July Market Update

2012/2013

MLS Summary:                              Inventory                Under Agreement      Year to Date Sold 2012/13
Cambridge Market:                       167/92= (-45%)      116/84 = (-27%)          562/624 = 11%

Somerville Market:                        114/90= (-21%)        69/74 = 7%                 425/379 = (-11%)

RE/MAX Destiny Closed Sides for July: 84            Volume: $64,679,397

Year to Date Transactions 299                                Volume: $175,407,720

 

Paul’s Mid-Year Condo Trends – Cambridge

Cambridge Condo Trends

Cambridge Summary: Inventory is extremely limited down 65% from a year ago.A huge challenge for buyers concerned about a recent rise in mortgage rates. ~ Condo market inventory value was down 52% From 95 million in June 2012 to 44 million at the end of last month ~ The median list price jumped up 32% with days on market remaining below two months before going off market. ~ Condos that went under agreement for the month were up slightly by nearly 2%.

Cambridge Condo Sales Chart

Cambridge condo sales, month to date were down 6% with the year to date up 17%. Sold market dollar volume YTD was up by 36% from 168 million to 228 million in sales. The median sale price rose nearly 15%. ~ Multiple offers and quick sales kept the original price to sale price to over 103%. ~ The average square foot price of $538 was up nearly 15%. Average living area also increased by nearly 5%.

Paul’s Mid-Year Condo Trends – Somerville

Somerville Condo Trends 6/30

Somerville Summary: June condo inventory remains at record lows, down 41% from a year ago. ~ Listing market value was down by 37% from 39 million to 25 million in value. ~ The median list price rose over 8% with the active days on market just over one month. ~ Condos going under agreement slipped by 15% from a year ago.

Somerville Condo Sales Chart

The number of condos sold in June also dropped by a third from a year ago, which resulted in a 12% loss in year to date sales. ~ Somerville sold condo market value YTD went down by 2% to 87 million from 89 million in 2012. ~ The median sales price was up 8% YTD. ~ Days on market decreased to 27 days in June 47 days on average YTD. The original price to sale price ratio was 102% of original list price due to competitive bidding. ~ The average square foot price of $383 was up 6% per square foot with the living area increasing less than 12%.

 

Cambridge Condo Trends – May 2013

Cambridge Condo Trends may 2013

Cambridge Summary: There were 23% more sales vs. properties for sale in May.  The lack of inventory continues as a huge challenge for buyers with inventory lower than last year by 56%. ~ Condo market inventory value was down 43% to $55 million vs. 96 million at the end of May last year. ~ The median list price remained unchanged with days on market shrinking to 45 days before going off market. ~ Condos that went under agreement for the month are up 40%.

Cambridge Condo Sales Chart May 2013

Cambridge condo sales, month to date, are up 48% with the year to date up 28%. Sold market dollar volume YTD was up by 46% from 111 million to 163 million in sales. The median sale price rose nearly 10%. ~ Multiple offers and quick sales put the original price to sale price to over 103%. ~ The average square foot price of $531 per square foot was up nearly 15%. Living area also increased by nearly 14%.

Somerville Condo Trends – May 2013

Somerville Condo Trends 2013

Somerville Summary: May condo inventory remains at record lows, down 53% from a year ago. ~ Listing market value was down by 48% from 40 million to 21 million in value. ~ The median list price, like in Cambridge was unchanged with the active days on market shrinking 52% to one month. ~ Condos going under agreement slipped by over12% from a year ago.

Somerville Condo Sales Chart 5/13

The number of condos sold in May also slipped by close to 4%, which resulted in a modest 2% gain in year to date sales. ~ Somerville sold condo market value YTD was up 6% to 62 million from 59 million in 2012. ~       The median sales price was up 6%. ~ Days on market decreased to 40 days. Th original price to sale price ratio was 102% of original list price due to competitive bidding. ~ The average square foot price $370 was up 9% per square foot with the living area decreasing less than 10%.

Cambridge Condo Trends – April 2013

Cambridge Condos April 2013Cambridge Summary: Inventory remains a huge challenge for buyers, demand remains high and inventory lower than last year by 38%. ~ Condo market inventory value was down 18% to $77 million vs. 94 million at the end of April last year. ~ The median list price rose 23% with the days on market dropping by 15 days before going off market. ~ Condos that went under agreement for the month are up 33%.~

Cambridge Condo Sales Chart April 2013Cambridge condo sales, month to date, are down 13 % with the year to date up by 14%. Sold market dollar volume YTD went up 25% from 83 million to 103 million in sales. The median sale price rose12%. ~ Multiple offers and quick sales put the original price to sale price over 100%. ~ The average square foot price of $550 per square foot went up 13%.

 

Somerville Condo Trends – April 2013

somervilleApril2013

Somerville Summary: April condo inventory remains at record lows, down 50% from a year ago. ~ Listing market value was down by 45% from 54 million to 30 million in value. ~ The median list price increased by 15% with the active days on market shrinking 44% or by 25 days. ~ Condos going under agreement went up 31% from a year ago.

Somerville Condo Sales Chart April 2013

The number of condos sold in March was up by 3%, which resulted in a 5.5% decrease in year to date sales. ~ Somerville sold condo market value YTD was up 6% to 39 million from 37 million. ~ The median sales price was up 3%. ~ Days on market increased 53% to just over a month. The original price to sale price ratio was 103% of original list price due to competitive bidding. ~ The average square foot price $370, up 4% per square foot with the living area remaining about the same.

Big Max Returns For Rides At May Fair

RE/MAX Balloon on Cambridge COmmonCome join the festivities in Harvard Square on Sunday May 5th.  This will be RE/MAX Destiny’s sixth year as sponsors of the event.  This year we are handing out red, white and blue beads and stuffed animals to those who stop by our booth next to Curious George at the corner of JFK ad Brattle Streets. from there we will be heading to the Common to set up for hot air balloon rides at 4:30.  The set up is fun to watch.  Your welcome to participate if you would like to join us.

The rides will be from 5:00 to 7:00, weather permitting, on the Cambridge Common across from the Sheraton Hotel on Garden Street.   The winds tend to be the biggest concern at this time of the year. We will be requesting donations for rides with proceeds going to Our Place Center for Homeless Children and CHAF, The Cambridge Housing Assistance Fund.

The rides are first come first served with a line forming during set up at 4:30. So get there early to get an opportunity to ride the seven story RE/MAX balloon.  Hope to see you there.