Condo Comparison, June 2017

Overall estimates for residential appreciation in the Boston market over the last year is in the range of 11% and Zillow is conservatively predicting around 5% for the next year.  Is this growth sustainable?  Who knows?  What we do know is that the market is cyclical and that what goes up spirals around to a seemingly higher low than the last. Take a look at the graphs below.

Cambridge / Somerville Condo Market Comparison June 2017 vs. 2016

Cambridge:
June 2017: Condos sold: 81 = less14%  | Average. SF: $779 = 11% increase
Median Sale Price: $769,000 = up 7%  | Sale price to original price: 108%

June 2016: Condos sold: 94 | Avg. SF: $701
Median Sale Price: $716,950 | Sale price to original: 107.4%

Somerville:
June 2017: Condos sold: 53 = less18% | Avg. SF: $592 = 14% increase
Median Sale Price: $611,000 = up 2% | Sale price to original: 107.4%

June 2016: Condos sold: 65 | Avg. SF: $521
Median Sale Price: $600,000 | Sale price to original: 104.6%

Cambridge vs Somerville Condo Comparison

 

JP/ Roslindale Condo Market Comparison June 2017 vs. 2016

Jamaica Plain: 
June 2017: Condos sold: 59 = less 19%| Avg. SF: $503
Median Sale Price: $504,000 = up 3% | Sale price to original: 103.7%

June 2016: Condos sold: 73 | Avg. SF: $463 = 9% increase
Median Sale Price: $490,000 | Sale price to 0riginal: 106.1%

Roslindale:
June 2017: Condos sold: 21 = 5% increase | Avg. SF: $360 = 5% decrease
Median Sale Price: $455,000 = up 23% | Sale price to original: 105.7%

June 2016: Condos sold: 20 | Avg. SF: $378
Median Sale Price: $368,000 | Sale price to original: 103.3%

 

Condo Comparison, Feb 2017

Hard to believe that we’re nearing the end the 1st quarter with lower inventories than ever before.  Being an optimist and given the current numbers there is only one way from here and that’s up.  Looking forward to a crazy spring market with a few surprises as the market slowly shifts.

JP vs Roslindale

 

Condo Comparison – Dec 2016

Cambridge vs. Somerville

Happy New Year!

We’ve created this infographic that we will be using throughout the year to compare the condo market in Cambridge and Somerville. This will replace the condo trends we’ve sent out in the past.  Let us know what you think.

Thanks.

Cambridge – Somerville Condo Trends for July 2015

By Paul Turcotte – Reports on other towns or property type and price ranges available on request.

Condominium sales rose in June with a total of 2,794 transactions completed compared with 2,429 in June 2014, a 15.0 percent increase. June marked the best month for condo sales since August 2007 and the first time in seven consecutive months that condo sales have increased on a year-over-year basis. Year-to-date sales of condos are down by 0.7 percent with 9,526 sales completed during the first six months of this year compared with 9,590 recorded during the same period last year. Read more from the Warren Group…Condos Sales Increase By 15.0 Percent…

July_Txt

July_Chart

Cambridge condo inventory continues to frustrate buyers and their agents being down 32% from a year ago. Now for some acceptable news, the number of condominiums that went “Under Agreement” was only 4% below the end of July 2014. Condominiums sold last month were 11% less with year to date sales down 7%. The average sale price remained stable at $745,246. The average sold square foot price was up $24 to $675 per square foot with an average unit size of 1,129 square feet.

Cambridge Market Report – June 2015

Somerville inventory was down 16% compared to July of last year. The number of condos that went “Under Agreement” was in positive territory up 14%. Condo sales month to date still ran a negative 8% with sales year to date coming in at 23% below the same time last year. The average sales price declined from $604,000 in June to $582,249. The average sold square foot price went up slightly to $500 per square foot with an average unit size was 1,195 square feet.

