Every quarter, we like to provide updated market statistics for the local Somerville real estate market. With home prices continually changing in the area, this information may be helpful if you are looking to buy or sell a home in Somerville. The following are 3rd quarter 2015 Somerville MA single family real estate statistics according to the local MLS system.
Single Family Property Prices in Somerville MA
Single family properties in Somerville MA sold for $762,146 on average during 3rd quarter 2015. During the previous year, it was $519,586. This represents a significant increase of 46.68 %. In the year before that, the average was $605,297. Indications are that 2015 will end very strong for the single family market in Somerville.
Somerville MA Market Activity
Low inventory has been a problem in the area for the last year. Inventory shortages also tend to drive up selling prices. Surprisingly, there were actually more homes sold during this third quarter of 2015 than during the same time period in previous years. Although listing volume is higher, demand right now is much higher than in previous years. This is keeping home prices on the rise.
Somerville MA Average Marketing Time for the 3rd Quarter 2015
The Average marketing time in Somerville MA for the 3rd quarter decreased 23.4% from 47 to 36, so homes are going under agreement much quicker than they were last year. Buyers are still under pressure to make decisions quickly and, in many cases, are competing with other buyers. Although the average is 36 days, it is not uncommon for homes to go under agreement right after the first open house.
3rd Quarter 2015 Somerville MA Single Family Real Estate Statistics
These 3rd quarter 2015 Somerville MA single family real estate statistics were obtained from the Multiple Listing Service Property Information Network of Massachusetts. They include all properties listed in MLS for sale. This does not include all for-sale-by owner properties or other private sales. However, given that most properties are listed in MLS, they are a fairly good reflection of the market right now. For additional information on the current market, we would be happy to refer you to a local real estate professional. Give us a call for a referral or for a free quote on a homeowners insurance policy for your new purchase.