Cambridge Condo Trends

Cambridge Condo Trends Jan. 2013

Cambridge Summary: Inventory is slightly lower than a year ago by 2% and remains a challenge for buyers.  Demand remains high and inventory low. ~ condo Listing $ Volume is up 27% from $ 49 million to over 62 million in total condo listing market value as is the median list price. ~ The days on market dropped 66 days to 71 days before going off market. ~ Condos that went under agreement for the month are up sharply by 88%. Cambridge condo sales, month to date, are also up by 12% as we begin 2013.

Cambridge Condo Sales Chart

Sold $ Volume is starting strong up 49% from $5.6 million in 2012 to $8.4 million in 2013. The median sale price increased by 10%. ~ The average square foot price in January was $508 per square foot up 16% from last year with the average living shrunk by 111 square feet.

Paul’s Condo Trends – January 2013

Somerville Condos

Somerville Summary: January condo inventory is at record lows, down 43% from a year ago. ~ Listing $ Volume was down by 40% from $33 million to nearly $20 million in total market value. ~ The median list price increased by 6% with the active days on market shrinking 30 days to just over 2 months. ~ Condos going under agreement improved by 26% from a year ago.

Somerville Condo Sales Chart

The number of condos sold for January went up by 26%. ~ Somerville condo Sold $ Volume for went up 16% from $15 million in sales to over $17 million. ~ Sold average days on market improved by 48 days and the median sale price  improved by 13%. The original price to sale price ratio jumped by 7% of the original list price due to competitive bidding. ~ The average square foot price was up by $60 per square foot with the average condo living area remaining about the same.

Eithne Johnson Rejoins Our Team!

We are pleased to announce that Eithne Johnson has rejoined RE/MAX Destiny in Cambridge. Eithne first joined the company in 2002 and quickly became a top producer. She left in 2008 to undertake a writing project as well as a major home renovation project.

Since 1999, Eithne has been involved in nearly 150 residential sales. In addition, she brings to her work extensive personal experience successfully buying, improving and selling several properties in Greater Boston as well as two vacation properties
in FL and MA.

“We are very excited to have Eithne back with us and so too will be her past clients” said Broker Owner Paul Turcotte. “I cannot recall an agent that pays more attention to detail and is more professional than Eithne. In addition she is also an excellent communicator, trusted advocate and adviser who has all the skills needed – and more – to proficiently manage even the toughest of real estate experiences. Simply put, we are thrilled
to have her back.”

Eithne is a member of the Cambridge Community of Real Estate Professionals, has been a major sponsor both of Our Place Homeless Children’s Center and Cambridge Housing Assistance Fund.  She also donates a portion of her proceeds to Children’s
Hospital through an affiliation with Children’s Miracle Network. She is a member of the National, Massachusetts, and Greater Boston Associations of Realtors. As a professor of film and media studies, Eithne has taught courses at Babson, Emerson, MIT, and Wellesley. Her training as a professor is a natural foundation for a successful real estate career.

Contact:
Cell: 617-320-0748
Email: ejohnson@yourguidehome.com

Cambridge Condo Trends – November 2011

Cambridge Summary: Inventory for November remained down by 39% compared to the same period last year. ~ Condo listing $ volume is considerably down by 41.5% from 123 million to 73 million. ~ The median list price was the same with properties selling

Sold $ volume for the month was up 15.5%, YTD sold $ volume up 6.2% over last year. ~ The median sale price improved by only 1% with the ratio of sale price to original price up by 2% in comparison. ~ The average square foot price for Novemebr was up by $89 to $529 per square foot with the average living area at 1,137 sf, 112 less square feet than  in 2010.

Somerville Condo Trends – November 2011

Somerville Summary: Condo inventory edged up by 3% over last Novemeber. ~ Listing $ volume is up by 2.3% from 46 million to 47 million. ~ The median list price shows an increase of 7% with the active days on market showing more demand by improving to 85 days from 113 in 2010 ~ Condos going under agreement increased by 22% and the $ volume is up 11.8%. ~ Condos sold for the month were up 21% with YTD moving up by 5%.

 Somerville condo sold $ volume for the month increased by 27%,  whereas YTD dropped 1.2% from 132 million in 2010 to 131 million this past November. ~ Sold average days on market increased by 8% . The original price to sale price ratio tightened a point to 95%. ~ The average square foot price rose to $431 per square foot for November with the average condo size also increasing 38 square feet to of 1,304 square feet.

Cambridge Condo Trends – September 2011

Cambridge Summary: Inventory for September dropped 38% compared to the same period last year. ~ Condo listing $ volume  is down considerably by over 41% from 166 million to 97 million. ~ The median list price fell slightly by $3,550  with properties selling faster at 87 days on average. ~ Condos going under agreement for the month increased by 27%. ~ Sales for the month increased more than 23%. ~ Year to date by +4% or 21 more condos than in September last year.

Cambridge condo sold $ volume was up over 35% almost 10 million from 18 million in 2010 to 28 million this past September.  YTD sold $ volume is up 4.73% over last year. ~ The median sale price improved by 9% with the ratio of sale price to original price the same at 95%. ~ The average square foot price for September was $512 per square foot with the average living area of 1,166 sf.

Somerville Condo Trends – September 2011

 

Somerville Summary: Condo inventory in Somerville is about the same as last September but down 3%. ~ The median list price shows the same with a slight increase of $1,100 with the active days on market showing more demand by improving to 74 days from 93 in 2010 ~ Condo listing volume or market value at the end of September decreased by nearly 2% from 58 million in 2010 to 57 million for September 2011.

Condos going under agreement decreased by  7, or 29%. ~ Condos sold for the month was down 7% with the YTD number sold falling behind by 35%. ~ Somerville condo sold $ volume was down by 36% from 12 million in 2010 to almost 8 million this past September.  YTD sold $ volume is down 7% over last year at the same time. ~ Sold average days on market decreased 18 days to 87 days. The original price to sale price ratio increased a point to 95%. ~ The average square foot price was $352 per square foot for September with the average condo size of 1,110 square feet.