what you get. Sales will taper off until the new year, as will under agreements, as everyone holds off until January.
* IMPORTANT: Starting in January, 2009, I will probably begin reporting data from LINK, not from MLSPIN. LINK data is more accurate, as its information is pulled directly from the Suffolk County Registry of Deeds.
Based on information provided to and compiled by the Multiple Listing Service Property Information Network, Inc. covering the period 11/13/2008 – 12/13/2008, and the period 11/15/2007 – 12/15/2007.