Party's over in Boston...

Think the colonists were pissed over their unfair burdens?

Wonder what Bostonians will do after their current financial crisis sinks in...

Some key statistics for the Boston Market:

1. Sales of single family homes plunged 8.4% for the first quarter of 2006 as compared to the same period in 2005.

2. Sales of single family homes have fallen for 13 of the last 14 months when compared on a month to month basis.

3. The median single family home price dropped 1.5% in March to $325,000 from $330,000 in March of 2005.

4. Inventory is up 91% compared to 2005.

5. The average days on the market now stands at 91 vs. 69 in 2005.

6. Sales of condos declined 1.2% for the first quarter of 2006 as compared to the same period in 2005.

7. Sales of Multi-Family homes dropped 7.6% during 2005.

8. The average sale price of a Boston waterfront condo has plunged 40% in the first quarter of 2006 according to the current Listing Information Network (LINK) data.

Furthermore, when adjusted for inflation, the median single family home price in MA has declined a whopping 10.75% since its peak in June of 2005 as well as declining 4.85% on a year over year basis. Bravo!! to www.bostonbubble.com for using the CPI Northeast Urban numbers to convert the reported housing figures from nominal to real values thus deriving a more accurate picture of the state of the Boston real estate market.

Want more? Read the following articles:

Waterfront condo woes - Boston Herald May 4, 2006
Caution: slowdown ahead - Boston.com April 30, 2006
Housing Slowdown Deepens In Mass - Boston.com April 26, 2006
Housing strength shifts - Post Gazette.com April 26, 2006
Multi-unit home sales drop - Metro West Daily News April 22, 2006