The following information is from the local MLS database, as of January 13, 2008, compared to (January 3, 2008) (and January 13, 2007 – where available).
Total # of condos for sale in the city of Boston: 1,991 (1,922) (1,958)
Average # of days on market: 155 (156) (148)
Number of condos sold (closed) over past 30 days: 221 (212) (295)
Average days on market, sold units: 124 (107) (113)
Ratio, closing (sales) price to original (list) price: 92% (92%) (92%)
Number of properties going under agreement, last 30 days: 154 (181) (244)
Average days on market: 125 (115) (N/A)
Velocity: $125,800,124 ($114,256,350) (N/A)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
Total Market Value, condos for sale: $1,164,974,037 (N/A) (N/A)
My thoughts: You consistently see that “days on market” for all units is higher than “days on market” for unit going under agreement & closing. The reason is pretty obvious. Those homeowners who want to sell, will price their properties accurately (meaning, what the market will bare), and/or quickly adjust their prices, if they don’t get any offers. Others just list and sit, waiting.
Also, the listings that first come on and are “good”, sell quickly.
Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 12/03/2007 through 1/3/2008, and the period 12/08/2006 through 01/08/2007.