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.

Cambridge Condo Trends – October 2012

Cambridge Summary: Lack of inventory continues downby 26% compared to October of last year. ~ Condo listing $ volume is down by 15% from $82 million to the current $70 million in market value. ~ The median list price is up by 11  with days on market improving by 29 days before going off market. ~ Condos that went under agreement for the month improved by 31%.

Cambridge condo sales, month to date, are up 42% with year to date number of sold condos increasing to16%. Sold $ volume YTD increased by 16% from $298 million in 2011 to $348 million. The median sale price increased by 15% with the ratio of sale price to original price at 100% due to multiple offer bidding and reduced time on market. ~ The average square foot price for September was $496 per square foot with the average living area at 1,046 square feet.

Cambridge Condo Trends – September 2012

Cambridge Summary: Lack of inventory continues down 30% compared to September of last year. ~ Condo listing $ volume is down by 15% from 97 million to the current $82 million in market value. ~ The median list price is up by 19% with days on market improving by 14 days to 73 days before going off market. ~ Condos that went under agreement have improved by only 3%.

Cambridge condo sales, month to date, are up 25% with year to date number of sold condos increasing to14%. Sold $ volume YTD increased by 13% from $279 million in 2011 to $316 million this year. The median sale price decreased slightly with the ratio of sale price to original price remaining very high at 99% due to multiple offer bidding and reduced time on market. ~ The average square foot price for September was $488 per square foot with the average living area increasing to 1,135 square feet.

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.

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.

Cambridge Condo Trends – June 2012

Cambridge Condo Trends June 2012

Cambridge Summary: Lack of inventory continues to tighten the market down 38% compared to June last year. ~ Condo listing $ volume remains down by comparison by 28% from 141 million to 101 million in market value. ~ The median list price is up by 8% or $39K with days on market dropping to an average of less than 2 months before going off market. ~ Condos that went under agreement went up by 12.5%.

Cambridge Condo Sales Chart June 2012

Cambridge condo sales, month to date, are up 4% with year to date number of sold condos up by 5%. Sold $ volume YTD increased by 2% from $161 million in 2011 to $164 million this year. The median sale price improved by $5,000 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 April was $469 per square foot with the average living area at 1,088 square feet.

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.

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.

 

 

 

 

First Class In Series for Continuing Education Credits

Michael Krone of Kriss Law Presents Contract Law

Attorney Michael Krone from Kriss Law and Mortgage Master’s Jesse Stein presented the first class  in a series four continuing education credit courses to be held at our office.

A typically dry topic – “Contract Law”, was presented in entertaining fashion by Attorney Krone.  There were 15 Agents from our office and four visitors from the real estate community in attendance who received two credits toward the currently required 12 credits to maintain an active real estate license in Massachusetts.

There will be three other classes at our office this year.  The next one is on “Title” and is scheduled for June 6th.  All in all agents can earn eight out of the required twelve through this convenient class arrangement and better still at no cost!

Tom Von Zabern Joins The Team

Tom Von Zabern has joined RE/MAX Destiny as the newest member of our team. Tom brings to the office over 31 years of experience in real estate and specializes in Historic Home Preservation. Tom is also a licensed builder with considerable experience working with local wood frame developers.

Tom is a native of Germany with a long interest and involvement in social activities, including years of volunteer AIDS work. He is the Founder and President of The African Great Youth Education Initiative, Inc. (AGYEI, Inc.). A charity dedicated to assisting young African males of promise who are too old to qualify for local assistance yet determined to overcome the grip of poverty once and for all.

A 21 year resident of Cambridge, Massachusetts, Tom divides his time equally between the charitable work of AGYEI Inc, and his real estate practice of sales, design and home renovations.