Condos on the Rise in Cambridge and Somerville

As we enter the dog days of summer we also look at the year and realize that one half of  2013 has passed and much has changed in the real estate market. Gone is the news of doom and gloom and now there are stories of bidding wars and rising prices.For sale signs are turning into sold signs quicker than a year ago.  One segment of the market that has seen significant gains are Cambridge and Somerville condominiums.

Here is a look at the numbers behind the condominium boom:

Cambridge

Here are the numbers for the first half of 2012

January 1, 2012-July 1, 2012

Condominium Listings: 338

Avg. Liv.Area SqFt: 1,072.22

Avg. List$: $503,016

Avg. List$/SqFt: $474

Avg. DOM: 68.11

Avg. Sale$: $497,749

Avg. Sale$/SqFt: $468

 

Here are the numbers for the first half of 2013

January 1, 2013-July 1, 2013

Condominium Listings: 411

Avg. Liv.Area SqFt: 1,117.88

Avg. List$: $571,952

Avg. List$/SqFt: $518

Avg. DOM: 42.54

Avg. Sale$: $579,157

Avg. Sale$/SqFt: $525

In Cambridge, the number of condominium units sold rose from the first half of 2012 to 2013 by 73 units and the average sale price increased by over $80,000. The average time to sell a condominium has decreased by 20 days.

Condos are also on a boom in Somerville but in a different way.

Somerville

Here are the numbers for the first half of 2012

January 1, 2012-July 1, 2012

Condominium Listings: 222

Avg. Liv.Area SqFt: 1,195.07

Avg. List$: $405,564

Avg. List$/SqFt: $353

Avg. DOM: 71.29

Avg. Sale$: $400,804

Avg. Sale$/SqFt: $349

 

Here are the numbers for the first half of 2013

January 1, 2013-July 1, 2013

Condominium Listings: 212

Avg. Liv.Area SqFt: 1,234.40

Avg. List$: $438,758

Avg. List$/SqFt: $369

Avg. DOM: 45.69

Avg. Sale$: $444,970

Avg. Sale$/SqFt: $374

The number of units sold in Somerville is down slightly by 10 units but the prices are up. The average sale price rose $44,000. Condominiums are selling quicker too, the average days on the market are 45 in 2013 that is down 26 days from 71 days in 2012.

Guy Contaldi helps clients sell and find homes for sale in Boston, Cambridge and the surrounding communities.