The following information is from the local MLS database, as of June 7,2008, compared to (May 31, 2008) (and June 9, 2007 – where available).
Total # of condos for sale in the city of Boston: 2,524 (2,542) (2,649)
Average # of days on market: 120 (121) (114)
Number of condos sold (closed) over past 30 days: 447 (422) (504)
Average days on market, sold units: 96 (92) (107)
Ratio, closing (sales) price to original (list) price: 93% (94%) (94%)
Median close price, 2008: $388,000
Median close price, 2007: $380,000
Average close price, 2008: $504,415
Average close price, 2007: $524,782
Number of properties going under agreement, last 30 days: 456 (445) (534)
Average days on market: 88 (96) (N/A)
Velocity: $225,473,575 ($211,372,141) ($264,490,560)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
Total Market Value, condos for sale: $1,538,971,031 ($1,531,659,902) (N/A)
My thoughts: The Boston condo market shows resiliency, in the face of relentless bad news.
Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 5/6/2008 – 6/6/2008, and the period 5/9/2007 – 6/9/2007.
