The following information is from the local MLS database, as of July 14, 2007, compared to (July 6, 2007).
Total # of condos for sale in the city of Boston: 2,464 (2,506)
Average # of days on market: 122 (114)
Median price of all condos for sale in the city of Boston: $389,949.50 ($391,950)
Average price of all condos for sale in the city of Boston: $572,975 ($571,739)
Number of condos sold (closed) over past 30 days: 522 (517)
Median sales price, last 30 days: $369,950 ($373,000)
Average sales price, last 30 days: $505,190 ($520,286)
Average days on market: 87 (91)
Ratio, closing (sales) price to original (list) price: 95% (95%)
Number of properties going under agreement, last 30 days: 467 (472)
Total Market Volume (Velocity): $263,709,276 ($268,988,084)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: Number of days on market for properties going under agreement has dropped, considerably – 87 days on market is less than three months, which is impressive, given the number of units on the market and the general feeling of malaise. Apparently, properties priced right are selling, quickly. A note to the wise …
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