Somerville Year End Condo Trends 2012

somerville condo trends 2012

Somerville Summary: December condo inventory remained at record lows, down 60% from a year ago. ~ Listing $ Volume mirrored this, down 58% from $35 million to $14 million in total market value. ~ The median list price decreased by a modest 3% with the active days on market less than 2 months. ~ Condos going under agreement improved by 12% from a year a

Somerville Condo Trends December 2012

 

Condos sold for the month were up big by 76% with year end sales up 29%. ~ Somerville Condo Sold $ Volume for 2012 went up 33% from year end last year. ~ Sold average days on market remained less than 2 months and the median sale price improved by 13%. The original price to sale price ratio remained high at 97% of the original list price due to competitive bidding. ~ The average square foot price was $335 per square foot with the average condo living area at 1,183 square feet.

 

Join Us In Welcoming Our Newest Member!

Welcome James Daniel

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We are very pleased to announce that James Daniel has joined RE/MAX Destiny. James is a well respected professional and a graduate of the Realtors Institute (GRI). He is a Certified Residential Specialist (CRS), and an Accredited Buyer Representative (ABR). James is a member of a number of professional associations including: Greater Boston Association of Realtors, National Association of Realtors, Massachusetts Association of Realtors, The Real Estate Buyer Agent Council and the Council of Residential Specialists. James has also been a recipient of the International Diamond Society Award and he is also a Quality Service Agent Award Recipient.

James has been successfully matching buyers with the right homes and has assisted sellers in moving up to their dream home since 1989. He consistently receives recognition for his expertise and commitment to his customers.

“It’s exciting to have James join our team. We have history having worked in the same office for years. It’s feels a little bit like a family reunion, ”said Paul Turcotte, Broker Owner.

James grew up in Boston and currently lives in Medford, MA.

When asked why he joined, James said “Simply put…RE/MAX Destiny is the fastest growing real estate office in Cambridge and I like to be where the action is.”

 

 

Cambridge Condo Trends for November

Cambridge Summary: Lack of inventory remains low down 28% compared to November last year. ~ Condo listing $ volume remained down by 15% from $71 million to 60 million in market value. ~ The median list price is up by 21% with days on market improving 4 to 3 months before going off market. ~ Condos that went under agreement for the month slipped by 6%.

Cambridge condo sales, month to date, are up 20% with year to date number of sold condos increasing by 17%. Sold $ volume YTD increased by 19% from $324 million in 2011 to $386 million in 2012. The median sale price increased by 16% with the ratio of sale price to original price at 99% due to multiple offer bidding and reduced time on market. ~ The average square foot price for November rose to $503 per square foot with the average living area at 1,093 square feet.

Somerville Condo Trends for November

Somerville Summary: November condo inventory remains at record lows, less 46% from a year ago.. ~ Listing $ volume mirrored this down 47% from $47 million to $25 million in value. ~ The median list price decreased by a modest 4% with the active days on market around 2 months. ~ Condos going under agreement improved by 13% from a year ago.

Condos sold for the month were up a solid 43% with the year to date sales up 27%. ~ Somerville condo sold $ volume YTD is up 30% from the end of November last year. ~ Sold average days on market was less than 2 months and the median price slid by 10%. The original price to sale price ratio remained high at 97% of the original list price due to competitive bidding. ~ The average square foot price was $335 per square foot with the average condo living area at 1,183 square feet.