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 -Â 1/1/08 to 5/13/08:
Median Price - $660,000
Average Price - $1,161,522
Total Market Volume - $126,605,952
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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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