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
3-Year Change: Up 23%
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
3-Year Change: Up 25%
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
3-Year Change: Up 16%
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
3-Year Change: Up 37%
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
3-Year Change: Up 7%
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-Year Change: Up 19%
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
3-Year Change: Up 39%
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!
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