The Cambridge residential market in 2011 has been consistent with a slight
increase in sales (+5% overall) and a stable median and average sale price. The
market in Somerville has improved with both volume and average sale price for
condos - and all property categories - up 5%.
A few factors have sustained the market this year:
- Record low interest rates at around 3.5% over the 2nd semester 2011
- Low supply in housing inventory. 0 to - 40.4% inventory Year Over Year
2011 vs. 2010 on October 1st, 2011 in Cambridge
(-10% condos; -15% single)
- Foreign and National Investors have boosted the sales over the past season
with a record high cash offers (benefiting the multi family market and 1 bed
condominiums. +30% condo sales in September 2011.
- Job Employment level. Software and robust Bio pharma industry have been hiring
which has benefited the local market.
The single family market in Cambridge represents 12% of the sale with 114
single family sold in 2011 (similar to the year before) with an average sale price of
$1.080M, median at $782,000 and an average 69 days on the market. Single family
properties are in high demand. Please inquire for any specifics on price range.
Only 59 Sales of Multi family properties in Cambridge (7% of the market;
64 sales in 2010) with an average sale price at $902,900 and median price at
$775,000, both up from 2010. As of January 5th 2012, only 8 multi family properties
available, so we are experiencing a tight market. Somerville counts 163 sales of
multi (up 10%) with an average sale price of $525,000 (stable). Please inquire for
specific neighborhood as there's huge price difference from one neighborhood to the
others.
Also, please note that Days On the Market (DOM) are approximate as brokers tend to
keep listings active until Purchase and Sale Agreement or Bank commitment, so in
reality properties sold faster than the disclosed DOM.
increase in sales (+5% overall) and a stable median and average sale price. The
market in Somerville has improved with both volume and average sale price for
condos - and all property categories - up 5%.
A few factors have sustained the market this year:
- Record low interest rates at around 3.5% over the 2nd semester 2011
- Low supply in housing inventory. 0 to - 40.4% inventory Year Over Year
2011 vs. 2010 on October 1st, 2011 in Cambridge
(-10% condos; -15% single)
- Foreign and National Investors have boosted the sales over the past season
with a record high cash offers (benefiting the multi family market and 1 bed
condominiums. +30% condo sales in September 2011.
- Job Employment level. Software and robust Bio pharma industry have been hiring
which has benefited the local market.
The single family market in Cambridge represents 12% of the sale with 114
single family sold in 2011 (similar to the year before) with an average sale price of
$1.080M, median at $782,000 and an average 69 days on the market. Single family
properties are in high demand. Please inquire for any specifics on price range.
Only 59 Sales of Multi family properties in Cambridge (7% of the market;
64 sales in 2010) with an average sale price at $902,900 and median price at
$775,000, both up from 2010. As of January 5th 2012, only 8 multi family properties
available, so we are experiencing a tight market. Somerville counts 163 sales of
multi (up 10%) with an average sale price of $525,000 (stable). Please inquire for
specific neighborhood as there's huge price difference from one neighborhood to the
others.
Also, please note that Days On the Market (DOM) are approximate as brokers tend to
keep listings active until Purchase and Sale Agreement or Bank commitment, so in
reality properties sold faster than the disclosed DOM.
Source: Multiple Listing Service as of 1/10/2012
Sales Comparison Year 2011 vs. 2010 - CAMBRIDGE MA
Copyright 2006. Sandrine Deschaux. All rights reserved.
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Sales Comparison Year 2011 vs. 2010 - SOMERVILLE MA
Sandrine Deschaux
VP, Realtor, ABR
Top 5 Top Producers at RE/MAX Destiny in 2010
RE/MAX Destiny
Cell (857) 204-9872
sandrine@sandrinedeschaux.com
VP, Realtor, ABR
Top 5 Top Producers at RE/MAX Destiny in 2010
RE/MAX Destiny
Cell (857) 204-9872
sandrine@sandrinedeschaux.com
Year-Over-Year Market Analysis 2011 vs. 2010 & What to expect in 2012
| Real Estate in Cambridge & Metro Boston |
SANDRINE DESCHAUX
| RE/MAX Destiny |
| Realtor |
| Cell (857) 204-9872 sandrine@sandrinedeschaux.com |
| Due to the shortage of inventory below 4 months of supply and an absorption rate at 59% as of December 1st, 2011, we have switched to a Seller's market with possible appreciation along the way. Additionally, due to an unsatisfied demand for homes, and as long as the interest rates remain record low, the market will show strength and require prospective buyers to act fast and/or face multiple bids. |
What to expect for the market in 2012?
If you are planning on selling this year, contact me to determine when this is the best
time to sell, the marketing strategy and your property value.
If you are considering buying, start as early as possible, and make sure you are
working with an agent that is knowledgeable, fully committed and expert in our
current local market. Homes won't linger.
Contact Sandrine Deschaux at 857 204 9872 or sandrine@sandrinedeschaux.com
Available on Skype for video conference
time to sell, the marketing strategy and your property value.
If you are considering buying, start as early as possible, and make sure you are
working with an agent that is knowledgeable, fully committed and expert in our
current local market. Homes won't linger.
Contact Sandrine Deschaux at 857 204 9872 or sandrine@sandrinedeschaux.com
Available on Skype for video conference
For the data relative to the single and multi family market, please
inquire, and I will be pleased to provide you with the latest statistics.
Email today or call!
inquire, and I will be pleased to provide you with the latest statistics.
Email today or call!
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