The following information is from the local MLS database, as of April 12, 2008, compared to (April 5, 2008) (and April 14, 2007 – where available).
Total # of condos for sale in the city of Boston: 2,543 (2,464) (2,493)
Average # of days on market: 121 (124) (119)
Number of condos sold (closed) over past 30 days: 216 (225) (376)
Average days on market, sold units: 130 (113) (121)
Ratio, closing (sales) price to original (list) price: 94% (91%) (94%)
Number of properties going under agreement, last 30 days: 434 (375) (505)
Average days on market: 104 (112) (N/A)
Velocity: $120,296,908 ($120,205,277) (N/A)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
Total Market Value, condos for sale: $1,565,917,810 ($1,485,150,723) (N/A)
My thoughts: Big jump in listings, this week. This happened last year, too. I was surprised then, and I’m surprised, now. Seems as though the “spring market” happens later these days, than in the past.
The number of listings is getting up there – 2,500 is a lot. Around 2,000 is equilibrium. Sellers will have to be careful to price their homes at practical prices – just about every buyer will want to have their purchases wrapped up by Memorial Day, which means, sellers have six weeks to find someone.
You have around the same number of listings this year, as last, but under agreements is off 15% and solds are off, what, over 30%?
The comparison is not exact, because the 2007 week is a week later than this year, and a lot can happen in a week. But, you get what I mean.
Based on information provided to and compiled by the Multiple Listing Service Property Information Network, Inc. covering the period 3/12/2008 through 4/12/2008, and the period 3/14/2007 through 4/14/2007.