In analyzing this spring’s Cambridge condo sales, I took a slightly different approach than I did when looking at single families, breaking things down a bit more, since condos make up the bulk of homes here. So here are the fun factoids…
271 condos listed this year have sold to date:
92 were in 2/3-unit associations (41 of these — 45% — sold over asking)
61 were in associates made up of 4-20 units (18 of these — 30% — sold over asking)
118 were in associations of more than 20 units (33 of these — 28% — sold over asking)
$189,000 was the lowest sale price, for 15 Bigelow St, U:3 in Central Square — a 248 sf studio
$2,870,000 was the highest sale price, for 29 Chauncy St, U:1 in Harvard Square — a 3755 sf townhouse with 4 bedrooms, 3.5 baths and 2 parking spaces
$445,750 was the median sale price for Cambridge condos this spring
34% overall of this year’s condo listings sold for OVER the asking price (another big chunk sold AT asking), with the average sales:list price ratio being 99%
And here’s the REALLY interesting piece: Prices, which had been pretty stable in Cambridge for the last several years, went up A LOT this spring. Let’s compare prices for a few different scenarios this year, compared to last:
For a 1BR/1ba, with NO parking:
This spring’s average price: $339,583 (based on 38 sales)
Last spring’s average price: $306,143 (based on 27 sales)
For a 2BR/1ba, with 1 parking space:
This spring’s average price: $469,004 (based on 35 sales)
Last spring’s average price: $389,805 (based on 19 sales)
For a 3BR/1.5+ba, with 1+ parking spaces:
This spring’s average price: $884,900 (based on 23 sales)
Last spring’s average price: $679,019 (based on 26 sales)
Stay tuned for Somerville data coming soon!
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