The following information is from the local MLS database, as of May 19, 2007, compared to (last week).
Total # of condos for sale in the city of Boston: 2,700 (2,567)
Average # of days on market: 110 (113)
Median price of all condos for sale in the city of Boston: $399,000 ($399,000)
Average price of all condos for sale in the city of Boston: $587,690 ($595,523)
Number of condos sold (closed) over past 30 days: 376 (383)
Median sales price, last 30 days: $385,000 ($380,000)
Average sales price, last 30 days: $484,803 ($491,845)
Average days on market: 128 (124)
Ratio, closing (sales) price to original (list) price: 95% (95%)
Number of properties going under agreement, last 30 days: 549 (588)
NEW: Total Market Volume (Velocity): $182,286,020 ($188,376,677)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)
My thoughts: Too many new listings coming on the market. Owners being too optimistic? After Memorial Day, buyer activity is going to drop off, as it does every year. Those owners who haven’t priced appropriately will be stuck.
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