Condo Trends

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.

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.

Somerville Condo Trends – September 2012

Somerville Summary: September condo inventory remains at record lows, down 51% from a year ago.. ~ Listing $ volume was down 50% from $57 million to $28 million in value. ~ The median list price improved by a modest 4% with the active days on market dropping 23 days to under 2 months. ~ Condos going under agreement were down considerably by 94%.

Condos sold for the month were up 33% with the year to date sales up 27%. ~ Somerville condo sold $ volume YTD is up 32% from the end of September last year. ~ Sold average days on market was less than 2 months and the median price rose by 16%. 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 $389 per square foot with the average condo living area at 1,144 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.

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.

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.