The following information is from the local MLS database, as of October 6, 2007, compared to (September 29, 2007).
Total # of condos for sale in the city of Boston: 2,468 (2,469)
Average # of days on market: 122 (124)
Median price of all condos for sale in the city of Boston: $380,000 ($385,000)
Average price of all condos for sale in the city of Boston: $590,039 ($590,744)
Number of condos sold (closed) over past 30 days: 265 (342)
Median sales price, last 30 days: $380,000 ($350,000)
Average sales price, last 30 days: $476,473 ($442,046)
Average days on market: 97 (82)
Ratio, closing (sales) price to original (list) price: 95% (95%)
Number of properties going under agreement, last 30 days: 259 (257)
Total Market Volume (Velocity): $126,265,561 ($151,180,042)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: Whoa. Number of closings has dropped, a lot. I still haven’t thought this through, but my guess is this is the result of the lag between properties going under agreement and closing (four to six weeks). Closings this week would have gone under agreement the first and second week of September which aren’t prime times to be looking for a home, obviously. I guess I assumed we had already been past that. I spoke too soon when I said several weeks ago that we’d see an uptick in volume.
Under agreements have stayed steady, as have new listings, so I’d say we’re in a steady, healthy market, at this point.
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