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Boston Condo and Real Estate Sales and Listings Update, June 21, 2008

The following information is from the local Boston MLS database, as of June 21, 2008, compared to (June 14, 2008) (and June 23, 2007 - where available).

Total # of Boston condos for sale: 2,489 (2,485) (2,667)
Average # of days on market: 123 (123) (114)

Number of Boston condos sold (closed) over past 30 days: 488 (456) (550)
Average days on market, sold units: 96 (92) (98)
Ratio, closing (sales) price to original (list) price: 93% (92%) (94%)

Median close price, 2008: $389,000
Median close price, 2007: $380,000

Average close price, 2008: $531,434
Average close price, 2007: $542,214

Number of Boston properties going under agreement, last 30 days: 451 (439) (498)
Average days on market: 90 (89) (N/A)

Velocity: $259,339,932 ($233,814,983) ($298,218,210)
(Velocity is the # of units sold during last 30 days multiplied by the $ amount)

Total Market Value, condos for sale: $1,500,820,398 ($1,513,989,315) (N/A)

My thoughts: Under agreements and solds are down 10% from last year at this time, but average and median prices have stayed about the same. Inventory level is down about 7-8%.

Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 5/21/2008 - 6/21/2008, and the period 5/23/2007 - 6/23/2007.