2014 Recap: Spotlight on Condos
The majority of our home sales in Cambridgeville are condos (77% of all sales in Cambridge and 67% in Somerville), so let’s take a closer look at last year’s condo sales. As you will see from the chart below, there is quite a range in sales price — from below $300k to over $1M in Somerville and nearly $3M in Cambridge.
So, let’s say you had up to $500k to spend on a condo in Cambridgeville last year — you could have bought one of the 456 that sold in that price band. But you likely would have been competing in multiple-offer scenarios for all of them. Unfortunately, MLS doesn’t track numbers of offers received, so I have no real data to give you. Just trust me when I tell you there is a lot more buyer demand than there is housing supply these days…
And here’s my favorite way to look at pricing data — by specs — because these are real numbers I can give a potential buyer who comes to me saying, for example, “I’m looking for a 2-bedroom, 1-bath condo in Somerville and have $450k to spend.” Happy day for this buyer, as the average price for this type of unit is $400,567, so assuming they have a solid pre-approval and downpayment, they should be able to find something.
Tomorrow I’ll give you a look at how pricing has changed in the past five years — stay tuned!
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