The following information is from the local MLS database, as of March 28, 2008, compared to (March 21, 2008) (and March 24, 2007 – where available).
Total # of condos for sale in the city of Boston: 2,351 (2,280) (2,279)
Average # of days on market: 130 (134) (127)
Number of condos sold (closed) over past 30 days: 225 (211) (302)
Average days on market, sold units: 113 (117) (131)
Ratio, closing (sales) price to original (list) price: NA (91%) (94%)
Number of properties going under agreement, last 30 days: 371 (348) (407)
Average days on market: 107 (106) (N/A)
Velocity: $117,337,419 ($107,571,541) (N/A)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
Total Market Value, condos for sale: $1,431,594,181 ($1,383,851,466) (N/A)
My thoughts: There was an uptick in under agreements, showing activity has picked up during the past couple of weeks. The increase in number of units on the market means owners are encouraged enough to test the waters to see if they can sell, this spring. Last year around this time there were 7.55 months of supply; this week, there are 10.5 months of supply. Meaning, if every property on the market today was sold, it would take 10.5 months to exhaust the supply. Equilibrium is somewhere between five and eight months, most people believe.
Based on information provided to and compiled by the Multiple Listing Service Property Information Network, Inc. covering the period 3/21/2008 through 3/28/2008, and the period 3/17/2007 through 3/24/2007.