The following information is from the local MLS database, as of July 26, 2008, compared to (July 19, 2008) (and July 28, 2007, where available).
Total # of condos for sale in the city of Boston: 2,191 (2,227) (2,395)
Average # of days on market: 133 (131) (125)
Number of condos sold (closed) over past 30 days: 422 (411) (445)
Average days on market, sold units: 101 (100) (84)
Ratio, closing (sales) price to original (list) price: 93% (92%) (95%)
Median close price, 2008: $379,750
Median close price, 2007: $371,000
Average close price, 2008: $495,007
Average close price, 2007: $472,827
Number of properties going under agreement, last 30 days: 419 (441) (418)
Average days on market: 98 (101) (N/A)
Velocity: $208,893,064 ($209,653,214) ($231,658,866)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: Because it’s summer, fewer people put their properties up for sale. Therefore, the “days on market” of the listed units gets longer and longer. (One note of interest, this is the first time in recent memory that “under agreements” have matched, year to year.)
Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 6/26/2008 – 7/26/2008, and the period 6/28/2007 – 7/28/2007.
