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.

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