2006 vs. 2007 Brookline Condo Sales Report

With all of the media hype in the second half of 2007 I would expect to see the bottom fall out of the Brookline real estate market. Regular readers here already know that hasn't happened, but let's take a look at what has happened.

In 2006:

The median sale price of a condominium was: $453,000

The average sale price of a condominium was: $508,373

625 Condos sold in an average of 85 days on market.

In 2007:

The median sale price of a condominium was: $453,339

The average sale price of a condominium was: $502,144

660 Condos sold in an average of 91 days on market.

The only "downturn" we see is the slight dip in the average sale price. I put both average and median in because it gives us a more firm overview on the whole market. Two major reasons for the change in average sale prices are more sub-$200,000 condos sold in '07 (5 vs 4) and the highest priced condo sold in '06 was $2.125 million as opposed to $1.9 million in '07. It's because of these swings that a median price analysis is sometimes more indicative of true trends.

All in all we can say in the condo market, more property sold for pretty much the same prices as last year in about the same amount of time on the market. Can someone tell me where the "crash" is?