Cambridge

Paul’s Cambridge Condo Trends for November

Cambridge Condo Trends for November

Cambridge Summary: Inventory is at historic lows, down 50% from last November. ~ The median list price continues to be greater than 30% with days on market dropped 25 days to about 10 weeks on average before going off market. Properties going under agreement were down 12%.

Cambridge Condo Sales Chart 11-13

 

 

 

 

 

 

 

 

 

 

Cambridge condo sales, month to date down 28% with the year to date about even being rounded up to 2% over last year’s number. The median sale price was about the same as the median list price up by 34%. ~ Multiple offers and quick sales kept the original price to sale price considerably higher than normal at 122%. ~ The average square foot price was $533 per SF with an average condo size of 1,262 SF.

Cambridge Condo Trends – October 2013

Cambridge Condo Trends 10-13 Cambridge Summary: Inventory has gone from little to less, down 62% from a year ago. ~ The median list price jumped 37 with days on market being just about two months before going off market. Properties going under agreement remains down by 26%.

Cambridge Condo Sales Chart

Cambridge condo sales, month to date were down 20% with the year to date losing two points, up 4% over last year’s number. The median sale price was up almost 19%.. ~ Multiple offers and quick sales kept the original price to sale price higher than normal at 103%. ~ The average square foot price was $523 per SF with an average condo size of 1.158 SF.

Paul’s Condo Trends Cambridge – August 2013

Cambridge Condo Trends 9/13Cambridge Summary: Inventory continues to be a problem for buyers, down 48% from a year ago. ~ Condo $ market inventory value was down 45% from $67 million in August 2012 to $36 million.~ The median list price went up 10% with days on market at two months before going off market. Properties going under agreement fell by 41%.~

Cambridge Condo Sales Chart 8/13

Cambridge condo sales, month to date were down 18% with the year to date up a modest 6%. Sold market dollar volume YTD was up 24% from $278 million to $345 million in sales. The median sale price rose18% compared to a year ago. ~ Multiple offers and quick sales kept the original price to sale price at 103%. ~ The average square foot price was up 12% to $540.

Paul’s Cambridge Condo Trends – July 2013

Cambridge July Condo Trends 2013

Cambridge Summary: Inventory continues to be a problem for buyers, down 57% from a year ago. ~Condo market inventory value was down 51% From 85 million in July 2012 to 41 million.~ The median list price was unchanged with days on market remaining below two months before going off market. Properties when U/A 37% faster than last year.~ Condos that went under agreement for the month were down 24%.

Cambridge Condo Sales Chart July 2013

Cambridge condo sales, month to date were d own 19% with the year to date up close to 10%. Sold market dollar volume YTD was up by 26% from 223 million to 281 million in sales. The median sale price rose15% compared to a year ago. ~ Multiple offers and quick sales kept the original price to sale price at 104%. ~ The average square foot price was $503.

Paul’s Mid-Year Condo Trends – Cambridge

Cambridge Condo Trends

Cambridge Summary: Inventory is extremely limited down 65% from a year ago.A huge challenge for buyers concerned about a recent rise in mortgage rates. ~ Condo market inventory value was down 52% From 95 million in June 2012 to 44 million at the end of last month ~ The median list price jumped up 32% with days on market remaining below two months before going off market. ~ Condos that went under agreement for the month were up slightly by nearly 2%.

Cambridge Condo Sales Chart

Cambridge condo sales, month to date were down 6% with the year to date up 17%. Sold market dollar volume YTD was up by 36% from 168 million to 228 million in sales. The median sale price rose nearly 15%. ~ Multiple offers and quick sales kept the original price to sale price to over 103%. ~ The average square foot price of $538 was up nearly 15%. Average living area also increased by nearly 5%.

Cambridge Condo Trends – May 2013

Cambridge Condo Trends may 2013

Cambridge Summary: There were 23% more sales vs. properties for sale in May.  The lack of inventory continues as a huge challenge for buyers with inventory lower than last year by 56%. ~ Condo market inventory value was down 43% to $55 million vs. 96 million at the end of May last year. ~ The median list price remained unchanged with days on market shrinking to 45 days before going off market. ~ Condos that went under agreement for the month are up 40%.

