Weekly Boston Condo And Boston Real Estate Sales And Listings Update, May 31, 2008 Boston Condos For Sale Ford Realty

The following information is from the local MLS database, as of May 31, 2008, compared to (May 24, 2008) (and June 2, 2007 – where available).

Total # of condos for sale in the city of Boston: 2,542 (2,537) (2,643)
Average # of days on market: 121 (120) (112)

Number of condos sold (closed) over past 30 days: 422 (370) (460)
Average days on market, sold units: 92 (100) (110)
Ratio, closing (sales) price to original (list) price: 94% (94%) (94%)

Median close price, 2008: $375,500
Median close price, 2007: $385,000

Average close price, 2008: $500,882
Average close price, 2007: $507,332

Number of properties going under agreement, last 30 days: 445 (498) (538)
Average days on market: 96 (97) (N/A)

Velocity: $211,372,141 ($192,198,796) ($233,372,986)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)

Total Market Value, condos for sale: $1,531,659,902 ($1,536,710,850) (N/A)

My thoughts: Big jump in closings, which is what happened last year this week, as well. Will drop off, now. For the first time in memory, average and median prices dropped below last year’s numbers. Anomaly or signs of a long-term trend, I don’t know.

Based on information provided to and compiled by the Multiple Listing Service Property Information Network, Inc. covering the period 4/30/2008 through 5/31/2008, and the period 5/2/2007 – 6/2/2007.

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Weekly Boston Condo and Boston Real Estate Sales and Listings Update, May 31, 2008

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