The following information is from the local MLS database, as of May 17, 2008, compared to (May 10, 2008) (and May 19, 2007 – where available).
Total # of condos for sale in the city of Boston: 2,575 (2,544) (2,700)
Average # of days on market: 117 (118) (110)
Number of condos sold (closed) over past 30 days: 343 (331) (376)
Average days on market, sold units: 104 (114) (128)
Ratio, closing (sales) price to original (list) price: 94% (93%) (95%)
Median close price, 2008: $400,000
Median close price, 2007: $385,000
Average close price, 2008: $545,471
Average close price, 2007: $484,803
Number of properties going under agreement, last 30 days: 499 (512) (549)
Average days on market: 97 (92) (N/A)
Velocity: $187,096,716 ($186,292,599) ($182,286,020)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
Total Market Value, condos for sale: $1,556,060,592 ($1,541,677,241) (N/A)
My thoughts: Well, I was about to say that inventory levels seem high until I took a look at this week, last year. We’re still a bit lower than that and we have one more weekend before Memorial Day, unlike last year’s #’s. Still, it seems to me that a lot of sellers will be left holding the bag, based on inventory and under agreement activity.
The average sales price in 2008 is significantly higher than 2007, but that just goes to show that numbers can be deceptive. I think the median sales price is a good indicator of the “health” of the market. That has gone up, by 3% or so, overall.
We are seeing lower sales activity in 2008 than in 2007, and 2007 was slower than 2006. All those buyers in Dorchester seem to have disappeared.
Based on information provided to and compiled by the Multiple Listing Service Property Information Network, Inc. covering the period 4/17/2008 through 5/17/2008, and the period 4/19/2007 – 5/19/2007.