Condo Comparison, June 2017

Overall estimates for residential appreciation in the Boston market over the last year is in the range of 11% and Zillow is conservatively predicting around 5% for the next year.  Is this growth sustainable?  Who knows?  What we do know is that the market is cyclical and that what goes up spirals around to a seemingly higher low than the last. Take a look at the graphs below.

Cambridge / Somerville Condo Market Comparison June 2017 vs. 2016

Cambridge:
June 2017: Condos sold: 81 = less14%  | Average. SF: $779 = 11% increase
Median Sale Price: $769,000 = up 7%  | Sale price to original price: 108%

June 2016: Condos sold: 94 | Avg. SF: $701
Median Sale Price: $716,950 | Sale price to original: 107.4%

Somerville:
June 2017: Condos sold: 53 = less18% | Avg. SF: $592 = 14% increase
Median Sale Price: $611,000 = up 2% | Sale price to original: 107.4%

June 2016: Condos sold: 65 | Avg. SF: $521
Median Sale Price: $600,000 | Sale price to original: 104.6%

Cambridge vs Somerville Condo Comparison

 

JP/ Roslindale Condo Market Comparison June 2017 vs. 2016

Jamaica Plain: 
June 2017: Condos sold: 59 = less 19%| Avg. SF: $503
Median Sale Price: $504,000 = up 3% | Sale price to original: 103.7%

June 2016: Condos sold: 73 | Avg. SF: $463 = 9% increase
Median Sale Price: $490,000 | Sale price to 0riginal: 106.1%

Roslindale:
June 2017: Condos sold: 21 = 5% increase | Avg. SF: $360 = 5% decrease
Median Sale Price: $455,000 = up 23% | Sale price to original: 105.7%

June 2016: Condos sold: 20 | Avg. SF: $378
Median Sale Price: $368,000 | Sale price to original: 103.3%

 

Condo Comparison May 2017

“BOSTON – The number of homes and condos sold in Greater Boston slipped a bit in April,” said Timothy Warren, CEO of The Warren Group. “But that is due to the fact that April last year was a gangbuster month with homes rocketing up 35.3 percent and condos gaining 18.7%. These benchmarks were too hard to match.”
Despite record-setting condo prices, sales dipped from April 2016 when there were 1,705 sold in April 2017 compared to 1,724 last year – a decline of 1.1 percent. Median condo prices rose by 3.4 percent, hitting $331,500 – the highest on record for April.  Warren Report, May 23, 2017.

Cambridge Condos End of May 2017 
Condos sold: 74 | Avg. SF: $764
Median Sale Price: $770,750 | Sale price to Original: 108.2%Cambridge Condos End of May 2016
Condos sold: 62 | Avg. SF: $756
Median Sale Price: $695,250 | Sale price to Original: 106.5%

Somerville Condos End of May 2017
Condos sold: 34 | Avg. SF: $565
Median Sale Price: $746,500 | Sale price to Original: 103.6%

Somerville Condos End of May 2016
Condos sold: 59 | Avg. SF: $593
Median Sale Price: $583,000 | Sale price to Original: 106.5%

JP Condos End of May 2017
Condos sold: 32 | Avg. SF: $509
Median Sale Price: $575,000 | Sale price to Original: 103.7%

JP Condos End of May 2016
Condos sold: 35 | Avg. SF: $499
Median Sale Price: $570,000 | Sale price to Original: 102.3%

Roslindale Condos End of May 2017
Condos sold: 9 | Avg. SF: $396
Median Sale Price: $450,000 | Sale price to Original: 110.4%

Roslindale Condos End of May 2016
Condos sold: 21 | Avg. SF: $366
Median Sale Price: $405,000 | Sale price to Original: 102.6%

All the best,
Paul

Condo Comparison, Feb 2017

Hard to believe that we’re nearing the end the 1st quarter with lower inventories than ever before.  Being an optimist and given the current numbers there is only one way from here and that’s up.  Looking forward to a crazy spring market with a few surprises as the market slowly shifts.

