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.

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