With the rising price of single family homes in communities in and around Boston, condos are normally the more affordable alternative for many buyers. It is no surprise that with the increased demand for condos, their prices have been rising quite dramatically to. Here’s a look at the Somerville MA condo market update for Q3 2015.
Somerville MA Condo Prices
Condo units in Somerville MA sold for $581,632 on average during the 3rd quarter of 2015. During that same time frame in 2014, the average sale price was $502,343. This represents a 15.78 % increase in prices! In 2013, the average condo price was $452,542. That’s a 28.53% increase over 2 years. Owning a condo in Somerville MA is proving to be a great investment.
Somerville MA Market Transactions
Demand for condos is higher this year, yet the number of condo units that sold during Q3 2015 is the same as Q3 2014. This may explain why the prices have increased so much. Although demand is higher, inventory has not grown to match that demand.
2015 3rd Quarter Average Days On Market in Somerville MA
Condos have been consistently selling quickly over the last 3 years. Although the average number of days for a condo in Somerville was 32 days during this last quarter, many condo units went under agreement well below this average. Again, this is a function of high demand.
Somerville MA Condo Market Update
This Somerville MA condo market update gives you a sense of what the buying and selling conditions are in Somerville right now. If you have a unit to sell, it’s a great time to sell. With values being high, you are sure to take advantage of the extra equity that this hot market has to offer. If you’re a buyer, your hope is that this upward trend will continue. If it does so at the current rate, that you will build equity very quickly. Compare these results to the Somerville MA Single Family Market Statistics for Q3 2015.
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