It was another impressive quarter for condo sales in Somerville, as seen by the average price of homes sold.
Home sales statistics will tell you a lot about what is going on in a specific market. Things may fluctuate often, so it is useful to remain current if you are planning to purchase or list in Somerville. The Somerville MA condo property summary for the 2nd quarter 2015 below provides updated data.
Prices of Condo Properties in Somerville MA
Average selling prices give a general idea of the market. Condo real estate in Somerville MA had an average selling price of 619244 during 2nd quarter 2015. For the corresponding time period the previous year, the average sale price was $523,760. This is a 18.23 % difference. Two years ago, the amount was $438,970.
Volume of Listings Sold in Somerville MA
Number of listings sold indicate some things about the real estate market. Low numbers usually reflect lack of inventory, which then leads to a build up of demand and drive up home prices. This may be apparent in a sellers market. On the other hand, too much inventory may result in a surplus. Home buyers will receive the upper-hand in this scenario as sellers will vie to get their houses sold.
In Somerville MA for the 2nd quarter 2015, the number of listings sold was 116. This decreased 6.8% from the year before (which was157). Prior to that, it varied 6.8% from 147 to 157.
Somerville MA 2015 2nd Quarter Average Marketing Time
Average marketing time details how much time it takes for a home to go under agreement. It may tell you how active the market is and what advantage you might have as either a seller or buyer. When new listings are selling in fewer days, as a prospective buyer, you may not have the luxury of waiting very long to act as the listing may no longer be available. When attempting to sell real estate, it is helpful to keep fair expectations for how long the process may take. Do not forget that the listing price and presentation of a specific property can affect the marketing frame.
The Average marketing time in Somerville MA for the 2nd quarter increased 3.03% from 33 to 34. This after it changed -5.71% from 35 to 33.
Somerville MA Condo Property Summary For The 2nd Quarter 2015
Condo insurance is important to have. Call us for a free quote on your next policy. For more Somerville MA condo property summary for the 2nd quarter 2015 facts or details for neighboring areas, please contact Carl Garcia, Customer Service Team at Eagle Trust Insurance These statistics were pulled from the MA MLS Property Information Network, Inc. It is meant to offer a generic understanding of the real estate market, is not guaranteed accurate, and might not account for every condo transferred in Somerville.