2007 vs. 2008 YTD Average and Median Prices in Back Bay
May 13th, 2008 by Nicholas Warren
With all this talk about how terrible the market is and how much worse it is going to get, I decided to do a quick search on MLS to find out how 2008 has compared to 2007 YTD in one of Boston’s most well-known neighborhoods, Back Bay. Here’s what I found:
2007 - 1/1/07 to 5/13/07:
Median Price - $636,250
Average Price - $906,505
Total Market Volume - $132,349,750
2008 - 1/1/08 to 5/13/08:
Median Price - $660,000
Average Price - $1,161,522
Total Market Volume - $126,605,952
Very interesting….average selling price is up 28% and median is up close to 4%. The total market volume has slowed a bit. What are your thoughts?
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