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Spring 2015 market: Cambridge 3-year home price comparison

A few years back I started a little post-spring market tradition of looking back at the season’s sales to get a sense of how they compare to recent years. Generally I do this in late July, but as this year got a later start, it has also remained very active later into the summer, and I just frankly haven’t had the time to step back and do this. But… never too late!

The following data reflects 3-year price changes (2013 – 2015) for a sampling of property types — comparisons are based on YTD sales up to July 21 for the past three years — a bit behind where we are now, but saved me re-pulling all the stats from previous years if I kept in consistent, so I opted for efficiency 🙂

So here’s what it costs to buy a…

Condo — 1BR/1ba, without parking

2013 YTD – 41 units sold – average price: $350,956 2014 YTD – 26 units sold – average price: $413,425 2015 YTD – 30 units sold – average price: $430,413

Condo — 2BR/1ba, with 1 parking space

2013 YTD – 28 units sold – average price: $431,239 2014 YTD — 29 units sold — average price: $532,726 2015 YTD – 11 units sold – average price: $539,727

Condo — 3BR/1.5+ba, with 1+ parking space(s)

2013 YTD – 49 units sold – average price: $954,927 2014 YTD — 36 units sold — average price: $1,045,972 2015 YTD – 20 units sold – average price: $1,106,011

Single-family — up to 2000 square feet

2013 YTD – 36 units sold – average price: $668,600 2014 YTD — 31 units sold — average price: $825,763 2015 YTD – 20 units sold – average price: $913,550

Single-family — larger than 2000 square feet

2013 YTD – 43 units sold – average price: $1,949,895 2014 YTD – 37 units sold — average price: $2,027,646 2015 YTD – 27 units sold – average price: $2,081,870

2-family properties

2013 YTD – 13 units sold – average price: $965,731 2014 YTD — 14 units sold — average price: $1,069,357 2015 YTD – 23 units sold – average price: $1,150,609

3-family properties

2013 YTD – 15 units sold – average price: $1,139,800 2014 YTD — 12 units sold — average price: $1,229,167 2015 YTD – 6 units sold – average price: $1,586,667

So yes, basically, all types of homes have increased in value — some quite significantly. Oh, and by the way, in case you’re wondering about our inventory crisis… so far this year, 666 properties (singles, condos and multis) have been listed for sale in Cambridge. This compares to 747 in the same timeframe last year, and 841 in 2013. And mind you, I ran these numbers all the way through today, August 6, just to account for the late start this year.

The pickin’s just keep getting slimmer!

Read my next post for Somerville data…

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