If you’re looking to buy a condo in the downtown Boston area, you might think you’ll have the pick of the crop when it comes to properties on the market.
To a certain extent, yes. But, a close analysis of current inventory shows that there are multiple “sub-markets” within the local real estate market. If you’re looking for a property priced over $1-million, yes, there’s a “glut” – more inventory than buyers, if you compare current inventory level to the number of condos that have sold within the past twelve months.
However, in the more moderate price ranges, there’s less of a glut and more of a reasonable number – enough properties listed for sale that buyers can choose from at least several suitable condos but not too many that sellers won’t be able to sell. (Sellers will still need to be patient, however; in many cases, days on market are almost twice as long as the average during the past year.)
To me, a reasonable market is one where there is a five month supply of properties.
If you’re looking in the $10-million+ range, you should be able to negotiate quite a deal. There are three properties on the market right now for greater than $10 million yet no properties have sold in that range during the past twelve months.
By the way, if you’re looking in the $10-million+ range, you should contact me, immediately. Please.
| Price Range | # Sold | DOM | Avg Sale $ | # On Mkt | DOM | Months Of Supply |
| $100,000 – $149,999 | 2 | 40 | $146,500 | 3 | 117 | 18.00 |
| $150,000 – $199,999 | 18 | 55 | $179,266 | 7 | 171 | 4.67 |
| $200,000 – $249,999 | 36 | 79 | $222,850 | 20 | 134 | 6.67 |
| $250,000 – $299,999 | 90 | 76 | $275,367 | 28 | 109 | 3.73 |
| $300,000 – $349,999 | 168 | 90 | $326,341 | 55 | 126 | 3.93 |
| $350,000 – $399,999 | 164 | 101 | $372,534 | 66 | 121 | 4.83 |
| $400,000 – $449,999 | 128 | 82 | $423,464 | 59 | 145 | 5.53 |
| $450,000 – $499,999 | 131 | 84 | $473,578 | 61 | 155 | 5.59 |
| $500,000 – $599,999 | 232 | 114 | $544,400 | 104 | 147 | 5.38 |
| $600,000 – $699,999 | 147 | 127 | $646,191 | 79 | 155 | 6.45 |
| $700,000 – $799,999 | 79 | 99 | $747,717 | 65 | 132 | 9.87 |
| $800,000 – $899,999 | 62 | 109 | $850,136 | 43 | 145 | 8.32 |
| $900,000 – $999,999 | 49 | 110 | $949,000 | 39 | 145 | 9.55 |
| $1,000,000 – $1,499,999 | 119 | 123 | $1,230,903 | 101 | 150 | 10.18 |
| $1,500,000 – $1,999,999 | 49 | 175 | $1,702,553 | 61 | 159 | 14.94 |
| $2,000,000 – $2,499,999 | 16 | 178 | $2,174,375 | 28 | 246 | 21.00 |
| $2,500,000 – $2,999,999 | 19 | 213 | $2,664,808 | 23 | 291 | 14.53 |
| $3,000,000 – $3,999,999 | 14 | 233 | $3,420,179 | 19 | 158 | 16.29 |
| $4,000,000 – $4,999,999 | 2 | 87 | $4,154,448 | 11 | 361 | 66.00 |
| $5,000,000 – $9,999,999 | 3 | 38 | $6,896,667 | 11 | 278 | 44.00 |
| $10,000,000 – $99,999,999 | 0 | 0 | $0 | 4 | 386 | ??? |
| Number sold, past 12 months: | 1,528 | On market, now: | 887 | Months’ Supply: | 6.97 |
Data collected from third-party sources and reported by the Multiple Listing Service Property Information Network, Inc.
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