The Market

Cambridge Summary: Inventory for October continued to decline, dropping 45% compared to the same period last year. ~ Condo listing $ volume is considerably lower by 48% from 165 million to 85 million. ~ The median list price increased slightly by $9,000 with properties selling an average of 5 days faster. ~ Condos that went under agreement for the month increased by 29%.

Condo sales for the month were flat in comparison down .02%. ~ Year to date sales were up almost 4% or 22 more condos than in October last year. Cambridge condo sold $ volume for the month was flat loosing only -.02% a difference of $471,800. YTD sold $ volume is up 4.73% over last year. ~ The median sale price improved by 9% with the ratio of sale price to original price the same at 95%. ~ The average square foot price for October was $459 per square foot with the average living area at 1,044 sf, 111 fewer square feet than in 2010.

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Somerville Summary: Condo inventory in Somerville remains about the same as last October up only1.5%. ~ The median list price shows a modest increase of $8,876  with the active days on market showing more demand by improving to 87 days from 102 in 2010 ~ Condo listing volume or market value at the end of October barley  increased by only $390,486. ~ Condos going under agreement did increased by 23%. ~ Condos sold for the month went up 28% with the YTD number of condos sold falling behind by 8%. ~

Somerville condo sold $ volume went up by 34% from 6+ million in 2010 to over 9 million this past October.

YTD sold $ volume remains behind by nearly 4% compared to last year at the same time. ~ Sold average days on market remained the same at 72 days. The original price to sale price ratio tightened a point to 96%. ~ The average square foot price rose to $386 per square foot for October with the average condo size also increasing 86 square feet to of 1,174 square feet.

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