Wanted: Single Family Homes to Sell in Cambridge and Somerville
Wanted: Homes for sale in Cambridge and Somerville and the surrounding areas. The spring real estate market is hot. According to the Massachusetts Association of Realtors, for the fourth straight month the median home price in Massachusetts has risen. It has been 19 straight months of an increase of closed home sales. Cambridge and Somerville are no exception and in fact inventory is especially tight, so if you or anyone you know is thinking of making a move now is the time!
Here is how the numbers break down for single family homes sold since the first of the year:
Homes Sold: 10
Average List Price: $1,399,350
Average Sale Price: $1,365,850
Average DOM (days on market): 38.90
Homes Sold: 6
Average List Price: $395,983
Average Sale Price: $405,750
Average DOM (days on market): 43.67
The number of sold homes don't tell the whole story. There is not enough inventory of single family homes and buyers are ready to buy.
In Cambridge there are currently 14 active homes or homes for sale and 24 under agreement or pending sale.
In Somerville there are currently 5 active homes or homes for sale and 11 under agreement or pending sale.
Currently prices remain steady and mortgage rates continue at all times lows making it a good time to buy or sell. I am hopeful that the market will remain steady because a strong housing market is good for our overall economy. I have buyers who are currently looking in Cambridge and Somerville so if you know anyone that is thinking of selling please give me a call.
What do you think the real estate market will look like in another three months?
Guy Contaldi helps clients find homes for sale in Boston, Cambridge, Somerville and the surrounding communities.