After much thought on the matter, I’ve stopped reporting average and median sales prices, since they are pretty much irrelevant, in any market. The actual number of sales and under agreements is a good gauge of what’s going on in the market, however, as is days on market. Well, if you compare it to a year ago, perhaps. So, I’m now reporting current day, a week ago, and a year ago data.
The following information is from the local MLS database, as of November 17, 2007, compared to (November 10, 2007) (November 17, 2006).
Total # of condos for sale in the city of Boston: 2,400 (2,398) (2,707)
Average # of days on market: 132 (131) (134)
Number of condos sold (closed) over past 30 days: 250 (240) (289)
Average days on market: 100 (105) (112)
Ratio, closing (sales) price to original (list) price: 94% (94%) (91%)
Number of properties going under agreement, last 30 days: 262 (265) (320)
Average days on market: 101 (not reported) (not reported)
Total Market Volume (Velocity): $121,820,067 ($128,443,930) (not reported)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: I’m surprised that last year at this time there were so many units on the market – over 12% more condos than today. You can see the effect of this: days on market was higher and it probably also effected closing to list price ratio – more sellers, less buyers, so sellers had to discount more in order to make a sale.
Number of units closing is off over 10%, today, and number of units going under agreement is off, what, a third? Yikes.
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Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 10/17/2007 through 11/17/2007, and the period 10/17/2006 through 11/17/2006.
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Updated: 1st Q 2018