Cambridge Condo Trends for January 2014

Cambridge Condo Trends Jan14Cambridge Summary: Year over year for all property types the inventory dropped to record lows for the start of 2014 down 71.6%.  The median sales price rose 20.5% with the year over year closed sales for all properties down -38.8%.

Needles to say condo Inventory remains at historic lows, down 53%% from January 2013. ~ The median list price continues to be bullish closing over 21% higher. Days on market for listings dropped by nearly a month to less than 60 days before going off market. Properties going under agreement fell sharply do to lack of inventory by over 61%.

Cambridge Condo Sales Chart

Cambridge condo sales, month to date are down 33% to start off the year. The median sale price ended was over 19%. ~ Multiple offers and quick sales kept the original price to sale price higher than normal at 100%. ~ The average square foot price was $541 per SF, up nearly $50.00 with an average condo size of 1,248 SF.

Somerville Condo Trends for January 2014

Somerville Condo Trends Jan14Somerville Summary: The inventory for all property types year over year dropped 26.7% for the start of 2014.  The median sales price rose 27.7% with the year over year overall closed sales for all properties ended the year up by 40%.

January condo inventory was down more than 28% compared to last year. ~ The median list price leaped up a wopping 69% with the active days on market shrinking by 10 days on average. ~ Condos going under agreement improved by nearly 32% compared to last January.

Somerville Condo Sale Chart

The number of condos sold went up by 5% for the month. ~ The median sales price rose slightly by 4%. ~ Days on market for condo sales shrunk to 48 days on average. The original price to sale price ratio was 99% of the original list price. ~ The average square foot priceincreased $390 per SF with an average living area just over 1,263 SF.

Cambridge Year End Condo Trends – December 2013

Cambridge Year End Condo Trends 2013

Cambridge Summary: Inventory remains at historic lows, down over 60% from the end of 2012. ~ The median list price continues to be bullish closing 30% higher. Days on market for listings was about the same, 14 weeks on average before going off market (Reflective of high list pricing). Properties going under agreement fell do to lack of inventory by over 70%.~

Cambridge Condo Sales Chart 2013

Cambridge condo sales, month to date are down 44% and overall the year to date (YTD) lost 2% over last year’s total sold. The median sale price ended the year up 17%. ~ Multiple offers and quick sales kept the original price to sale price higher than normal at 99%. ~ The average square foot price was $526 per SF with an average condo size of 1,304 SF.

Somerville End of Year Condo Trends – December 2013

Somerville Condo Trends for 2013

Somerville Summary: December condo inventory was down more than 20% compared to last year. ~ The median list price leaped up by 63% with the active days on market shrinking by 15% or 14 days on average. ~ Condos going under agreement declined by 25% compared to last December.

Somerville Condo Sales Chart  2013

 

 

 

 

 

 

 

The number of condos sold went up by 45% for the month which resulted in a gain of over 2% for the year. ~ The median sales price rose 33%. ~ Days on market for condo sales were just over a month on average. The original price to sale price ratio was 100% of the original list price. ~ The average square foot price jumped $106 to $441 per SF with an average living area just over 1,200 SF.

Paul’s Cambridge Condo Trends for November

Cambridge Condo Trends for November

Cambridge Summary: Inventory is at historic lows, down 50% from last November. ~ The median list price continues to be greater than 30% with days on market dropped 25 days to about 10 weeks on average before going off market. Properties going under agreement were down 12%.

Cambridge Condo Sales Chart 11-13

 

 

 

 

 

 

 

 

 

 

Cambridge condo sales, month to date down 28% with the year to date about even being rounded up to 2% over last year’s number. The median sale price was about the same as the median list price up by 34%. ~ Multiple offers and quick sales kept the original price to sale price considerably higher than normal at 122%. ~ The average square foot price was $533 per SF with an average condo size of 1,262 SF.

Paul’s Somerville Condo Trends for November

Condo Trends for Somerville 11-13

Somerville Summary: November condo inventory is 42% less than last year. ~ The median list price is up by 46% with the active days on market about the same at 73 days on average. ~ Condos going under agreement were up 11% compared to a year ago.

Nov. Somerville Condo Sales

 

 

 

 

 

 

The number of condos sold in November was down 36% from a year ago resulting in a loss of 2% in year to date sales. ~ The median sales price rose 18%. ~ Days on market dropped to less than a month on average. The original price to sale price ratio was 101% of the original list price. ~ The average square foot price was up nearly $58 at $395 per SF with a slightly smaller average living area.

Cambridge Condo Trends – October 2013

Cambridge Condo Trends 10-13 Cambridge Summary: Inventory has gone from little to less, down 62% from a year ago. ~ The median list price jumped 37 with days on market being just about two months before going off market. Properties going under agreement remains down by 26%.

Cambridge Condo Sales Chart

Cambridge condo sales, month to date were down 20% with the year to date losing two points, up 4% over last year’s number. The median sale price was up almost 19%.. ~ Multiple offers and quick sales kept the original price to sale price higher than normal at 103%. ~ The average square foot price was $523 per SF with an average condo size of 1.158 SF.

Somerville Condo Trends – October 2013

Somerville Condo Trends October 2013Somerville Summary: October condo inventory is about the same as last year. ~ The median list price rose significantly by 51% with the active days on market slightly higher at 62 days on average. ~ Condos going under agreement were up 15% compared to a year ago.

Somerville Condo Sales Chart 10-13

 

 

 

 

 

 

 

The number of condos sold in September was up 8% from a year ago resulting in a negligible loss of 0.3% in year to date sales. ~ The median sales price rose 15%. ~ Days on market were just two months on average. The original price to sale price ratio was 104% of the original list price. ~ The average square foot price was up nearly $50.00 at $399 with the living area 132 SF larger.

Cambridge Condo Trends – September 2013

Paul's Cambridge Condo Trends 9-13Cambridge Summary: Inventory continues to be a major problem for buyers, down 55% from a year ago. ~ Condo $ market inventory value was down 39% from $62 million last September 2012 to $38 million.~ The median list price went up 22% with days on market just under two months before going off market. Properties going under agreement is down by 26%.

Cambridge Condo Sales Chart 9-13

Cambridge condo sales, month to date were down 9% with the year to date remaining up 6%. Sold market dollar volume YTD remains at 24% from $318 million to $394 million in sales. The median sale price rose 20% compared to a year ago. ~ Multiple offers and quick sales kept the original price to sale price higher than normal at 99%. ~ The average square foot price was up 14% at $556 per SF.

 

Somerville Condo Trends – September 2013

Somerville Condo Trends - 9-13Somerville Summary: September condo inventory remains lower than last year by 17%. ~ Listing market $ value went up 6% from $22 million in 2012 to $23 million. ~ The median list price rose significantly by 34% with the active days on market the same at 51 days on average. ~ Condos going under agreement were up 24% compared to a year ago.

Somerville Condo Sales Chart 9-13

The number of condos sold in September was up 17% from a year ago resulting in a 2% loss in year to date sales. ~ Somerville sold condo market $ value YTD was up 7% to $160 million from $149 million in 2012. ~ The median sales price rose 6%. ~ Days on market were just over a month on average. The original price to sale price ratio was closer to normal at 98% of original list price. ~ The average square foot price of $377 was down 4% per square foot with the living area about 170 SF larger.