This is going to sound like deja vu if you already read yesterday’s Cambridge Price Comparison post, but just to cover my bases, going to repeat the intro info…
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. Today, I’m looking at Somerville…
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 – 5 units sold – average price: $281,400
2013 YTD – 12 units sold – average price: $273,029
2014 YTD – 12 units sold – average price: $331,074
3-Year Change: Up 18%
Condo — 2BR/1ba, with 1 parking space
2012 YTD – 21 units sold – average price: $356,724
2013 YTD – 22 units sold – average price: $376,245
2014 YTD – 25 units sold – average price: $397,320
3-Year Change: Up 11%
Condo — 3BR/1.5+ba, with 1+ parking space(s)
2012 YTD – 48 units sold – average price: $532,232
2013 YTD – 39 units sold – average price: $599,858
2014 YTD – 39 units sold – average price: $688,203
3-Year Change: Up 29%
Single-family — up to 2000 square feet
2012 YTD – 38 units sold – average price: $425,884
2013 YTD – 29 units sold – average price: $479,328
2014 YTD – 23 units sold – average price: $516,155
3-Year Change: Up 21%
Single-family — larger than 2000 square feet
2012 YTD – 14 units sold – average price: $749,357
2013 YTD – 10 units sold – average price: $729,000
2014 YTD – 18 units sold – average price: $835,139
3-Year Change: Up 11%
2-family properties
2012 YTD – 53 units sold – average price: $500,609
2013 YTD – 56 units sold – average price: $662,078
2014 YTD – 46 units sold – average price: $722,265
3-Year Change: Up 44%
3-family properties
2012 YTD – 28 units sold – average price: $586,904
2013 YTD – 17 units sold – average price: $713,765
2014 YTD – 19 units sold – average price: $924,053
3-Year Change: Up 57%
And to summarize:
