Somerville Condo Trends Year End 12/11

Somerville Summary: Condo inventory was down by 3% over last December. ~ Listing $ volume, however was up by 5.8% from 34 million to 36 in 2011. ~ The median list price shows an increase of 7.6% with the active days on market showing more demand by improving to 96 days from 122 days in 2010 ~ Condos going under agreement increased by 12% and the $ volume is up a modest 1.3%. ~ Condos sold for the month dropped 27% with YTD showing a loss of 7% compared to 2010. ~

Somerville condo sold $ volume for the month decreased sharply by 40%, YTD dropped 3.7% from 141 million in 2010 to 136 million for 2011. ~ Sold average days on market increased improved by 23 days. The original price to sale price ratio dropped by 2% to 90% of the original list price. ~ The average square foot price dropped to $296 per square foot from $320 with the average condo size of 1,270 square feet shrinking to 1,105 square feet.

Cambridge Condo Trends – November 2011

Cambridge Summary: Inventory for November remained down by 39% compared to the same period last year. ~ Condo listing $ volume is considerably down by 41.5% from 123 million to 73 million. ~ The median list price was the same with properties selling

Sold $ volume for the month was up 15.5%, YTD sold $ volume up 6.2% over last year. ~ The median sale price improved by only 1% with the ratio of sale price to original price up by 2% in comparison. ~ The average square foot price for Novemebr was up by $89 to $529 per square foot with the average living area at 1,137 sf, 112 less square feet than  in 2010.

Cambridge Condo Trends – September 2011

Cambridge Summary: Inventory for September dropped 38% compared to the same period last year. ~ Condo listing $ volume  is down considerably by over 41% from 166 million to 97 million. ~ The median list price fell slightly by $3,550  with properties selling faster at 87 days on average. ~ Condos going under agreement for the month increased by 27%. ~ Sales for the month increased more than 23%. ~ Year to date by +4% or 21 more condos than in September last year.

Cambridge condo sold $ volume was up over 35% almost 10 million from 18 million in 2010 to 28 million this past September.  YTD sold $ volume is up 4.73% over last year. ~ The median sale price improved by 9% with the ratio of sale price to original price the same at 95%. ~ The average square foot price for September was $512 per square foot with the average living area of 1,166 sf.

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.