Paul’s Mid-Year Condo Trends – Somerville

Somerville Condo Trends 6/30

Somerville Summary: June condo inventory remains at record lows, down 41% from a year ago. ~ Listing market value was down by 37% from 39 million to 25 million in value. ~ The median list price rose over 8% with the active days on market just over one month. ~ Condos going under agreement slipped by 15% from a year ago.

Somerville Condo Sales Chart

The number of condos sold in June also dropped by a third from a year ago, which resulted in a 12% loss in year to date sales. ~ Somerville sold condo market value YTD went down by 2% to 87 million from 89 million in 2012. ~ The median sales price was up 8% YTD. ~ Days on market decreased to 27 days in June 47 days on average YTD. The original price to sale price ratio was 102% of original list price due to competitive bidding. ~ The average square foot price of $383 was up 6% per square foot with the living area increasing less than 12%.


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