The following information is from the local MLS database as of January 24, 2009, compared to (January 17, 2009) and (January 26, 2008).
Total # of condos for sale in the city of Boston: 1,608 (1,587) (2,021)
Average # of days on market: 152 (156) (151)
Number of condos sold, past 30 days: 148 (171) (187)
Average days on market, sold units: 110 (103) (115)
Ratio, closing/sales price to original/list price: 90% (91%) (95%)
Months supply of condos: 10.86 (9.28) (10.81)
Median close price, last thirty days, this year: $296,250
Median close price, last thirty days, last year: $396,250
Average close price, last thirty days, this year: $362,066
Average close price, last thirty days, last year: $597,267
# of properties going under agreement, last thirty days: 165 (150) (216)
Average # of days on market: 126 (120) (135)
Velocity: $53,585,721 ($69,168,634) ($113,373,327)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: The weather’s cold. So is the real estate market, except at the sub-$150,000 range. And, over $1 million range.
I can’t reiterate enough, the drop in average and median sales prices are because of what’s selling right now – low end stuff. It’s having an effect on both.
Based on information provided to and compiled by the Multiple Listing Service Property Information Network, Inc. covering the period 12/24/2008 – 01/24/2009, 12/17/2008 – 01/17/2009, and 12/26/2007 – 01/26/2008.
