Condo Comparison, June 2017

Overall estimates for residential appreciation in the Boston market over the last year is in the range of 11% and Zillow is conservatively predicting around 5% for the next year.  Is this growth sustainable?  Who knows?  What we do know is that the market is cyclical and that what goes up spirals around to a seemingly higher low than the last. Take a look at the graphs below.

Cambridge / Somerville Condo Market Comparison June 2017 vs. 2016

Cambridge:
June 2017: Condos sold: 81 = less14%  | Average. SF: $779 = 11% increase
Median Sale Price: $769,000 = up 7%  | Sale price to original price: 108%

June 2016: Condos sold: 94 | Avg. SF: $701
Median Sale Price: $716,950 | Sale price to original: 107.4%

Somerville:
June 2017: Condos sold: 53 = less18% | Avg. SF: $592 = 14% increase
Median Sale Price: $611,000 = up 2% | Sale price to original: 107.4%

June 2016: Condos sold: 65 | Avg. SF: $521
Median Sale Price: $600,000 | Sale price to original: 104.6%

Cambridge vs Somerville Condo Comparison

 

JP/ Roslindale Condo Market Comparison June 2017 vs. 2016

Jamaica Plain: 
June 2017: Condos sold: 59 = less 19%| Avg. SF: $503
Median Sale Price: $504,000 = up 3% | Sale price to original: 103.7%

June 2016: Condos sold: 73 | Avg. SF: $463 = 9% increase
Median Sale Price: $490,000 | Sale price to 0riginal: 106.1%

Roslindale:
June 2017: Condos sold: 21 = 5% increase | Avg. SF: $360 = 5% decrease
Median Sale Price: $455,000 = up 23% | Sale price to original: 105.7%

June 2016: Condos sold: 20 | Avg. SF: $378
Median Sale Price: $368,000 | Sale price to original: 103.3%

 

Condo Comparison May 2017

“BOSTON – The number of homes and condos sold in Greater Boston slipped a bit in April,” said Timothy Warren, CEO of The Warren Group. “But that is due to the fact that April last year was a gangbuster month with homes rocketing up 35.3 percent and condos gaining 18.7%. These benchmarks were too hard to match.”
Despite record-setting condo prices, sales dipped from April 2016 when there were 1,705 sold in April 2017 compared to 1,724 last year – a decline of 1.1 percent. Median condo prices rose by 3.4 percent, hitting $331,500 – the highest on record for April.  Warren Report, May 23, 2017.

Cambridge Condos End of May 2017 
Condos sold: 74 | Avg. SF: $764
Median Sale Price: $770,750 | Sale price to Original: 108.2%Cambridge Condos End of May 2016
Condos sold: 62 | Avg. SF: $756
Median Sale Price: $695,250 | Sale price to Original: 106.5%

Somerville Condos End of May 2017
Condos sold: 34 | Avg. SF: $565
Median Sale Price: $746,500 | Sale price to Original: 103.6%

Somerville Condos End of May 2016
Condos sold: 59 | Avg. SF: $593
Median Sale Price: $583,000 | Sale price to Original: 106.5%

JP Condos End of May 2017
Condos sold: 32 | Avg. SF: $509
Median Sale Price: $575,000 | Sale price to Original: 103.7%

JP Condos End of May 2016
Condos sold: 35 | Avg. SF: $499
Median Sale Price: $570,000 | Sale price to Original: 102.3%

Roslindale Condos End of May 2017
Condos sold: 9 | Avg. SF: $396
Median Sale Price: $450,000 | Sale price to Original: 110.4%

Roslindale Condos End of May 2016
Condos sold: 21 | Avg. SF: $366
Median Sale Price: $405,000 | Sale price to Original: 102.6%

All the best,
Paul

Condo Comparison, Feb 2017

Hard to believe that we’re nearing the end the 1st quarter with lower inventories than ever before.  Being an optimist and given the current numbers there is only one way from here and that’s up.  Looking forward to a crazy spring market with a few surprises as the market slowly shifts.

JP vs Roslindale

 

Look who’s #1 in Jamaica Plain

We are so very excited to announce that we came in as the #1 real estate office in JP for 2016 in both sales volume and number of sides.  A major accomplishment for having opened the office in October of 2013, just three years ago. Congratulations to all.

The news is timely. We are just getting started in building out an adjacent office space where we are adding an additional conference room, team room and additional work areas for associates and team members to use. We’ll keep you posted on plans for our upcoming expansion party.

Condo Comparison – Dec 2016

Cambridge vs. Somerville

Happy New Year!

We’ve created this infographic that we will be using throughout the year to compare the condo market in Cambridge and Somerville. This will replace the condo trends we’ve sent out in the past.  Let us know what you think.

Thanks.

Cambridge vs Somerville Condos – Nov, 2016

Check out our new Neighborhood Condo Comparison infographic. We are ready for next year where we will be comparing the number of condos on the market year over year, looking at the year to date number of sales and more.

Below you will find neighborhood graphs showing: the number sales by month for the past three years, some interesting demographic tidbits and an area map.  You can also check out other neighborhoods using Clickable Maps on DestinyAgents.com or sign up for our Market Reports to receive information on properties similar to yours and in your neighborhood that are currently on the market and those that have recently been sold.  It’s a great way to get an idea of your homes appreciation.  If you want to dive deeper into the details just let us know. We can help.

July is Best Month for Mass. Home Sales Since 2005

July is Best Month for Mass. Home Sales since 2005, Grow 24.3 Percent Year-Over-Year

This_Old_House

The condo sales market in July was also robust, seeing 2,794 sales, the most since August 2007. This month’s mark was a 20.07 percent increase from July 2014, which had 2,327. July 2015 supplanted last month as the best month in the eight-year stretch. There were 2,764 in June. The median condo price in July was $337,500, up 3.85 percent from July 2014, when the median was $325,000. Year to date the median condo price has is $316,685, up .86 percent from $314,000 at this time last year. Warren Report read more…

July Monthly Indicators Greater Boston Real Estate Association

Paul’s Somerville Condo Trends – August 2015

AST

Somerville inventory was down 3.5% compared to August of last year. The number of condos that went “Under Agreement” remained in positive territory up 13%. Condo sales month to date were unchanged. Whereas sales year to date showed a negative 19% below August of last year. The average sales price increased by 10% to $516,018. The average sold square foot price went up $32 to $477 per square foot with an average unit size of 1,221 square feet.

Somerville Market Report – July 2015

ASC