The condo market continues to rise dramatically in the Somerville area. This is no surprise considering that home
buyers who want to live in and around Boston turn to condos as the more affordable option. Here are the 2015 Somerville MA condo property market report statistics.
Condo Home Prices in Somerville MA
Sale prices give you a great sense of where the market has been and where it’s going. The average selling price of condos in Somerville jumped to $595,018 in 2015. This is a 14.51 % increase! Wow! In 2014, it was $451,748. Buyers who purchased in 2014 have gained equity in just a short period of time. If you;re still in the market for a condo, buying sooner rather than later may help you take advantage of this incline before it levels off.
Somerville MA Market Activity
The number of condos that sold in 2015 dropped off dramatically, by 22.75%. Given the jump in prices, this tells us that there are plenty of buyers looking to purchase but not enough inventory to meet that demand. If you own a condo and are looking to sell, now is a great time to do so. You will benefit from the higher market values right now.
Somerville MA 2015 Full Year Average Listing Time
Condo listings are still selling quickly in Somerville MA. Although the average was 49 this last year (a 25+% jump from the previous year), the numbers are skewed by listings that were overpriced and took longer than normal. Most condo listings are selling much quicker than 49 days. In desirable complexes, they go under agreement as quickly as the first week of entering the market.
Full Year 2015 Somerville MA Condo Property Market Report
What does the 2015 Somerville MA condo property market report tell us? As a seller, it’s a great time to sell since home prices are high. Don’t wait for prices to start dropping as you will have already missed the peak at that point. It’s a guessing game as to when that may happen. Selling when demand is high will increase the chances of bidding wars and a higher sales price.
As a home buyer, you have to think about whether this trend will continue. If it does, buying now allows you to gain some instant equity and the path continues upwards. Waiting can result in spending more money or getting less of home for the same price. Eventually, the prices will level off, but waiting to buy could result in the level being much higher by the time it does.
If you’re looking to buy a condo in the Somerville area, give us a call for pricing on condo insurance. It’s a bit different from regular homeowners insurance and renter’s insurance. We can explain your options and help you select the right policy.