The following information is from the local MLS database, as of May 10, 2008, compared to (May 3, 2008) (and May 12, 2007 – where available).
Total # of condos for sale in the city of Boston: 2,544 (2,543) (2,567)
Average # of days on market: 118 (118) (113)
Number of condos sold (closed) over past 30 days: 331 (298) (383)
Average days on market, sold units: 114 (96) (124)
Ratio, closing (sales) price to original (list) price: 93% (93%) (95%)
Median close price, 2008: $390,000
Median close price, 2007: $399,000
Average close price, 2008: $562,818
Average close price, 2007: $595,523
Number of properties going under agreement, last 30 days: 512 (496) (588)
Average days on market: 92 (91) (N/A)
Velocity: $186,292,599 ($168,152,556) (N/A)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
Total Market Value, condos for sale: $1,541,677,241 ($1,538,187,566) (N/A)
My thoughts: I read a comment somewhere that a potential homebuyer was going to wait until sales volume had increased to prior years’ levels to show that the market was recovering, and at that point re-enter the market.
First, I don’t think that day will ever come. Sales volume is currently what it was in maybe 2003 and 2004 – that seems about right to me. The over-heated market of the past several years was driven by too many people selling to move up after just a couple years of ownership. I don’t think that’s going to happen again.
Second, does that make any sense? Yes, it’s indicative of the “health” of the market, I guess, but at the same time … do you really want to be competing against all those people, once again, for the “good” listings?
Based on information provided to and compiled by the Multiple Listing Service Property Information Network, Inc. covering the period 4/10/2008 through 5/10/2008, and the period 4/12/2007 – 5/12/2007.