The Boston real estate market in 2010
Two fascinating charts of data regarding the Boston real estate and condo market during 2010.
The first shows under agreement activity during the past six months.
A total of 2,498 condominiums went under agreement in Boston from January 23, 2010 – July 23, 2010. Of these, 546 are under agreement now and 1,765 have closed. The remaining 187 are classified as “Other” meaning they either went back on the market or were withdrawn.
During the same period in 2009, 2,360 condos went under agreement. In 2008, 2,770 condos went under agreement.
The other chart shows a break-down of condos listed during the past six months by price range. Of note is that twice as many $1,000,000-$1,500,000 condos came on the market than in the $900,000′s or $800,000′s but almost the same amount, in total. One theory on this is that sellers/developers/owners aren’t able to price properties in the high ’000′s as accurately, so they just stick a price on their properties somewhere in that $200,000 range.
Average days on market in all price ranges is moderate for two reasons: those condos listed accurately sell quickly while those that don’t sell within four or five months are (presumably) withdrawn from market. That’s one way to keep DOM low.
A full 30% of condos currently on the market have had price changes (reductions) and these listings have been on the market for longer than the total averages. (Bad English here, I realize.)
There are currently two $10 million+ condos listed for sale in Boston; the average is over one year. I’m sure these owners would entertain any reasonable offer, no?
During the same time period in 2009, 4,749 condos were listed for sale and 2,120, or almost have, had had price changes. The days on market average for all listings was significantly higher, 120 days vs. 76 days, and those with price changes had been on the market 165 days in 2009 vs. 102 days in 2010.
A marked improvement in 2010.
All of this data is courtesy of the Multiple Listing Service Property Information Network, Inc., and is collected from third-party sources.
