Special thanks to my colleague Natasha Burger for helping compile the following data for Somerville condo sales this spring.
169 condos listed this year have sold to date:
106 were in 2/3 unit associations (34 of these — 32% — sold for over asking)
51 were in associations made up of 4-20 units (12 of these — 24% — sold for over asking)
12 were in associations of more than 20 units ( 3 of these — 25% — sold for over asking)
$154,900 was the lowest sale price, for 16 Cross Street East, Unit 1 — an 860 square foot 2-bedroom in the “Nunnery Grounds” (or States Ave section) of East Somerville
$875,000 was the highest sale price, for 14 Appleton Street, Unit 2 — a gut-renovated 3-bedroom, 2.5 bath condo on 2-levels with 2 off-street parking spaces in Davis Square
$396,000 was the median sale price for Somerville condos this spring
29% 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% — note that this is the same as for Cambridge
In comparing sales from this spring compared to last spring, the median condo price increased from $365,000 in spring 2011 to $396,000 this year. However, when we tried to get more specific with the types of units, the data was inconsistent — I suspect it’s because we didn’t have a large enough sample size, so one or two really high or low sales in each category were enough to throw things off. For what it’s worth, here’s the info:
For a 1BR/1ba, with NO parking:
This spring’s average sale price: $267,667 (based on 6 sales)
Last spring’s average price: $271,125 (based on 4 sales)
For a 2BR/1ba, with 1 parking space:
This spring’s average sale price: $371,123 (based on 31 sales)
Last spring’s average price: $347,157 (based on 21 sales)
For a 3BR/1.5+ba, with 1+ parking spaces:
This spring’s average sale price: $531,721 (based on 34 sales — with the highest sale being $875,000)
Last spring’s average price: $603,855 (based on 21 sales — but including a sale of a condo for $1,001,000)
I thought it would be interesting to also make a comparison of this spring’s market values by zip code, since prices for condos vary quite a bit for the different neighborhoods of Somerville (much more so than in Cambridge). As you’ll see below, 02144 (Davis Square & around) fetches the highest prices, with 02143 (Union Square, Spring Hill) in the mid-range, and 02145 (Winter Hill, East Somerville) at the lower end of the price scale. (Note: some great opportunities for long-term investment here, as the City has big plans for the development and revitalization of the eastern side of town.)
Somerville Spring 2012 Condo Price Comparison
Average Sales Price by Zip Code