My colleague Natasha Burger and I recently did an analysis of the condo market in East Somerville for a client, and I thought the info was worth sharing, so here you go…
What’s So Great About East Somerville?
Accessibility
East Somerville is conveniently located near Sullivan Station on the Orange Line of the T, and will soon also benefit from two new transit stations—the new Orange Line station in Assembly Square and the Green Line station at Brickbottom. East Somerville also enjoys easy access to 93 and McGrath Highway.
Livability
East Somerville is transforming. Streetscape improvements are underway on Broadway, reducing the traffic to one lane in each direction, adding bike lanes and expanding the sidewalks to add outdoor dining space. The city is investing in storefront improvements and the East Somerville Main Streets organization continues to host opportunities for neighborhood residents and visitors to enjoy the amenities that East Somerville has to offer (such as the annual East Somerville Foodie Crawl).
A new park opened in 2013 (Chuckie Harris) and the East Somerville Community School has been rebuilt and is open. There is even talk of building a professional soccer stadium for The New England Revolution at Assembly Square!
5-Year Trends in Condo Sales
The following charts illustrate the upward trend in condo prices in East Somerville, which is in line with overall housing market increases across the city. Data comes from MLS, and includes only condos east of McGrath Highway, and excludes units in the Brickbottom artist lofts, since those are somewhat unique and would skew the data.
Annual Average Condo Sale Prices
Annual Average Price Per Square Foot
Note, too, that the number of units sold increased each year in the past five years, with the exception of 2010:
2009 – 29 units sold at an average price of $246,564 ($245 per square foot)
2010 – 11 units sold at an average price of $261,505 ($267 per square foot)
2011 – 33 units sold at an average price of $288,582 ($264 per square foot)
2012 – 38 units sold at an average price of $275,955 ($291 per square foot)
2013 – 48 units sold at an average price of $336,809 ($338 per square foot)