Boston condos and Boston real estate sales and listing information, October 4, 2008
The following information is from the local MLS database as of October 4, 2008, compared to (September 27, 2008) and (October 6, 2007).
Total # of condos for sale in the city of Boston: 1,990 (1,987) (2,468)
Average # of days on market: 129 (133) (122)
Number of condos sold over past 30 days: 290 (352) (265)
Average days on market, sold units: 100 (90) (97)
Ratio, closing/sales price to original/list price: 92% (91%) (95%)
Months’ supply of condos: 6.86 (5.64) (9.31)
Median close price, 2008: $337,500
Median close price, 2007: $380,000
Median under agreement price, 2008: $329,000
Average close price, 2008: $519,208
Average close price, 2007: $476,473
Average under agreement price, 2008: $470,246
# of properties going under agreement, last 30 days: 265 (294) (259)
Average days on market: 101 (102) (N/A)
Velocity: $150,570,406 ($176,492,149) ($126,265,561)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: Properties going under agreement and closing have plummeted this past week (and month, on a rolling average). (Interestingly, it did this last year, too.)
As reported in the press on Friday, there has been a big drop-off nationally, and we’re seeing that in Boston. Not a result of credit-tightening, I’m sure, but a general unease on the part of the consumer. Perhaps you’ve heard about this?
Now, before you get all crazy and say, OMG, the price of homes has plummeted from $380,000 to $337,500, let me clarify: the price of homes that have been listed for sale and sold has plummeted. There’s a big difference.
Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 9/4/2008 - 10/4/2008, and the period 9/6/2007 - 10/6/2007.
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