For the past couple years, I’ve been doing a post-spring market analysis in July, looking at what it costs to purchase a home in Cambridge & Somerville. To put it in context, I’m also looking at how these numbers compare to previous years. Let’s start with Cambridge for this post…
The following data reflects 3-year price changes (2012 – 2014) for a sampling of property types — comparisons are based on YTD sales up to July 21 for the past three years. (If you look back at my previous posts, note that data is based on slightly different YTD dates, hence the slight differences in numbers used here.)
So here’s what it costs to buy a…
Condo — 1BR/1ba, without parking
2012 YTD – 46 units sold – average price: $326,992
2013 YTD – 41 units sold – average price: $350,956
2014 YTD – 26 units sold – average price: $413,425
3-Year Change: Up 26%
Condo — 2BR/1ba, with 1 parking space
2012 YTD – 48 units sold – average price: $454,722
2013 YTD – 28 units sold – average price: $431,239
2014 YTD — 29 units sold — average price: $532,726
3-Year Change: Up 17%
Condo — 3BR/1.5+ba, with 1+ parking space(s)
2012 YTD – 37 units sold – average price: $808,462
2013 YTD – 49 units sold – average price: $954,927
2014 YTD — 36 units sold — average price: $1,045,972
3-Year Change: Up 29%
Single-family — up to 2000 square feet
2012 YTD – 29 units sold – average price: $635,237
2013 YTD – 36 units sold – average price: $668,600
2014 YTD — 31 units sold — average price: $825,763
3-Year Change: Up 30%
Single-family — larger than 2000 square feet
2012 YTD – 37 units sold – average price: $1,668,541
2013 YTD – 43 units sold – average price: $1,949,895
2014 YTD – 37 units sold — average price: $2,027,646
3-Year Change: Up 22%
2-family properties
2012 YTD – 29 units sold – average price: $807,179
2013 YTD – 13 units sold – average price: $965,731
2014 YTD — 14 units sold — average price: $1,069,357
3-Year Change: Up 32%
3-family properties
2012 YTD – 9 units sold – average price: $999,333
2013 YTD – 15 units sold – average price: $1,139,800
2014 YTD — 12 units sold — average price: $1,229,167
3-Year Change: Up 23%
And to summarize:
