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For condo sellers, a pricing sweet spot

Posted by Scott Van Voorhis April 28, 2014 09:55 AM

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As the cost of buying a single-family home escalates, condos are sizzling again.

But not all condos sell alike. In fact, some are more likely to sell faster - and above asking price - than others.

The hottest price range right now for condo sales across Massachusetts is the $400,000 to $500,000 range, Bill Wendel of the Real Estate Cafe suggests based on this chart of the market over the past few weeks.

That makes sense given that buyers are increasingly seeking out condos as alternatives to single family homes.

Wendel sorted condo sales by the percentage they sold above or below asking price. Note the heaviest concentration of dots above the over-asking line - it's in the $400,000 to $500,000 range.

However, as Wendel points out, condos selling below $300,000 were far more likely to have changed hands at a discount than to have sold above asking.

The days-on-market chart is a little less clear. But one reasonable interpretation, again put forward by Wendel, is that a sizable percentage of condos priced under $500,000 are selling within three weeks.

Frankly, it's a bit hard to tell - it's a scatterplot, after all - but I would say a condos priced at $600,000 and below are the selling the fastest right now.

(OK, here are some instructions, direct from Bill, on how to get the best results when viewing the chart: "To see how far winning bids are above or below original asking prices, run your cursor over individual sales in this scatterplot.  Each data point shows ($K over or under, as well as %).Too zoom-in, drag a box across the area you want to expand.")

Anyway, looking at these charts is a bit like some of the abstract art on display over at the ICA - lots of room for interpretation.

Thanks Bill for sharing these numbers.

OK, so what's your take on these stats?

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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