So here we are the day before Thanksgiving and things are pretty quiet in real estate today with everyone on the road to their holiday destinations. This means I have had the rare opportunity to do a bit of data diving to try to get a big picture view of this fall market, which the majority of agents working here in Cambridge and Somerville, as well as those in Boston and the western suburbs, have felt is a bit soft.
Because most of our housing stock is condos, I focused on this property type, so that the stats would be statistically meaningful. My goal was to compare how listings that came on the market this fall (Sep 1 – now) fared, compared to those that came on in the spring (Jan 1 – Jun 30). Here’s what I discovered:
CAMBRIDGE
You can see that as a percentage of the total listings, Cambridge condos marketed this fall were much more likely to have had price changes and/or been withdrawn from the market (presumably because there were no offers or the sellers were not happy with those they received). And the situation in Somerville was comparable…
SOMERVILLE
So,what will happen this spring? Of course no one knows for sure, but I will explore the topic in my next post…