The Market

Somerville Condo Trends – April 2013

somervilleApril2013

Somerville Summary: April condo inventory remains at record lows, down 50% from a year ago. ~ Listing market value was down by 45% from 54 million to 30 million in value. ~ The median list price increased by 15% with the active days on market shrinking 44% or by 25 days. ~ Condos going under agreement went up 31% from a year ago.

Somerville Condo Sales Chart April 2013

The number of condos sold in March was up by 3%, which resulted in a 5.5% decrease in year to date sales. ~ Somerville sold condo market value YTD was up 6% to 39 million from 37 million. ~ The median sales price was up 3%. ~ Days on market increased 53% to just over a month. The original price to sale price ratio was 103% of original list price due to competitive bidding. ~ The average square foot price $370, up 4% per square foot with the living area remaining about the same.

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Cambridge Condo Trends – March 2013

Cambridge Condo Trends March 2013It is indeed a seller’s market.  Competing multiple offers have become normal with cash buyers dominating Cambridge real estate sales.  I have never seen anything like it in my 24 years in the business.

Cambridge Summary: Inventory remains much lower than a year ago by -38%, a huge challenge for buyers where demand remains high and inventory low. ~ Condo inventory value is down 30% to $62 million vs. 88 million at the end of March last year. ~ The median list price rose 7% with the days on market dropping 18% or by 14 days before going off market. ~ Condos that went under agreement for the month are up 20%.

Cambridge Condo sales chart 3-13

Cambridge condo sales, month to date, are up by 59% with the year to date up by 30%. Sold market volume is up 107% from 19 million to over 39 million in sales. The median sale price was up 19% to $509,900 ~ Multiple offers and quick sales keepthe original price to sale price close to 100%. ~ The average square foot price for March was $498 per square foot up 3.5% from last year.

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Somerville Condo Trends – March 2013

Somerville Condos 3-13Somerville Summary: March condo inventory remains at record lows, down 51% from a year ago. ~ Listing market value was down by 48% from 48 million to over 48 million in listing value. ~ The median list price increased by 7% with the active days on market shrinking 45% or by 29 days. ~ Condos going under agreement were down 6% from a year ago.

somerville condo trends

The number of condos sold in March was down by 30%, which resulted in a 13% decrease in year to date sales. ~

Somerville sold condo market value was up 13% 9 million to 10+ million in sales. ~ The median sales price was up 13% at $492,000. ~ Days on market increased 43%to over a month. The original price to sale price ratio was at 98% of original list price due to competitive bidding. ~ The average square foot price $382, up 8% per square foot with the living area increasing by 211 square feet.

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Cambridge Condo Trends – February 2013

Cambridge Condos February 2013
Sold condos divided by condos for sale shows % of market sold for the month. Absorption rate = how long to sell the inventory based on the % sold for that month.

Cambridge Summary: Inventory remains lower than a year ago by 14%,a real challenge for buyers. Demand remains high and inventory low. ~ Condo for sale market value is flat, down 0.2% at $61.5  million in condo listing volume. ~ The median list price rose 6% with the  days on market dropping 32% or by 44 days before going off market. ~ Condos that went under agreement for the month are up 20%.

Cambridge condo sales 2.13

Cambridge condo sales, month to date, are down by 26% whereas the year to date is up by 5%. Sold market value is down 14% to $9,027 million in sales.  The average sale price was up 16% to $531,000 ~ Multiple offers and quick sales put the original price to sale price at 100%. ~ The average square foot price in February was $516 per square foot up 11%  from last year.

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Somerville Condo Trends – February 2013

Somerville Condos 2/13
Sold condos divided by condos for sale shows % of market sold for the month. Absorption rate = how long to sell the inventory based on the % sold for that month.

Somerville Summary: February condo inventory is at record lows, down 42% from a year ago. ~ Listing market value was down by 33% to $26,212,000 in value. ~ The median list price increased by 19% with the active days on market shrank 56% or 37 days. ~ Condos going under agreement were down 16% from a year ago.

Somerville Condo sales chart 2/13 2.13

 

The number of condos sold in February were the same, which resulted in a 13% increase year to date. ~ Somerville sold condo market value went up 31% to $15,312,350. ~ The average sales price was up 29% at $487,855. Days on market improved 37% by 41 days. The original price to sale price ratio was at 99% of original list price due to competitive bidding. ~ The average square foot price was $359, up 7% per square foot with the living area increasing by 66 square feet.

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The Money Test: How To Avoid Your Own Fiscal Cliff.

Our Own Tim Schmidt highlighted on Channel 4!


BOSTON (CBS) – In the past couple of months, we’ve heard a lot about the government standing on the edge of a fiscal cliff.

But many families can be standing on the edge of their own fiscal cliff without even realizing it.

There are money questions everyone should ask so they can assess where they really stand.

Saving isn’t much fun, but it is a necessity. Ask yourself how long you could get by if you lost your current salary. The answer should be six months.

Brookline resident Matthew Zappala says it isn’t easy to put money aside. “I just spend too much money on things like food and clothing.”

Dana Levit of Paragon Financial Advisors in Newton said six months is a standard number when it comes to emergency funds. “Reason being, how long will it take you to get another job, that is what it is tied to.”

If you’re dreaming of golf and warm weather in your golden years, there is a savings bench mark for that too.

“Ten percent of your gross income, compounded over a lifetime should get you in a pretty good position for retirement,” said Levit. “If you’re one of those people that didn’t start saving until you are 30 or 40, that number goes up significantly.”

But saving is tough after paying for necessities, like putting a roof over your head.

Experts say rent or mortgage expenses should not exceed 25% of your income. Cambridge realtor Tim Schmidt of RE/MAX Destiny says that is a difficult goal in the Boston area.

“It is a tough market for sales and rentals right now, and there is nowhere for people to go,” added Schmidt.

Americans have gotten better with their credit cards, but there is a warning sign here too. Are balances getting smaller from year to year?

“The red flag for me is that means people are living pay check to pay check,” said Levit.

Another potential pothole are deals which let consumers make a big purchase with payments and interest being deferred.

It might sound like a great way to get a new TV, but if you don’t pay it off in time, the interest clock gets reset, back to the beginning.

Levit said the rates on these types of programs can be very high.

Experts also say these deals can cause us to spend more overall. That’s because it’s easy to forget about a payment that’s years away, and buy other things in the meantime.

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