The Market

Somerville Condo Trends – July 2012

Somerville Summary: July condo inventory maintains record lows, down 48% from last July which was less than special. ~ Listing $ volume was down 49% from $55 million to $28 million in value. ~ The median list price stayed very close to the same with the active days on market dropping a couple of weeks to under 3 months. ~ Condos going under agreement decreased by 22%.

Condos sold for the month exceeded last July by 20% with the year to date sales up 35%. ~ Somerville condo sold $ volume YTD is up 26% from the end of July last year. ~ Sold average days on market dropped to less than 60 days. The original price to sale price ratio increased to 98% of the original list price due to competitive bidding. ~ The average square foot price increased by $27 to $356 per square foot with the average condo living area at 1,208 square feet.

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RE/MAX Sees Strong Agent Growth in 2012

Housing Recovery Brings Agents Back
DENVER, July 30, 2012 – PRNewswire via COMTEX/
PR NewswireWith an improving housing market, real estate agents are returning to the industry. But they’re being very selective about where they’ll have the best chance of success. While other national real estate franchises are still experiencing agent losses, RE/MAX has seen an increase of over 1,300 agents year to date – the first such increase since 2010.

“RE/MAX has always attracted top-performing agents, and that’s especially true after everything we’ve been through in recent years,” said Margaret Kelly, RE/MAX CEO. “Because of the many innovations we’ve put in place, the best agents know that RE/MAX is where they want to be in this new market environment.”

RE/MAX is not just adding new agents, the company is attracting the industry’s top-performing agents. In 2012, the average years of experience a RE/MAX agent has is 15.1. That’s an increase of 23.8% from 2007, positioning the organization for even higher levels of success.

Two national surveys of the country’s best performing real estate brokerages demonstrate that RE/MAX agents outperform agents at the other national franchise organizations. In the REAL Trends 500, RE/MAX brokerages took 44 of the Top 50 positions when ranked according to agent productivity, and the RIS Media Power Broker Survey showed RE/MAX agents averaged 15.6 annual transaction sides, the highest average of any national franchise.

“The many resources and tools RE/MAX offers our agents are second to none, and the comprehensive education from RE/MAX University prepares our agents to provide the highest quality service to the consumer,” Kelly added.

Additionally, RE/MAX has experienced significant success in the sales of new franchises. In the first half of 2012, nearly 300 sales have been recorded. In the United States, Florida led all regions with franchise sales 30% higher than the first half of 2011. Internationally, South Africa saw an increase in sales of 75%, Canada was up by 21% and Europe was 13% higher. Increased franchise sales will lead to a greater number of offices and agents in the near future.

International growth has also continued at a strong pace, with the addition of three countries in the first half of 2012: Morocco, Thailand and the Philippines.

RE/MAX Broker/Owners will be gathering in Washington, D.C., from August 12-14 to mark the many achievements so far in 2012. And the global real estate franchisor will celebrate its 40th anniversary at the annual RE/MAX R4 convention to be held at the MGM Grand Hotel and Casino in Las Vegas next February.

For more information please visit Remax.com or JoinREmax.com.

About the RE/MAX Network: RE/MAX was founded in 1973 by Dave and Gail Liniger, real estate industry visionaries who still lead the Denver-based global franchisor today. RE/MAX is recognized as one of the leading real estate franchise companies with the most productive sales force in the industry and a global reach of more than 80 countries. With a passion for the communities in which its agents live and work, RE/MAX is proud to have raised more than $120 million for Children’s Miracle Network Hospitals, Susan G. Komen for the Cure® and other charities. Nobody in the world sells more real estate than RE/MAX.

SOURCE RE/MAX International, Inc.
Copyright (C) 2012 PR Newswire. All rights reserved

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Somerville Condo Trends – June 2012

Somerville Condo Trends June 2012

Somerville Summary: June condo inventory reached a new low down 42%. ~ Listing $ volume was down 38% from $66 million to $40 million. ~ The median list price went up a little over $10K with the active days on market loosing 8 more days. ~ Condos going under agreement increased by 8%.

