Condos

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.

Paul’s Somerville Condo Trends – August 2015

AST

Somerville inventory was down 3.5% compared to August of last year. The number of condos that went “Under Agreement” remained in positive territory up 13%. Condo sales month to date were unchanged. Whereas sales year to date showed a negative 19% below August of last year. The average sales price increased by 10% to $516,018. The average sold square foot price went up $32 to $477 per square foot with an average unit size of 1,221 square feet.

Somerville Market Report – July 2015

ASC

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 – 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.

Somerville Condo Trends – October 2013

Somerville Condo Trends October 2013Somerville Summary: October condo inventory is about the same as last year. ~ The median list price rose significantly by 51% with the active days on market slightly higher at 62 days on average. ~ Condos going under agreement were up 15% compared to a year ago.

Somerville Condo Sales Chart 10-13

 

 

 

 

 

 

 

The number of condos sold in September was up 8% from a year ago resulting in a negligible loss of 0.3% in year to date sales. ~ The median sales price rose 15%. ~ Days on market were just two months on average. The original price to sale price ratio was 104% of the original list price. ~ The average square foot price was up nearly $50.00 at $399 with the living area 132 SF larger.

Somerville Condo Trends – March 2013

Somerville Condos 3-13Somerville Summary: March condo inventory remains at record lows, down 51% from a year ago. ~ Listing market value was down by 48% from 48 million to over 48 million in listing value. ~ The median list price increased by 7% with the active days on market shrinking 45% or by 29 days. ~ Condos going under agreement were down 6% from a year ago.

somerville condo trends

The number of condos sold in March was down by 30%, which resulted in a 13% decrease in year to date sales. ~

Somerville sold condo market value was up 13% 9 million to 10+ million in sales. ~ The median sales price was up 13% at $492,000. ~ Days on market increased 43%to over a month. The original price to sale price ratio was at 98% of original list price due to competitive bidding. ~ The average square foot price $382, up 8% per square foot with the living area increasing by 211 square feet.