The following information is from the local MLS database, as of September 1, 2007, compared to (August 25, 2007).
Total # of condos for sale in the city of Boston: 2,171 (2,293)
Average # of days on market: 132 (127)
Median price of all condos for sale in the city of Boston: $379,000 ($375,000)
Average price of all condos for sale in the city of Boston: $568,102 ($568,627)
Number of condos sold (closed) over past 30 days: 468 (536)
Median sales price, last 30 days: $362,882.50 ($360,000)
Average sales price, last 30 days: $443,718 ($436,425)
Average days on market: 90 (91)
Ratio, closing (sales) price to original (list) price: 94% (95%)
Number of properties going under agreement, last 30 days: 259 (297)
Total Market Volume (Velocity): $207,660,218 ($233,924,068)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: Everyone’s waiting to see what the fall market will be like, in the city. Will buyers appear, checks (and pre-approvals) in hand? Will more sellers put their properties up for sale, driving up inventory?
Days on market should go down, but only because of all the new listings coming on the market, right? Also, you might see a moderate increase or decrease in average and/or median list price, I’m not sure which. Could go up, if more people list their properties at unrealistic prices, could go down if people decide this is their best chance to find a buyer, before the year is over.
I don’t think any Fed moves will affect our local market. It’s too remote an event. Most people who decide to buy right now are considering other things more than whether or not banks’ lending rates go down a half a point. They are thinking more about monthly loan payments and the stability of their jobs.
I have noticed an increase in web traffic on my site, and a good number of people have contacted me about buying over the coming months.
Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 08/01/2007 through 09/01/2007.
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SEARCH FOR CONDOS FOR SALE AND RENTALS
- Back Bay condos under $550k – $1M
- Beacon Hill condos $550k – $1M
- Charlestown condos $550k – $1M
- Charlestown Navy Yard condos $550k – $1M
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- Fenway condos $550k – $1M
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For more information please contact one of our on-call agents at 617-595-3712.
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
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137 Charles Street
Boston, Ma 02114