Somerville Summary: May condo inventory remains at record lows, down 53% from a year ago. ~ Listing market value was down by 48% from 40 million to 21 million in value. ~ The median list price, like in Cambridge was unchanged with the active days on market shrinking 52% to one month. ~ Condos going under agreement slipped by over12% from a year ago.
The number of condos sold in May also slipped by close to 4%, which resulted in a modest 2% gain in year to date sales. ~ Somerville sold condo market value YTD was up 6% to 62 million from 59 million in 2012. ~ The median sales price was up 6%. ~ Days on market decreased to 40 days. Th original price to sale price ratio was 102% of original list price due to competitive bidding. ~ The average square foot price $370 was up 9% per square foot with the living area decreasing less than 10%.