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.

Somerville Condo Trends – November 2011

Somerville Summary: Condo inventory edged up by 3% over last Novemeber. ~ Listing $ volume is up by 2.3% from 46 million to 47 million. ~ The median list price shows an increase of 7% with the active days on market showing more demand by improving to 85 days from 113 in 2010 ~ Condos going under agreement increased by 22% and the $ volume is up 11.8%. ~ Condos sold for the month were up 21% with YTD moving up by 5%.

 Somerville condo sold $ volume for the month increased by 27%,  whereas YTD dropped 1.2% from 132 million in 2010 to 131 million this past November. ~ Sold average days on market increased by 8% . The original price to sale price ratio tightened a point to 95%. ~ The average square foot price rose to $431 per square foot for November with the average condo size also increasing 38 square feet to of 1,304 square feet.

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.