Cambridge Condo Trends – August 2012

Cambridge Summary: Lack of inventory remains the top market challenge down 45% compared to August last year. ~ Condo listing $ volume reflects this difference down by 31% from 96 million to the current $66 million in market value. ~ The median list price is up by 15% = $69K with days on market improving to 88 days before going off market. ~ Condos that went under agreement have improved by 26% keeping the same pace as  July. Cambridge condo sales, month to date, are up 19% with year to date number of sold condos up by 12%.

 

 

 

 

 

 

 

Sold $ volume YTD increased by 10% from $249 million in 2011 to $275 million this year. The median sale price improved by $32,500 with the ratio of sale price to original price remaining at 98% due to multiple offer bidding and reduced time on market. ~ The average square foot price for July was $478 per square foot with the average living area at 993 square feet.

Somerville Condo Trends – August 2012

Somerville Summary: August condo inventory maintains at record lows, down 47% from last August.. ~ Listing $ volume was down 44% from $46 million to $25 million in value. ~ The median list price improved by a modest 4% with the active days on market dropping 19 days to just over 2 months. ~ Condos going under agreement were down by 29% or 9 units. Condos sold for the month were down 15% with the year to date sales up 27% from the end of last year.

 

 

 

 

Somerville condo sold $ volume YTD is up 27% from the end of August last year. ~ Sold average days on market was less than 2 months. 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 to $371 per square foot with the average condo living area at 1,077 square feet.

Welcome Michaela Hellman

We are very excited to announce that Michaela has joined  RE/MAX Destiny.

Michaela is a Boston-born lifelong resident, having grown up in Brookline and Jamaica Plain. She was a Corporate Trainer that traveled all over the U.S. prior to embarking on her career in Real Estate in 2002.

Michaela prides herself on client satisfaction. Her business is built on past and present clients, their friends and their colleague’s referrals. She is an experienced and respected professional that can effectively solve housing needs and desires. She is thrilled to have a career that combines her interests in architecture, construction, green building and most important of all, helping people improve their lifestyle through a new home.

“I’m inspired and excited to have joined such a productive, technologically advanced company. I’m looking forward to leveraging such a central location and powerful tools to better serve my Cambridge/Somerville and Boston/Brookline clients.”

Michaela has earned the Accredited Buyers Representative designation-ABR and is a Graduate of the Realtor Institute – GRI.

Two Make The Top 25 Individual Agent List For July

We are very proud to announce that two of our members made the                                                                    RE/MAX of New England Top 25 List for July.

Sandrine Deschaux
David Shorey

Sandrine Deschaux receives high honers for being #4 out of close to 3,000 RE/MAX Agents in New England.

David Shorey came in at a very respectable #13.         David was the #1 producer at RE/MAX Destiny for all of 2011.

Great Work…Her’s To Your Continued Success!

 

Cost Of Renting A Home On The Rise

Tim Schmidt, our rental manager was interviewed by WBZ-TV about the cost of rentals in the Boston area.


 

By Joe Shortsleeve, WBZ-TV Chief Correspondent

August 15, 2012 12:01 AM

BOSTON (CBS) – It’s a question that frustrates tenants across the state:  why are rents so high?

In fact, rents in the Greater Boston area are among the highest in the country.

By one estimate, it takes $1,700 to get a unit in the suburbs and $3,000 in downtown Boston.

“This season has been extraordinary.  Rents are super high.  I think the vacancy rate is 3-percent right now,” said Tim Schmidt of REMAX Destiny in Cambridge.

That vacancy rate is second only to San Francisco.

Schmidt believes one reason for the high rents is good news.  The region’s job market is stronger than most other cities.

“You see a lot of start- ups, a lot of bio-tech,” said Schmidt.  “There are people starting jobs in the $70,000-$100,000 range and moving to Boston.”

Although there have been new units added in unconventional areas like adjacent to Fenway Park, inventory cannot meet demand.

Cambridge Condo Trends – July 2012

Cambridge Summary: Lack of inventory continues to challange the market, down 46% compared to July last year. ~ Condo listing $ volume reflects this difference down by 30% from 122 million to the current $85 million in market value. ~ The median list price is up by 15%  = $76K with days on market dropping to an average close to 2 months before going off market. ~ Condos that went under agreement have improved by 27%.

Cambridge condo sales, month to date, are up 20% with year to date number of sold condos up by 10%. Sold $ volume YTD increased by 7.6% from $204 million in 2011 to $221 million this year. The median sale price improved by $23,500 with the ratio of sale price to original price at 98% due to multiple offer bidding and reduced time on market. ~ The average square foot price for July was $479 per square foot with the average living area at 1,043 square feet.

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.