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Spring 2015 market: Somerville 3-year home price comparison

Just did this for Cambridge, so here we go for Somerville…

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 – 12 units sold – average price: $273,029 2014 YTD – 12 units sold – average price: $331,074 2015 YTD – 7 units sold – average price: $332,286

Condo — 2BR/1ba, with 1 parking space

2013 YTD – 22 units sold – average price: $376,245 2014 YTD – 25 units sold – average price: $397,320 2015 YTD – 15 units sold – average price: $450,867

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

2013 YTD – 39 units sold – average price: $599,858 2014 YTD – 39 units sold – average price: $688,203 2015 YTD – 30 units sold – average price: $818,332

Single-family — up to 2000 square feet

2013 YTD – 29 units sold – average price: $479,328 2014 YTD – 23 units sold – average price: $516,155 2015 YTD – 13 units sold – average price: $602,038

Single-family — larger than 2000 square feet

2013 YTD – 10 units sold – average price: $729,000 2014 YTD – 18 units sold – average price: $835,139 2015 YTD – 15 units sold – average price: $956,400

2-family properties

2013 YTD – 56 units sold – average price: $662,078 2014 YTD – 46 units sold – average price: $722,265 2015 YTD – 36 units sold – average price: $856,914

3-family properties

2013 YTD – 17 units sold – average price: $713,765 2014 YTD – 19 units sold – average price: $924,053 2015 YTD – 22 units sold – average price: $883,391

And there you have it — across the board increases. And as for inventory… so far this year, 539 properties (singles, condos and multis) have been listed for sale in Somerville. This compares to 598 in the same timeframe last year, and 604 in 2013. Let’s all hope the fall market brings a good batch of new listings!

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