Paul Turcotte

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%.

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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%.

 

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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.

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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.

 

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Chelsea Place! The experience begins July 2013!!

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Live in Luxury on the Edge of Boston

We are excited to announce that Destiny Management and RE/MAX Destiny are managing both the property and leasing of Federal Realty’s Chelsea Place. A new 56 unit luxury apartment building located at Chelsea Commons.

Property amenities include: Community Room, Fitness Center, Outdoor Common Patio and Security Card access. In unit features include: Stainless steel appliances, granite counter tops, custom cabinetry, walk-in closets, washer – dryer and central air.

The property will be ready for occupancy on July 1, 2013. Please visit www.liveatchelseaplace.com for more information. You may also contact RE/MAX Destiny Rental Department at 617-576-3800 for any additional information regarding property tours and unit pricing.

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Cambridge Condo Trends – March 2013

Cambridge Condo Trends March 2013It is indeed a seller’s market.  Competing multiple offers have become normal with cash buyers dominating Cambridge real estate sales.  I have never seen anything like it in my 24 years in the business.

Cambridge Summary: Inventory remains much lower than a year ago by -38%, a huge challenge for buyers where demand remains high and inventory low. ~ Condo inventory value is down 30% to $62 million vs. 88 million at the end of March last year. ~ The median list price rose 7% with the days on market dropping 18% or by 14 days before going off market. ~ Condos that went under agreement for the month are up 20%.

Cambridge Condo sales chart 3-13

Cambridge condo sales, month to date, are up by 59% with the year to date up by 30%. Sold market volume is up 107% from 19 million to over 39 million in sales. The median sale price was up 19% to $509,900 ~ Multiple offers and quick sales keepthe original price to sale price close to 100%. ~ The average square foot price for March was $498 per square foot up 3.5% from last year.

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