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.
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.