From today’s Wall Street Journal:
Laura Chung, an interior decorator who recently moved to Portland, Ore., from Cambridge, Mass., sees the strong market as the ultimate stress reliever.
Mrs. Chung, and her husband, Eric, are considering sprucing up their new home and selling it if they find a house more to their liking — a prospect that wasn’t so simple back in Cambridge. “It’s not this perpetual worry that we’re not going to sell” the 2,500-square-foot house, she says …
After sitting on the market from June to December 2006, the Chungs’ 1,200-square-foot Cambridge, Mass. townhouse condominium sold for $70,000 less than the asking price. “The number of condos in our price point was at some record high,” Mrs. Chung says.
Lest you draw the conclusion the Cambridge real estate market was so slow last year that the typical property had to drop its price so dramatically, and lest you draw the conclusion the Cambridge real estate market was so slow last year that the typical property had to sit on the market for six months, here’s some data for you (from MLSPIN):
Number of condominiums listed (that eventually sold), 5/1/2006 – 7/1/2006: 256
Average original list price: $486,332
Average final list price: $476,456
Average sales price: $465,951
Average percent drop from original list price to sales price: 4.19%
Average percent drop from final list price to sales price: -2.20%
Average number of days on market: 98.58
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