The following information is from the local MLS database as of January 17, 2009, compared to (January 10, 2009) and (January 19, 2008).
Total # of condos for sale in the city of Boston: 1,587 (1,569) (1,995)
Average # of days on market: 156 (154) (155)
Number of condos sold, past 30 days: 171 (185) (208)
Average days on market, sold units: 103 (100) (122)
Ratio, closing/sales price to original/list price: 91% (90%) (95%)
Months supply of condos: 9.28 (8.48) (9.59)
Median close price, last thirty days, this year: $305,000
Median close price, last thirty days, last year: $397,000
Average close price, last thirty days, this year: $404,495
Average close price, last thirty days, last year: $579,039
# of properties going under agreement, last thirty days: 150 (138) (177)
Average # of days on market: 120 (110) (130)
Velocity: $69,168,634 ($83,155,344) ($121,497,727)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: Inventory, sales, and under agreements stay low. Days on market increase because few properties are coming on the market. Look at how low velocity is!
Based on information provided to and compiled by the Multiple Listing Service Property Information Network, Inc. covering the period 12/17/2008 – 01/17/2009, 12/10/2008 – 01/10/2009, and 12/19/2007 – 01/19/2008.
