The following information is from the local MLS database, as of July 7, 2008, compared to (June 28, 2008) (and July 6, 2007 – where available).
Total # of condos for sale in the city of Boston: 2,309 (2,465) (2,506)
Average # of days on market: 129 (123) (114)
Number of condos sold (closed) over past 30 days: 394 (523) (517)
Average days on market, sold units: 96 (98) (91)
Ratio, closing (sales) price to original (list) price: 95% (93%) (95%)
Median close price, 2008: $399,000
Median close price, 2007: $373,000
Average close price, 2008: $548,629
Average close price, 2007: $520,286
Number of properties going under agreement, last 30 days: 410 (466) (472)
Average days on market: 96 (96) (N/A)
Velocity: $216,159,855 ($275,767,357) ($268,988,084)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: On-markets have dropped. I have had several clients out during the past ten days, and we have seen nothing good, unfortunately. Most people will wait until fall, both buyers and sellers, I guess. Meanwhile, those who do sell, get close to final asking price, which is close to original asking price.
Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 6/7/2008 – 7/7/2008, and the period 6/6/2007 – 7/6/2007.
