Somerville Summary: July condo inventory maintains record lows, down 48% from last July which was less than special. ~ Listing $ volume was down 49% from $55 million to $28 million in value. ~ The median list price stayed very close to the same with the active days on market dropping a couple of weeks to under 3 months. ~ Condos going under agreement decreased by 22%.
Condos sold for the month exceeded last July by 20% with the year to date sales up 35%. ~ Somerville condo sold $ volume YTD is up 26% from the end of July last year. ~ Sold average days on market dropped to less than 60 days. 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 by $27 to $356 per square foot with the average condo living area at 1,208 square feet.