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

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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

New England Housing Report for July

Natick, MA – August 19, 2015 – The residential market in New England flourished in July, with all six New England states experiencing impressive double-digit growth in sales year-over-year. Throughout the region, sales are up 17.8%, pending sales are up 19.9% and average days on market is down 9.7%.
21,108 home sales were recorded in July, accounting for over 22% of this year’s total transactions. The region experienced a modest 2.4% increase in sales over June 2015, and has been climbing each month since February.
“As expected, sales in New England have continued to grow throughout the summer months,” said Dan Breault, EVP/Regional Director of RE/MAX INTEGRA, New England. “The market has continued to favor buyers over the spring and summer seasons with months supply of inventory increasing in each state since January of this year.”
To read the full report, click here.

Cambridge – Somerville Condo Trends for July 2015

By Paul Turcotte – Reports on other towns or property type and price ranges available on request.

Condominium sales rose in June with a total of 2,794 transactions completed compared with 2,429 in June 2014, a 15.0 percent increase. June marked the best month for condo sales since August 2007 and the first time in seven consecutive months that condo sales have increased on a year-over-year basis. Year-to-date sales of condos are down by 0.7 percent with 9,526 sales completed during the first six months of this year compared with 9,590 recorded during the same period last year. Read more from the Warren Group…Condos Sales Increase By 15.0 Percent…

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July_Chart

Cambridge condo inventory continues to frustrate buyers and their agents being down 32% from a year ago. Now for some acceptable news, the number of condominiums that went “Under Agreement” was only 4% below the end of July 2014. Condominiums sold last month were 11% less with year to date sales down 7%. The average sale price remained stable at $745,246. The average sold square foot price was up $24 to $675 per square foot with an average unit size of 1,129 square feet.

Cambridge Market Report – June 2015

Somerville inventory was down 16% compared to July of last year. The number of condos that went “Under Agreement” was in positive territory up 14%. Condo sales month to date still ran a negative 8% with sales year to date coming in at 23% below the same time last year. The average sales price declined from $604,000 in June to $582,249. The average sold square foot price went up slightly to $500 per square foot with an average unit size was 1,195 square feet.

Somerville Market Report – June 2015

Cambridge – Somerville Condo Trends – June 2015

See condo sales information in Warren Group article on Bay State Homes for May or review New England market activity New England Housing Report

June_Trends

Cambridge condo inventory continues to frustrate buyers and their agents being down 37% from a year ago. The number of condominiums that went “under agreement” improved although remaining off by 6% from the end of June 2014. Condominiums sold in June were 2.5% off with year to date sales remaining down by 8%. The average sale price continued to rise in June to $743 from $701 in May. The average sold square foot price was $651 per square foot with an average unit size of 1,161 square feet.

Cambridge Market Report -May 2015

Somerville inventory was down slightly by 6% or 2 units compared to June of last year. The number of condos going “under agreement” was down 15%, a considerable drop from the previous month. Condo sales month to date ran a negative 21% with sales year to date coming in at 27% below the same time last year. The average sales price declined from $656,000 in May to $604,000 in June. The average sold square foot price remained the same month over month at $483 per square foot. The average unit size was 1,302 square feet.

Somerville Market Report May 2015

 

Cambridge Condo Trends May 2014

Cambridge Condo Trends 6-2014Statewide condominium sales increased, rising more than 8% to 1,493. A total of 4,546 condo sale transactions were recorded in the first four months of the year, a 2.4% jump from 4,439 the prior year. Overall housing sales are down slightly for the fourth straight month. The condo segment took the lead showing that, once again that the market improves from the greater Boston epicenter and ripples out as the market improves.  All be it ever so tentative due to the lack of inventory.

Cambridge Cono Sales Chart May 2014

In Cambridge, 78% of May condo sales went over-ask and seven sold for at least $100,000 over-ask. Two Cambridge condos went more than $200,000 over-ask. The residents of Cambridge, who so often become leaders in academia, medicine and business, can now consider themselves, over-ask leaders as well. Source: Bates By The Numbers – Read more….

Somerville Condo Trends for May 2014

Somerville Condos for May 2014In Somerville, more than 90% of the May sales we tracked got at least asking price and 80% went over-ask. Unbelievable! A year ago, there were no Somerville condos that sold for more than $100,000 over-ask and only one sold for more than $50,000 over-ask. This May, however, two Somerville condos went for more than $100,000 over-ask and 11 garnered at least $50,000 over-ask. Somerville, on the other hand has a smaller condo market, however it is in positive territory in all three areas.

Somerville Condo Sales Chart 5-2014

Since April 1, 25 condos have sold in the City of Seven Hills. Of that number, 15, or 60 percent, have sold above asking price, four sold at asking and the remaining six were sold below asking, according to a Boston Business Journal analysis of MLS Properties.

The median sales in Somerville increased 9% to $490,000.