The Market

Cambridge Condo Trends – October 2012

Cambridge Summary: Lack of inventory continues downby 26% compared to October of last year. ~ Condo listing $ volume is down by 15% from $82 million to the current $70 million in market value. ~ The median list price is up by 11  with days on market improving by 29 days before going off market. ~ Condos that went under agreement for the month improved by 31%.

Cambridge condo sales, month to date, are up 42% with year to date number of sold condos increasing to16%. Sold $ volume YTD increased by 16% from $298 million in 2011 to $348 million. The median sale price increased by 15% with the ratio of sale price to original price at 100% due to multiple offer bidding and reduced time on market. ~ The average square foot price for September was $496 per square foot with the average living area at 1,046 square feet.

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Somerville Condo Trends – October 2012

Somerville Summary: September condo inventory remains at record lows, down 51% from a year ago. ~ Listing $ volume down 55% from $55 million to $25 million in value. ~ The median list price decreased by a modest 5% with the active days on market dropping 30 days to under 2 months. ~ Condos going under agreement improved by 58%.

 

Condos sold for the month were down 11% with the year to date sales up 25%. ~ Somerville condo sold $ volume YTD is up 32% from the end of October last year. ~ Sold average days on market was less than 2 months and the median price slid by 4%. The original price to sale price ratio remained at 98% of the original list price due to competitive bidding. ~ The average square foot price was $356 per square foot with the average condo living area at 1,048 square feet.

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Cambridge Condo Trends – September 2012

Cambridge Summary: Lack of inventory continues down 30% compared to September of last year. ~ Condo listing $ volume is down by 15% from 97 million to the current $82 million in market value. ~ The median list price is up by 19% with days on market improving by 14 days to 73 days before going off market. ~ Condos that went under agreement have improved by only 3%.

Cambridge condo sales, month to date, are up 25% with year to date number of sold condos increasing to14%. Sold $ volume YTD increased by 13% from $279 million in 2011 to $316 million this year. The median sale price decreased slightly with the ratio of sale price to original price remaining very high at 99% due to multiple offer bidding and reduced time on market. ~ The average square foot price for September was $488 per square foot with the average living area increasing to 1,135 square feet.

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Somerville Condo Trends – September 2012

Somerville Summary: September condo inventory remains at record lows, down 51% from a year ago.. ~ Listing $ volume was down 50% from $57 million to $28 million in value. ~ The median list price improved by a modest 4% with the active days on market dropping 23 days to under 2 months. ~ Condos going under agreement were down considerably by 94%.

Condos sold for the month were up 33% with the year to date sales up 27%. ~ Somerville condo sold $ volume YTD is up 32% from the end of September last year. ~ Sold average days on market was less than 2 months and the median price rose by 16%. The original price to sale price ratio increased to 98% of the original list price due to competitive bidding. ~ The average square foot price increased to $389 per square foot with the average condo living area at 1,144 square feet.

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Home Sales Continue to be Strong in New England

The RE/MAX of New England August Monthly Housing Report shows continued stability in the market with increasing sales in New England year-over-year and month-over-month. Overall, the number of units sold is up 20.0% year-over-year. Recently, we’ve reported increases in price for almost every state in New England; but, in August the median price was flat with an overall decrease of -0.2%. However, year-over-year, the number of pending sales is up on average 33.0%, with CT experiencing 48.1% growth followed by RI with an increase of 40.1% year-over-year.

“Inventory is a serious challenge for many buyers, giving sellers the upper hand,” commented Dan Breault, EVP/Regional Director of RE/MAX of New England. “Prices dipped as the summer came to a close, but sales throughout the fall should remain active due to favorable pricing.”

http://blog.remax-newengland.com/wp-content/uploads/2012/09/REMAX-August-Housing-Report.pdf

 

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Cambridge Condo Trends – August 2012

Cambridge Summary: Lack of inventory remains the top market challenge down 45% compared to August last year. ~ Condo listing $ volume reflects this difference down by 31% from 96 million to the current $66 million in market value. ~ The median list price is up by 15% = $69K with days on market improving to 88 days before going off market. ~ Condos that went under agreement have improved by 26% keeping the same pace as  July. Cambridge condo sales, month to date, are up 19% with year to date number of sold condos up by 12%.

 

 

 

 

 

 

 

Sold $ volume YTD increased by 10% from $249 million in 2011 to $275 million this year. The median sale price improved by $32,500 with the ratio of sale price to original price remaining at 98% due to multiple offer bidding and reduced time on market. ~ The average square foot price for July was $478 per square foot with the average living area at 993 square feet.

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Somerville Condo Trends – August 2012

Somerville Summary: August condo inventory maintains at record lows, down 47% from last August.. ~ Listing $ volume was down 44% from $46 million to $25 million in value. ~ The median list price improved by a modest 4% with the active days on market dropping 19 days to just over 2 months. ~ Condos going under agreement were down by 29% or 9 units. Condos sold for the month were down 15% with the year to date sales up 27% from the end of last year.

 

 

 

 

Somerville condo sold $ volume YTD is up 27% from the end of August last year. ~ Sold average days on market was less than 2 months. The original price to sale price ratio increased to 98% of the original list price due to competitive bidding. ~ The average square foot price increased to $371 per square foot with the average condo living area at 1,077 square feet.

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Cost Of Renting A Home On The Rise

Tim Schmidt, our rental manager was interviewed by WBZ-TV about the cost of rentals in the Boston area.


 

By Joe Shortsleeve, WBZ-TV Chief Correspondent

August 15, 2012 12:01 AM

BOSTON (CBS) – It’s a question that frustrates tenants across the state:  why are rents so high?

In fact, rents in the Greater Boston area are among the highest in the country.

By one estimate, it takes $1,700 to get a unit in the suburbs and $3,000 in downtown Boston.

“This season has been extraordinary.  Rents are super high.  I think the vacancy rate is 3-percent right now,” said Tim Schmidt of REMAX Destiny in Cambridge.

That vacancy rate is second only to San Francisco.

Schmidt believes one reason for the high rents is good news.  The region’s job market is stronger than most other cities.

“You see a lot of start- ups, a lot of bio-tech,” said Schmidt.  “There are people starting jobs in the $70,000-$100,000 range and moving to Boston.”

Although there have been new units added in unconventional areas like adjacent to Fenway Park, inventory cannot meet demand.

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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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