Somerville Condo Trends – March, 2011

March condo inventory was down 11%. ~ Listing $ volume is basically even – down only 57K from $50,593 million to $50,535 million. ~ The median list price went up 6% with the active days on market dropping through demand to just over 2 months. ~ Condos going under agreement increased by 23%.

Condos sold for the month exceeded last March by one sale with the year to date sales up 18%. ~ Somerville condo sold $ volume YTD is up 20% from the end of March last year. ~ Sold average days on market shrunk by 50% on average to less than 2 months. The original price to sale price ratio increased by 3% to 96% of the original list price. ~ The average square foot price was increased by $46 to $358 per square foot with the average condo size remaining about the same at 1,086 square feet.

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