Cambridge Condo Sales Chart May 2013

Cambridge condo sales, month to date, are up 48% with the year to date up 28%. Sold market dollar volume YTD was up by 46% from 111 million to 163 million in sales. The median sale price rose nearly 10%. ~ Multiple offers and quick sales put the original price to sale price to over 103%. ~ The average square foot price of $531 per square foot was up nearly 15%. Living area also increased by nearly 14%.

Cambridge Condo Trends – March 2013

Cambridge Condo Trends March 2013It is indeed a seller’s market.  Competing multiple offers have become normal with cash buyers dominating Cambridge real estate sales.  I have never seen anything like it in my 24 years in the business.

Cambridge Summary: Inventory remains much lower than a year ago by -38%, a huge challenge for buyers where demand remains high and inventory low. ~ Condo inventory value is down 30% to $62 million vs. 88 million at the end of March last year. ~ The median list price rose 7% with the days on market dropping 18% or by 14 days before going off market. ~ Condos that went under agreement for the month are up 20%.

Cambridge Condo sales chart 3-13

Cambridge condo sales, month to date, are up by 59% with the year to date up by 30%. Sold market volume is up 107% from 19 million to over 39 million in sales. The median sale price was up 19% to $509,900 ~ Multiple offers and quick sales keepthe original price to sale price close to 100%. ~ The average square foot price for March was $498 per square foot up 3.5% from last year.

Cambridge Condo Trends – February 2013

Cambridge Condos February 2013
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.

Cambridge Summary: Inventory remains lower than a year ago by 14%,a real challenge for buyers. Demand remains high and inventory low. ~ Condo for sale market value is flat, down 0.2% at $61.5  million in condo listing volume. ~ The median list price rose 6% with the  days on market dropping 32% or by 44 days before going off market. ~ Condos that went under agreement for the month are up 20%.

Cambridge condo sales 2.13

Cambridge condo sales, month to date, are down by 26% whereas the year to date is up by 5%. Sold market value is down 14% to $9,027 million in sales.  The average sale price was up 16% to $531,000 ~ Multiple offers and quick sales put the original price to sale price at 100%. ~ The average square foot price in February was $516 per square foot up 11%  from last year.

Cambridge Condo Trends

Cambridge Condo Trends Jan. 2013

Cambridge Summary: Inventory is slightly lower than a year ago by 2% and remains a challenge for buyers.  Demand remains high and inventory low. ~ condo Listing $ Volume is up 27% from $ 49 million to over 62 million in total condo listing market value as is the median list price. ~ The days on market dropped 66 days to 71 days before going off market. ~ Condos that went under agreement for the month are up sharply by 88%. Cambridge condo sales, month to date, are also up by 12% as we begin 2013.

Cambridge Condo Sales Chart

Sold $ Volume is starting strong up 49% from $5.6 million in 2012 to $8.4 million in 2013. The median sale price increased by 10%. ~ The average square foot price in January was $508 per square foot up 16% from last year with the average living shrunk by 111 square feet.

Cambridge Years End Condo Trends 2012

Cambridge Condo Trends 2012

Cambridge Summary: It might seem odd, however inventory has improved to -14% compared to December of last year. ~ Condo listing $ volume exceeded last year by 2% from $ 49 million to 50 million in total condo market value. ~ The median list price is up by 23% with days on market improving by 35 days to around 3 months before going off market. ~ Condos that went under agreement for the month rose by 28%.

Cambridge Condo Sales Chart 2012

Cambridge condo sales, month to date, are up 5% with year to date number of sold condos increasing by 17%. Sold $ volume ended strong up 20% from $355 million in 2011 to $427 million in 2012. The median sale price increased by a modest 2% with the ratio of sale price to original price up 99% due to multiple offer bidding and reduced time on market. ~ The average square foot price for December rose to $508 per square foot compared to $451 last year with the average living area at 1,160 square feet.