2007 vs. 2008 YTD Average and Median Prices in Back Bay0

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?