Like today's rainy weather, the Boston housing market seems rather overcast. We broke down some stats from Trulia to show that it might be a particularly chilly winter, indeed.
The average listing price for all housing types in Boston dropped throughout September, from $817,000 at the end of the first week to just over $785,000 by month's end. The median sales price, meanwhile, dropped 7.8 percent annually in September to $507,223—not as bad as, say, 2003 and 2004, when the median hovered around $320,000, but little different from what it was during the Great Recession. The median earlier this year had flirted with the $600,000 threshold, but it appears, given the traditionally slower winter selling season and the fresh, heaping pile of horrid economic news, that it will not pierce that in 2011.
The upside? Sales rose in September by 17.5 percent over the same month in 2010. And the average sales price per square foot inched upward annually by 0.9 percent to $650; still, that's way, way off the $915 reached this past April.
Let's stroll the neighborhoods a bit, shall we?
· Back Bay had the highest average listing price at the end of September: $1,978,438. The median was $624,750, down slightly from the same time in 2010.
· South Boston had the most home sales of any neighborhood, with 170. The average listing price was $470,429, about even with the start of September, and the median was up over 2 percent annually to $379,000.
· The South End had the second highest average listing price, after Back Bay: $797,786. And its median was up over 8 percent from September 2010, to $560,000.
· Charlestown's median was down, however, 5.7 percent to $423,375. The average listing price was $616,537.
· In Jamaica Plain, the average listing price was up during the month to $467,969, while the median was down 2.3 percent annually to $376,250.
· And in Fenway/Kenmore, the average listing price jumped 11.8 percent to $474,182, though the median was down over 10 percent annually to $285,000.
Trulia provides a handy city-wide price map here (hint: the red means things are HOT).
· Boston Real Estate Overview [Trulia]