Units listed for sale on February 23, 2005, 2006, 2007, and 2008.
2005
Total Properties: 108
Average Days on Market: 91
Lowest Price: $205,900
Median Price: $544,500
Highest Price: $1,800,000
Average Price: $612,920
Total Market Volume: $66,195,400
2006
Total Properties: 243
Average Days on Market: 120
Lowest Price: $219,000
Median Price: $599,000
Highest Price: $3,495,000
Average Price: $673,306
Total Market Volume: $163,613,400
2007
Total Properties: 206
Average Days on Market: 145
Lowest Price: $239,000
Median Price: $589,000
Highest Price: $4,999,000
Average Price: $723,895
Total Market Volume: $149,122,395
2008
Total Properties: 181
Average Days on Market: 146
Lowest Price: $239,000
Median Price: $635,000
Highest Price: $2,950,000
Average Price: $772,600
Total Market Volume: $139,840,700
Thoughts: Well, it depends on your perspective, I guess. Prices keep going higher in the South End. These are list prices, of course, not sales, but I can tell you, most properties sell for 93-95% of original list price, in the city. People price their properties to sell, not to sit.
I didn’t provide a break-down of prices by range, but pretty much, units are listed in the same ranges, every year – a couple of studios in the high-$200’s, a smattering of one-bedrooms in the mid-$400’s, a bunch of two-beds in the $500’s and $600’s. No changes. The $1 million+ has stay steady in the 20-30 unit range.
Volume in the city has dropped, that much is true. Sales are off 20-30%. But, inventory has adjusted, as well. People just won’t list if they can’t get their price; plus, most people in the city are happy where they are. They won’t list unless there is some compelling reason to move: lost or change jobs, bigger/smaller family, etc. Absent a bad economy, you won’t see much change, overall, in the future.
Source: information provided to and compiled by Multiple Listing Service Property Information Network, Inc.
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