The following information is from the local MLS database, as of May 10, 2008, compared to (May 3, 2008) (and May 12, 2007 - where available).

Total of condos for sale in the city of Boston: 2,544 (2,543) (2,567)
Average of days on market: 118 (118) (113)

Number of condos sold (closed) over past 30 days: 331 (298) (383)
Average days on market, sold units: 114 (96) (124)
Ratio, closing (sales) price to original (list) price: 93% (93%) (95%)

Median close price, 2008: $390,000
Median close price, 2007: $399,000

Average close price, 2008: $562,818
Average close price, 2007: $595,523

Number of properties going under agreement, last 30 days: 512 (496) (588)
Average days on market: 92 (91) (N/A)

Velocity: $186,292,599 ($168,152,556) (N/A)
(Velocity is the of units sold during last 30 days multiplied by the $ amount)

Total Market Value, condos for sale: $1,541,677,241 ($1,538,187,566) (N/A)

My thoughts: I read a comment somewhere that a potential homebuyer was going to wait until sales volume had increased to prior years' levels to show that the market was recovering, and at that point re-enter the market.

First, I don't think that day will ever come. Sales volume is currently what it was in maybe 2003 and 2004 - that seems about right to me. The over-heated market of the past several years was driven by too many people selling to move up after just a couple years of ownership. I don't think that's going to happen again.

Second, does that make any sense? Yes, it's indicative of the "health" of the market, I guess, but at the same time ... do you really want to be competing against all those people, once again, for the "good" listings?

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Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 4/10/2008 through 5/10/2008, and the period 4/12/2007 - 5/12/2007.