Condo Sales Chart June 2012

Condos sold for the month exceeded last June by 17% with the year to date sales up 27%. ~ Somerville condo sold $ volume YTD is up 28.7% from the end of June last year. ~ Sold average days on market dropped by over 2 weeks to 48 days. The original price to sale price ratio increased to 99% of the original list price due to competitive bidding. ~ The average square foot price increased by $37 to $357 per square foot with the average condo living area at 1,294 square feet.

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Somerville Condo Trends – May 2012

Somerville Summary: May condo inventory remains quite low down by -40%. ~ Listing $ volume was down 27 million from $68.5 million to $40.7million. ~ The median list price went up $10,000 with the active days on market shortening by 11 days to 2 months. ~ Condos going under agreement increased by 39%. Condos sold for May soared by 53%% with year to date sales up 30%.

Somerville condo sold $ volume YTD is up $19 million  or 32%.~ Sold average days on market increased a modest 8 days. The original price to sale price ratio increased to 98% of the original list price. ~ The average square foot price decreased modestly by $4 to $340 per square foot with the average condo size at 1,221 square feet.

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Cambridge Condo Trends – April 2012

Cambridge Summary: Inventory continues to remain quite low, up  from – 46% from last month to -42% compared to April last year. ~ Condo listing $ volume remains low by 39% from 161 million to 97 million in market value. ~ The median list price is up by 2.4% or 11K with days on market dropping from 3 monyhs to 2 months on average before going off market. ~ Condos that went under agreement were pretty much the same.

Cambridge condo sales month to date are up by 26% with year to date number sold condos up by 15%. Sold $ volume YTD improved 14% from 70 million in 2011 to 82 million this year. The median sale price improved by 3.6% with the ratio of sale price to original price above at 100% due to multiple bidding and reduced time on market. ~ The average square foot price for April was $484 per square foot with the average living areaof 1,185 square feet.

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Somerville Condo Trends – April 2012

Somerville Summary: April condo inventory remained down by -24%. ~ Listing $ volume was down 15 million from $54.6 million to $69.7million. ~ The median list price went up 7.5% with the active days on market sliding below 2 months. ~ Condos going under agreement increased by 36%. Condos sold for the month exceeded last April by 10% with the year to date sales up 16%. ~

Somerville condo sold $ volume YTD is up 21.9% from the end of April last year. ~ Sold average days on market dropped by over 3 weeks to 85 days. The original price to sale price ratio increased to 96% of the original list price. ~ The average square foot price increased by $37 to $357 per square foot with the average condo size at 1,294 square feet.

 

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Cambridge Condo Trends – March 2012

Inventory remains quite low, less 46% compared to March last year,. ~ Condo listing $ volume is down over 39% from 149 million to 90 million in value. ~ The median list price is up by 14% or 69K with days on market dropping by 14% to less than 90 days on average before going off market. ~ Condos that went under agreement are up by 7%.

Cambridge condo sales month to date are up but only by one sale with year to date number sold up by a modest .05%. Sold $ volume YTD improved but remains down 8% from 49 million in 2011 to 45 million this year. The median sale price dropped by 8% with the ratio of sale price to original price above average at 98%. ~ The average square foot price for March was up $28 per square foot to $475 with the average living area loosing 146 sf from 1,118 to 9728 square feet.

 

 

 

 

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Somerville Condo Trends – March, 2011

March condo inventory was down 11%. ~ Listing $ volume is basically even – down only 57K from $50,593 million to $50,535 million. ~ The median list price went up 6% with the active days on market dropping through demand to just over 2 months. ~ Condos going under agreement increased by 23%.

Condos sold for the month exceeded last March by one sale with the year to date sales up 18%. ~ Somerville condo sold $ volume YTD is up 20% from the end of March last year. ~ Sold average days on market shrunk by 50% on average to less than 2 months. The original price to sale price ratio increased by 3% to 96% of the original list price. ~ The average square foot price was increased by $46 to $358 per square foot with the average condo size remaining about the same at 1,086 square feet.

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