The following information is from the local MLS database as of December 20, 2008, compared to (December 13, 2008) and (December 25, 2007).
Total # of condos for sale in the city of Boston: 1,638 (1,718) (2,039)
Average # of days on market: 148 (143) (151)
Number of condos sold, past 30 days: 211 (219) (272)
Average days on market, sold units: 110 (112) (110)
Ratio, closing/sales price to original/list price: 90% (90%) (92%)
Months supply of condos: 7.76 (7.84) (7.49)
Median close price, last thirty days, this year: $330,000
Median close price, last thirty days, last year: $379,000
Average close price, last thirty days, this year: $458,658
Average close price, last thirty days, last year: $537,804
# of properties going under agreement, last thirty days: 200 (199) (211)
Average # of days on market: 123 (123) (110)
Velocity: $96,776,745 ($90,602,035) ($143,760,300)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: Owners take their properties off the market during the end of the year because they realize not many people are looking to buy during this time of year. Also, many of them don’t want to be bothered, frankly. Few owners list their properties to sell, as well, which is why you see the increase in days on market trend.
* IMPORTANT: Starting in January, 2009, we 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 11/20/2008 – 12/20/2008, and the period 11/25/2007 – 12/25/2007.