Somerville Condo Trends – September 2011


Somerville Summary: Condo inventory in Somerville is about the same as last September but down 3%. ~ The median list price shows the same with a slight increase of $1,100 with the active days on market showing more demand by improving to 74 days from 93 in 2010 ~ Condo listing volume or market value at the end of September decreased by nearly 2% from 58 million in 2010 to 57 million for September 2011.

Condos going under agreement decreased by  7, or 29%. ~ Condos sold for the month was down 7% with the YTD number sold falling behind by 35%. ~ Somerville condo sold $ volume was down by 36% from 12 million in 2010 to almost 8 million this past September.  YTD sold $ volume is down 7% over last year at the same time. ~ Sold average days on market decreased 18 days to 87 days. The original price to sale price ratio increased a point to 95%. ~ The average square foot price was $352 per square foot for September with the average condo size of 1,110 square feet.

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