It is still a hot market in Somerville. Average selling prices for condos continue to rise compared to previous years. Here is a 1st quarter 2015 Somerville MA condo home market report with more detailed information.
Prices of Condo Homes in Somerville MA
Average selling prices are a glimpse of a particular market. Condo real estate in Somerville MA sold for $592,500 on average during 1st quarter 2015. During the prior year, that figure was $503,385. Therefore, it increased 17.7 %. Before that, the amount was $450,891. That over a 31% increase over two years!
Volume of Listings Sold in Somerville MA
Reviewing number of homes sold can give you insight on the real estate market. Low numbers normally mean low inventory, which contributes to a build up of demand and increase in home prices. This may be apparent in a sellers market. On the other hand, high inventory may result in a surplus. Buyers will have the upper-hand in this situation as sellers will compete for fewer buyers.
In Somerville MA for the 1st quarter 2015, the number of homes sold was 10. This is a -29.63% difference from the prior year (which was 70). Prior to that, it changed 29.63% from 54 to 70. Given the low number of listings, it’s no surprise that prices have surged so much.
Somerville MA Average Marketing Time Frame for the 1st Quarter 2015
Average marketing time frame describes the amount of time it takes for a home to go under agreement. It may tell you how hot the market may be and what advantage you could have as either a buyer or seller. When properties are going under contract in a short time frame, as a prospective buyer, you might not have the luxury of waiting delaying a decision as the home may be snatched up by another party. As a home seller, it is critical to keep sensible expectations for how fast you can find an offer. Remember that the set price and curb appeal of a particular house may influence the time frame.
The Average marketing time frame in Somerville MA for the 1st quarter increased 100% from 43 to 86. This after it changed -43.42% from 76 to 43.
1st Quarter 2015 Somerville MA Condo Home Market Report
For more 1st quarter 2015 Somerville MA condo home market report facts or details for neighboring cities and towns, please contact Carl Garcia, Customer Service Team at Eagle Trust Insurance This information was extracted from the MLS Property Information Network, Inc. It is intended to offer a basic overview of the market, is not certified accurate, and might not necessarily include every condo sold in Somerville.