Paul’s Condo Trends – January 2013

Somerville Condos

Somerville Summary: January condo inventory is at record lows, down 43% from a year ago. ~ Listing $ Volume was down by 40% from $33 million to nearly $20 million in total market value. ~ The median list price increased by 6% with the active days on market shrinking 30 days to just over 2 months. ~ Condos going under agreement improved by 26% from a year ago.

Somerville Condo Sales Chart

The number of condos sold for January went up by 26%. ~ Somerville condo Sold $ Volume for went up 16% from $15 million in sales to over $17 million. ~ Sold average days on market improved by 48 days and the median sale price  improved by 13%. The original price to sale price ratio jumped by 7% of the original list price due to competitive bidding. ~ The average square foot price was up by $60 per square foot with the average condo living area remaining about the same.

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