Now that the spring real estate market has wound down, and most spring sales have now closed, I thought it would be interesting to take a closer look at what was going on with sales prices this year. We saw sooooo many multiple offer situations this spring, with many listings selling for over asking price — some by just a token amount, but others quite significantly. Here are a few extreme examples:
306 Columbia Street in Cambridge — listed at $625,000 & sold for $740,000
17 Kingston Street in Somerville — listed at $929,000 & sold for $960,000
100 Bay State Road in Arlington — listed at $610,000 & sold for $661,000
2 Hillsboro Road in Medford — listed at $299,900 & sold for $327,400
So here we go – the following data is as of a few days ago when I did the research…
Spring 2012 Single Family Home Sales Prices
CAMBRIDGE:
43 single family homes listed this year have closed:
$360,000 was the lowest sale price $3,740,000 was the highest sale price $910,000 was the median sale price
49% of this year’s SF listings went for OVER the asking price*
* This phenomena was most pronounced at the lower end of the price range, with 71% of the 7 homes listed for under $500,000 going over asking price, compared to only 10% of homes listed at $1.5M+ going over.
SOMERVILLE:
30 single family homes listed this year have closed:
$207,000 was the lowest sale price $960,000 was the highest sale price $504,500 was the median sale price
50% of these homes sold for OVER the asking price*
* In the case of Somerville, this phenomena was fairly consistent across price points.
ARLINGTON:
99 single family homes listed this year have closed:
$265,000 was the lowest sale price $1,113,000 was the highest sale price $510,000 was the median sale price
44% of these homes sold for OVER the asking price*
* This phenomena was most pronounced in the $500-700k price range, where 56% of homes sold over asking.
MEDFORD:
89 single family homes listed this year have closed:
$113,900 was the lowest sale price $637,350 was the highest sale price $349,950 was the median price
40% of these homes sold for OVER the asking price*
* This phenomena was most pronounced at the high and low ends of the market, with 67% of the 21 homes listed under $300k going over, and 50% of the 6 homes listed for over $500k going over. In the mid-range of $300 – 499,999, where 89% of the properties are listed, 31% sold over asking.
Stay tuned for condo and multi-family data coming soon!
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