JP vs Roslindale

 

Condo Comparison – Dec 2016

Cambridge vs. Somerville

Happy New Year!

We’ve created this infographic that we will be using throughout the year to compare the condo market in Cambridge and Somerville. This will replace the condo trends we’ve sent out in the past.  Let us know what you think.

Thanks.

July is Best Month for Mass. Home Sales Since 2005

July is Best Month for Mass. Home Sales since 2005, Grow 24.3 Percent Year-Over-Year

This_Old_House

The condo sales market in July was also robust, seeing 2,794 sales, the most since August 2007. This month’s mark was a 20.07 percent increase from July 2014, which had 2,327. July 2015 supplanted last month as the best month in the eight-year stretch. There were 2,764 in June. The median condo price in July was $337,500, up 3.85 percent from July 2014, when the median was $325,000. Year to date the median condo price has is $316,685, up .86 percent from $314,000 at this time last year. Warren Report read more…

July Monthly Indicators Greater Boston Real Estate Association

Paul’s Somerville Condo Trends – August 2015

AST

Somerville inventory was down 3.5% compared to August of last year. The number of condos that went “Under Agreement” remained in positive territory up 13%. Condo sales month to date were unchanged. Whereas sales year to date showed a negative 19% below August of last year. The average sales price increased by 10% to $516,018. The average sold square foot price went up $32 to $477 per square foot with an average unit size of 1,221 square feet.

Somerville Market Report – July 2015

ASC

Cambridge – Somerville Condo Trends for July 2015

By Paul Turcotte – Reports on other towns or property type and price ranges available on request.

Condominium sales rose in June with a total of 2,794 transactions completed compared with 2,429 in June 2014, a 15.0 percent increase. June marked the best month for condo sales since August 2007 and the first time in seven consecutive months that condo sales have increased on a year-over-year basis. Year-to-date sales of condos are down by 0.7 percent with 9,526 sales completed during the first six months of this year compared with 9,590 recorded during the same period last year. Read more from the Warren Group…Condos Sales Increase By 15.0 Percent…

July_Txt

July_Chart

Cambridge condo inventory continues to frustrate buyers and their agents being down 32% from a year ago. Now for some acceptable news, the number of condominiums that went “Under Agreement” was only 4% below the end of July 2014. Condominiums sold last month were 11% less with year to date sales down 7%. The average sale price remained stable at $745,246. The average sold square foot price was up $24 to $675 per square foot with an average unit size of 1,129 square feet.

Cambridge Market Report – June 2015

Somerville inventory was down 16% compared to July of last year. The number of condos that went “Under Agreement” was in positive territory up 14%. Condo sales month to date still ran a negative 8% with sales year to date coming in at 23% below the same time last year. The average sales price declined from $604,000 in June to $582,249. The average sold square foot price went up slightly to $500 per square foot with an average unit size was 1,195 square feet.

Somerville Market Report – June 2015

Cambridge – Somerville Condo Trends – June 2015

See condo sales information in Warren Group article on Bay State Homes for May or review New England market activity New England Housing Report

June_Trends

Cambridge condo inventory continues to frustrate buyers and their agents being down 37% from a year ago. The number of condominiums that went “under agreement” improved although remaining off by 6% from the end of June 2014. Condominiums sold in June were 2.5% off with year to date sales remaining down by 8%. The average sale price continued to rise in June to $743 from $701 in May. The average sold square foot price was $651 per square foot with an average unit size of 1,161 square feet.

Cambridge Market Report -May 2015

Somerville inventory was down slightly by 6% or 2 units compared to June of last year. The number of condos going “under agreement” was down 15%, a considerable drop from the previous month. Condo sales month to date ran a negative 21% with sales year to date coming in at 27% below the same time last year. The average sales price declined from $656,000 in May to $604,000 in June. The average sold square foot price remained the same month over month at $483 per square foot. The average unit size was 1,302 square feet.

Somerville Market Report May 2015