We recently brought you news of one of the latest Boston condominiums to hit the MLS for sale, it was a South End Boston flat fee MLS listing at 85 Dartmouth Street. The FSBO seller listed the duplex condo for $970,000 using our flat fee MLS service – so the seller was able to get their condo listed for sale in the MLS, garnering the exposure that the MLS provides, but avoid paying a commission to a listing broker.
Boston Flat Fee MLS Listings Prove Effective
Staying in the South End of Boston, let’s compare and contrast condominiums that have sold or are under agreement using a traditional full commission approach versus an entry only MLS flat fee listing approach.
Over the past 6 months there have been 426 condominiums that have either sold or are currently under agreement to be sold. 99.3% of these condos were transacted under a full commission sales approach. The average days on market (DOM) (i.e. how long it takes to find a buyer and sell) for those full commission listings is 28 days with an average price per square foot of $704.
Contrast that to the 3 condominium listings of the 426 that were sold using an entry only MLS approach (i.e. where the seller is a FSBO and does not pay a real estate agent commission to a listing broker, but rather, pays a one-time flat fee to get their home into the MLS). The average days on market (DOM) for the 3 flat fee MLS listings in Boston’s South End is 22 days with an average price per square foot of $751.
Boston entry only MLS condo listings in the South End are selling approximately 19% faster and for 6% more per square foot than condos being listed and sold with Realtors for a full commission.