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.

Leave a Comment