The following information is from the local MLS database, as of June 16, 2007, compared to (last week).
Total # of condos for sale in the city of Boston: 2,672 (2,649)
Average # of days on market: 112 (114)
Median price of all condos for sale in the city of Boston: $395,000 ($390,000)
Average price of all condos for sale in the city of Boston: $576,358 ($576,418)
Number of condos sold (closed) over past 30 days: 510 (504)
Median sales price, last 30 days: $380,000 ($380,000)
Average sales price, last 30 days: $533,243 ($524,782)
Average days on market: 100 (107)
Ratio, closing (sales) price to original (list) price: 93% (94%)
Number of properties going under agreement, last 30 days: 507 (534)
Total Market Volume (Velocity): $271,954,103 ($264,490,560)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: I wish the # of units on market was (were?) a bit lower – equilibrium would be anywhere between 2,000 and 2,200 units on the market at any one time. Above that, and sellers end up having to wait too long to find buyers. Of course, if sellers would lower their prices a bit more …
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