Although the single family home market in Somerville MA leveled off a bit during the 2nd quarter of 2017, the condo market has not. Condo prices in Somerville continue to rise, compared to the same time period during previous years. This will be the the 5th straight year of rising prices.
Condo Property Prices for Somerville MA – 2nd Quarter
Average Sale Price
The average sale price of condos in Somerville during the 2nd quarter 2017 was $695,168. It was $649,201 during the previous year. This is a healthy 7% increase in just one year. Compared to 2015, it’s a 12.27% increase. What great news for Somerville condo owners.
| 2012 |  $408,211 |
| 2013 | $438,970 |
| 2014 | $523,760 |
| 2015 | $619,244 |
| 2016 | $649,201 |
| 2017 | $695,168 |
Minimum Price of Listings Sold
Sometimes reviewing the lowest priced condo to sell can provide added perspective. During the 2nd quarter 2017, the lowest priced condo that sold was $250,000. This is quite significant considering what that figure looked like in 2012, just 5 years earlier.
| 2012 |  $154,900 |
| 2013 | $142,250 |
| 2014 | $130,000 |
| 2015 | $225,000 |
| 2016 | $335,000 |
| 2017 | $250,000 |
Median Selling Price
Now let’s look at the median price, since average home prices can sometimes be skewed by the highs and lows. The median selling price of condos is quite high at $638,700. In fact, that’s really close to the average. This is a sign that most condos are selling in the upper end of the price range.
| 2012 | $396,000 |
| 2013 | $421,500 |
| 2014 | $498,000 |
| 2015 | $572,500 |
| 2016 | $600,000 |
| 2017 | $638,700 |
Maximum Sale Price of Listings Sold
Lastly, here’s a quick look at the highest priced condos. Although million dollar condos are not as common in Somerville as in Boston, they do indeed exist. The highest priced condo sold in Somerville during 2nd quarter 2017 was over 1.5 million. This is higher than last year’s figure and a significant change from 2012 and 2013.
| 2012 |  $925,000 |
| 2013 | $800,000 |
| 2014 | $1,395,000 |
| 2015 | $1,380,000 |
| 2016 | $1,363,000 |
| 2017 | $1,502,500 |
Somerville MA Condo Home Sale Prices For 2nd Quarter 2016
All of these figures show a very strong Somerville MA real estate market. Sellers are earning maximum dollar for their homes and buyers may be able to benefit quickly from continued market growth.
For additional Somerville MA condo home sale prices for 2nd quarter 2016 or information for other communities, please contact Carl Garcia, Customer Service Team at Eagle Trust Insurance by calling 617-625-8400 or emailing info@eagletrustinsurance.com. Note: These statistics were received from third parties including county records and the MLS Property Information Network, Inc. It is intended to provide a general overview of the market, are not guaranteed accurate, and might not include every condo sold in Somerville.
