The Somerville real estate market continues to dramatically improve. With fewer listings compared to previous years, homes are still selling very quickly and for higher values. Reviewing market data gives you a sense of a local market. Trends willl change monthly, so it is helpful to stay current if you are planning to purchase or sell in Somerville. The 2015 2nd quarter single family real estate overview for Somerville MA in this blog provides some updated figures.
Somerville MA Single Family Property Prices
Average selling prices are a snapshot of a specific market. The average selling price of single family homes in Somerville MA for the quarterly 2015 was $856,469. During the same time frame the prior year, that average was $710,925. It therefore increased 20.47 %. Two years ago, it was $537,800.
Somerville MA Listing Activity
Reviewing listing volume is useful for a few reasons. Low figures can result from reduced inventory, which could lead to a build up of demand and escalate prices. This is typically present in a sellers market. Alternatively, a lot of inventory can create an excess. Home buyers can have the upper-hand in that case as sellers must vie for fewer potential buyers. In Somerville MA for the 2nd quarter 2015, the listing volume was 16. This represents a -9.09% change from the prior year (which was 20). Before that, it shifted -9.09% from 22 to 20.
2015 2nd Quarter Average Listing Time in Somerville MA
Average listing time describes how much time it takes to find a viable buyer. It may tell you how active the market is and what advantage, if any, you might have as either a seller or buyer. When homes are selling fast, as a prospective buyer, you may not have the luxury of waiting to make a decision as the listing may be snatched up by another buyer. When attempting to sell a home, it is helpful to keep reasonable expectations on how quickly you can find an offer. Do not forget that the price and condition of a certain home may affect this marketing frame. The Average listing time in Somerville MA for the 2nd quarter decreased -56.36% from 55 to 24. During the prior period, it moved 111.54% from 26 to 55.
2015 2nd Quarter Single Family Real Estate Overview For Somerville MA
Once you find your dream home, remember to call us for a complimentary quote on homeowners insurance. For additional 2015 2nd quarter single family real estate overview for Somerville MA data or reports for nearby neighborhoods, please contact Carl Garciaat at Eagle Trust Insurance The information here was received from the MLS Property Information Network, Inc. It is intended to offer a basic overview of the real estate market, is not guaranteed accurate, and might not necessarily account for every single family transferred in Somerville.