State of the market: spring 2019

I’ve been hearing the same rumors you have about the market slowing down — including from agents I know who work in Boston — but the real estate market here in Cambridge & Somerville continues to be insanely competitive, and prices continue to appreciate. Here are a few data points to illustrate….

CAMBRIDGE:

Single family sales YTD — average price $2,359,936, compared to $1,935,212 in 2018, an increase of 22%

Condo sales YTD — average price $968,801, compared to $941,906 in 2018, an increase of almost 3%

SOMERVILLE:

Single family sales YTD — average price $947,914 compared to $923,762 in 2018, an increase of almost 3%

Condo sales YTD — average price $806,405, compared to $777,683 in 2018, an increase of almost 4%

As you’d expect, most places are selling within the first week and generally with multiple offers, which is what really drives the prices up. There are, of course, a few exceptions, notably some of the larger (~1800 SF with 3-4 bedrooms) new conversion duplex condos in Winter Hill and East Somerville — simply because there have been so many of them done recently.

When we began the year, we still had leftover inventory from 2018 available with these specs, though it seems those homes have now been sold or at least are under agreement. Still, there are currently five 3+ bed condos in the 1700 – 2200 SF range available that have been on the market between 10 and 36 days — I know that doesn’t sound like a lot, but in our market, it’s an anomoly. So if you’re looking for something with these specs, now’s a great time! Prices range from $899k to $1.395M but given time on market, you might actually be able to negotiate…

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