Boston condos for sale 2006: six years later, things have changed

Yes, I do write more than posts about Boston condo sales statistics, but here’s another one.

Much has changed in the world during the past six years – we’ve had an monetary meltdown, a financial Armageddon, a catastrophic economic disaster of epic proportions. Fortunately, some things haven’t changed – thank god, Mitt Romney is still not president.

How has the Boston real estate market changed?

Inventory is down over 50% today versus six years ago. The median and average sales prices of condos in all of Boston are higher than six years ago. Activity is off (closings) from 2006, down ~15%, but under agreements is higher. Days on market is higher – it takes a couple weeks longer to sell your home.

It’s simply stunning that there are so few condos on the market, today. What would happen if inventory went up? Would there be more sales or would buyers just be more picky?

Boston condo sales statistics 2006 (2012)

Total # of condos for sale in the city of Boston: 3,004 (1,369)
Average # of days on market: 103 (98)

Median price of all condos for sale in the city of Boston: $389,000 ($427,000)
Average price of all condos for sale in the city of Boston: $553,366 ($696,002)

Total condos sold during past 30 days: 345 (277)
Median sales price, last 30 days: $355,000 ($383,500)
Average sales price, last 30 days: $464,822 ($511,313)
Average days on market: 101 (112)
Ratio, closing price to original price: 94% (94%)
Number of properties going under agreement, last 30 days: 452 (480)

Data above is collected from third-party sources by the Multiple Listing Service Property Information Network, Inc.

Author: John Keith

John A Keith is a licensed real estate broker in Boston, Massachusetts. He helps buyers and sellers of condos and single-family homes in all of Boston’s neighborhoods.

He is also a writer whose work has appeared in South End News, Boston Courant, Back Bay Patch, and Boston Herald.