One of my commenters asks:
I don’t understand these two lines when taken together.
Average price of all condos for sale in the city of Boston: $578,135
Average sales price, last 30 days: $507,332
Have more expensive places come on line recently? Or are places coming down on average 70K? Or are only “less expensive” places selling?
It’s definitely not option 2 or 3.
It’s more a matter of the fact that there are more listings sold in the $400,000 – $500,000 price range, which skew the data toward the lower end of the range.
It’s also more a matter of how long expensive properties take to sell versus prices coming down or only “less expensive” places selling.
The sweet spot for listings are in the $250,000 – $450,000 price range (this is all of Boston, not just downtown).
Average List Price — # of units — Avg days on market
$250,000 – $299,999 371 97
$300,000 – $349,999 303 97
$350,000 – $399,999 280 99
$400,000 – $449,999 214 90
If you look at the higher end, though, you’ll see less # of units for sale and higher days on market.
Average List Price — # of units — Avg days on market
$2,000,000 – $2,499,999 32 177
$2,500,000 – $2,999,999 14 201
$3,000,000 – $3,999,999 20 164
$4,000,000 – $4,999,999 12 298
$5,000,000 – $9,999,999 4 272
Even though there are very few properties at these prices, the dollar amounts still skew the average list price, higher.
If you want a clearer picture of what’s selling these days, here’s the data on all listings that have gone under agreement during the past 30 days:
Price range — # of units — Avg days on market
$100,000 – $149,999 8 72
$150,000 – $199,999 19 81
$200,000 – $249,999 58 60
$250,000 – $299,999 86 99
$300,000 – $349,999 59 60
$350,000 – $399,999 56 62
$400,000 – $449,999 48 78
$450,000 – $499,999 26 86
$500,000 – $599,999 54 98
$600,000 – $699,999 32 101
$700,000 – $799,999 18 102
$800,000 – $899,999 12 40
$900,000 – $999,999 8 92
$1,000,000 – $1,499,999 26 97
$1,500,000 – $1,999,999 6 148
$2,000,000 – $2,499,999 2 50
$2,500,000 – $2,999,999 4 154
$3,000,000 – $3,999,999 1 78
$4,000,000 – $4,999,999 1 242
$5,000,000 – $9,999,999 2 246
Over $10,000,000 – –
Total properties UAG: 527
Avg days on market: 83
Average price: $530,397
Does this help?
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