The 2016 1st quarter Somerville MA single family market statistics show a big surge in home prices! The average price of single family homes increased dramatically during the first quarter of this year, compared to the same time frame from last year. Communities in and around Boston continue to see some great appreciation since listing inventory still has not caught up to demand. Sellers, this is truly a great time to sell!
Somerville MA Single Family Home Prices
Selling prices give a general indication of the market. Single family properties in Somerville MA had an average selling price of $851,667 during 1st quarter 2016. During the previous year, that average was $592,500. It therefore increased 43.74 %. Before that, it was $622,890.
Somerville MA Real Estate Market Activity Snapshot
If you’re wondering why prices continue to rise, here’s your answer. The number of single family homes that sold during the first quarter was a measly 15 homes. Although this was higher than the same timeframe last year, it is still not enough to meet high levels of demand. With so few homes available, it’s no wonder that buyers are getting more aggressive with their offers, pushing prices up even higher.
Somerville MA 2016 1st Quarter Average Days On Market
Homes are still selling quickly in the city. The Average days on market in Somerville MA for the 1st quarter decreased -14.12% from 85 to 73. During the previous period, it moved 19.72% from 71 to 85. As we’ve mentioned in previous market updates, this number is misleading. In most cases, offers are being received and accepted on n ew listings in a matter of days!
2016 1st Quarter Somerville MA Single Family Market Statistics
If you’ve followed our previous market reports, you may have thought the trend couldn’t possibly continue. According to this 2016 1st quarter Somerville MA single family market statistics, the real estate market continues to be very strong in Somerville. These figures were received from the Mass. MLS Property Information Network, Inc. It is meant to offer a basic understanding of the real estate market, is not certified, and might not necessarily include every single family transacted in Somerville.