Cambridge Condo Trends – May 2013

Cambridge Condo Trends may 2013

Cambridge Summary: There were 23% more sales vs. properties for sale in May.  The lack of inventory continues as a huge challenge for buyers with inventory lower than last year by 56%. ~ Condo market inventory value was down 43% to $55 million vs. 96 million at the end of May last year. ~ The median list price remained unchanged with days on market shrinking to 45 days before going off market. ~ Condos that went under agreement for the month are up 40%.

Cambridge Condo Sales Chart May 2013

Cambridge condo sales, month to date, are up 48% with the year to date up 28%. Sold market dollar volume YTD was up by 46% from 111 million to 163 million in sales. The median sale price rose nearly 10%. ~ Multiple offers and quick sales put the original price to sale price to over 103%. ~ The average square foot price of $531 per square foot was up nearly 15%. Living area also increased by nearly 14%.

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