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
3-Year Change: Up 22%
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
3-Year Change: Up 20%
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
3-Year Change: Up 36%
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
3-Year Change: Up 26%
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
3-Year Change: Up 31%
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-Year Change: Up 29%
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
3-Year Change: Up 24%
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!
Comments