Boston Condo Market Update: Units Off, Prices Down, Crazy Busy

Like that title above makes any sense at all?  I know, I felt the same way when I wrote it.  So….whats going on in this insanely crazy market?  The quick answer:  EVERYTHING.

Volume: DOWN

Pricing: DOWN

Traffic: UP – way way way UP!??!

Below I took two snapshots from the Boston MLS – just the core downtown neighborhoods.  One chart showing Jan-May 2008 and the other comparing it to the same dates here in 2009.  Here is the quick breakdown.  Slow start or true economic impact?

Total Units Sold: 1102 (2008) and 850 (2009) — Off by 23% YTD

Core Units Sold (250k – $1M): 838 (2008)  and 529 (2009) — Off by 37% YTD

Middle-End Units Sold ($500k – $1M): 307 (2008) and 154 (2009) — Off by 50% YTD

High-End Units Sold ($2M – $10M): 33 (2008) and 18 (2009) — Off by 46% YTD

Average Sales Price: 551,719 (2008) and $424,061 (2009) — Off by 23%

but……READ BELOW – WAY BELOW.

2008 Boston Condo Sales (January – May 14th)

2009 Boston Condo Sales (January – May 14th)

And for the strange part….(am I smelling a “late spring”)

2008 Under Agreement by May 14th – 1880 units (1702 already had closed/sold by now)

2009 Under Agreement by May 14th – 1513 units (655 closed but massive velocity)

Mortgage rates down, some public confidence starting to come back into play – have we possible hit the bottom of this market?  These UAG reports look mighty strong and I will not be surprised to see some 2nd quarter reports and even a stronger 3rd quarter.  Take a peak at the inventory and search all Boston condos for sale right here on our site!

Stay tuned…oh and if anyone has questions on the data I pulled – fire away.

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