Somerville Market Report – June 2015

Cambridge – Somerville Condo Trends – June 2015

See condo sales information in Warren Group article on Bay State Homes for May or review New England market activity New England Housing Report

June_Trends

Cambridge condo inventory continues to frustrate buyers and their agents being down 37% from a year ago. The number of condominiums that went “under agreement” improved although remaining off by 6% from the end of June 2014. Condominiums sold in June were 2.5% off with year to date sales remaining down by 8%. The average sale price continued to rise in June to $743 from $701 in May. The average sold square foot price was $651 per square foot with an average unit size of 1,161 square feet.

Cambridge Market Report -May 2015

Somerville inventory was down slightly by 6% or 2 units compared to June of last year. The number of condos going “under agreement” was down 15%, a considerable drop from the previous month. Condo sales month to date ran a negative 21% with sales year to date coming in at 27% below the same time last year. The average sales price declined from $656,000 in May to $604,000 in June. The average sold square foot price remained the same month over month at $483 per square foot. The average unit size was 1,302 square feet.

Somerville Market Report May 2015

 

Cambridge Condo Trends May 2014

Cambridge Condo Trends 6-2014Statewide condominium sales increased, rising more than 8% to 1,493. A total of 4,546 condo sale transactions were recorded in the first four months of the year, a 2.4% jump from 4,439 the prior year. Overall housing sales are down slightly for the fourth straight month. The condo segment took the lead showing that, once again that the market improves from the greater Boston epicenter and ripples out as the market improves.  All be it ever so tentative due to the lack of inventory.

Cambridge Cono Sales Chart May 2014

In Cambridge, 78% of May condo sales went over-ask and seven sold for at least $100,000 over-ask. Two Cambridge condos went more than $200,000 over-ask. The residents of Cambridge, who so often become leaders in academia, medicine and business, can now consider themselves, over-ask leaders as well. Source: Bates By The Numbers – Read more….

Somerville Condo Trends for May 2014

Somerville Condos for May 2014In Somerville, more than 90% of the May sales we tracked got at least asking price and 80% went over-ask. Unbelievable! A year ago, there were no Somerville condos that sold for more than $100,000 over-ask and only one sold for more than $50,000 over-ask. This May, however, two Somerville condos went for more than $100,000 over-ask and 11 garnered at least $50,000 over-ask. Somerville, on the other hand has a smaller condo market, however it is in positive territory in all three areas.

Somerville Condo Sales Chart 5-2014

Since April 1, 25 condos have sold in the City of Seven Hills. Of that number, 15, or 60 percent, have sold above asking price, four sold at asking and the remaining six were sold below asking, according to a Boston Business Journal analysis of MLS Properties.

The median sales in Somerville increased 9% to $490,000.

 

 

Cambridge Condo Trends for January 2014

Cambridge Condo Trends Jan14Cambridge Summary: Year over year for all property types the inventory dropped to record lows for the start of 2014 down 71.6%.  The median sales price rose 20.5% with the year over year closed sales for all properties down -38.8%.

Needles to say condo Inventory remains at historic lows, down 53%% from January 2013. ~ The median list price continues to be bullish closing over 21% higher. Days on market for listings dropped by nearly a month to less than 60 days before going off market. Properties going under agreement fell sharply do to lack of inventory by over 61%.

Cambridge Condo Sales Chart

Cambridge condo sales, month to date are down 33% to start off the year. The median sale price ended was over 19%. ~ Multiple offers and quick sales kept the original price to sale price higher than normal at 100%. ~ The average square foot price was $541 per SF, up nearly $50.00 with an average condo size of 1,248 SF.

Somerville Condo Trends for January 2014

Somerville Condo Trends Jan14Somerville Summary: The inventory for all property types year over year dropped 26.7% for the start of 2014.  The median sales price rose 27.7% with the year over year overall closed sales for all properties ended the year up by 40%.

January condo inventory was down more than 28% compared to last year. ~ The median list price leaped up a wopping 69% with the active days on market shrinking by 10 days on average. ~ Condos going under agreement improved by nearly 32% compared to last January.

Somerville Condo Sale Chart

The number of condos sold went up by 5% for the month. ~ The median sales price rose slightly by 4%. ~ Days on market for condo sales shrunk to 48 days on average. The original price to sale price ratio was 99% of the original list price. ~ The average square foot priceincreased $390 per SF with an average living area just over 1,263 SF.