New luxury condos overlooking bike path outside Davis Square. Visit www.DiscoverDavisSquare.com.

It is interesting to reflect on the MLS condo sales figures in Somerville, Massachusetts for 2011 compared to 2010, and to take stock of where we are at in 2012.

Click on 2011 Somerville, MA condo sales for an overview of 2011.

Click on 2010 Somerville, MA condo sales for an overview of 2010.

Let’s see what observations can be made about the sales in 2011 compared to 2010.

Observations regarding Somerville, MA condo sales in 2011 vs. 2010:

- Total sales volume in 2011 was $136,783,500 – down $4,653,618 or 3% from 2010.

- Total number of sales in 2011 was 350, down 24 condos or 6% from 2010.

- Average days on market in 2011 was 89, up from 84 in 2010.

- Average sale price in 2011 was  $390,810, up 3% from an average sale price of $378,174 in 2010.

- Yield on the original list price was 95% in 2011, compared to 96% in 2010.

- Yield on the last asking price was 98% in 2011, exactly the same as in 2010.

Overall, one can conclude that the condo market in Somerville, MA in 2011 was very stable and in line with 2010.

Let’s now look at the market by price range:

Price range                2011 sales      2010 sales     Differential
0 to $499,999               287                   315                   -28 fewer condos in 2011
$500 to $999,999          61                     59                    +2 more condos in 2011
$1.0 and up                      2                      0                      +2 more condos in 2011

These numbers paint a picture of a healthy condo market in Somerville, MA at the end of 2011. It is especially interesting to note that in 2010, there were NO condo sales for more than $800,000 in Somerville, MA , while in 2011 there were 10 condo sales in Somerville, MA north of $800,000, including 7 condo sales between $900,000 and $1,000,000!

It will be interesting to see how the Somerville, MA condo market plays out in 2012. See on market snapshot for Somerville, MA condos today compared to one year ago today. There were 95 condos for sale in Somerville, MA on January 24, 2011. Today, on January 24, 2012, there are 85 condos for sale in Somerville, MA. There are now 64 condos for sale below $500,000 compared to 82 condos a year ago below $500,000. Between $500,000 and $1.0, there are 7 more condos for sale today compared to a year ago. North of a million, there is one condo for sale in Somerville, MA today.

I would be happy to share with you additional thoughts and insights about the market and be of assistance to you with buying or selling. If you are considering buying or selling real estate in Somerville or Cambridge, I am here to help. I can be reached at ccherney@hammondre.com or 617-733-8937. I am a Harvard graduate, an Inman Square resident and a top broker in Cambridge & Somerville since 1999.

To gain access to photos and descriptions of all MLS properties now for sale in Cambridge and Somerville, MA log in as as new visitor at CharlesCherney.com.

The Cambridge and Somerville Real Estate Blog.

28 Clinton in Mid Cambridge. I listed and sold this condo in 2011 for $935,250. The list price was $929,000.

It is interesting to reflect on the MLS condo sales figures in Cambridge, Massachusetts for 2011 compared to 2010, and to take stock of where we are at in 2012.

Click on 2011 Cambridge, MA condo sales for an overview of 2011.

Click on 2010 Cambridge, MA condo sales for an overview of 2010.

Let’s see what observations can be made about the sales in 2011 compared to 2010.

Observations regarding Cambridge, MA condo sales in 2011 vs. 2010:
- Total sales volume in 2011 was $355,475,682 – up $28,767,172 or 8% from 2010.
- Total number of sales in 2011 was 713, up 51 condos or 7% from 2010.
- Average days on market in 2011 was 82, exactly the same as in 2010.
- Average sale price in 2011 was  $498,563, up 6.5% from an average sale price of $493,517 in 2010.
- Yield on the original list price was 95% in 2011, compared to 96% in 2010.
- Yield on the last asking price was 97% in 2011, exactly the same as in 2010.

Overall, one can conclude that the condo in Cambridge, MA in 2011 was very stable and slightly improved over 2010.

Let’s now look at the market by price range:

Price range                2011 sales      2010 sales     Differential
0 to $499,999               483                    447                   +36 more condos in 2011
$500 to $999,999        203                    189                   +14 more condos in 2011
$1.0 and up                     27                    26                     +1 more condos in 2011

These numbers paint a picture of a healthy condo market in Cambridge at the end of 2011.

It will be interesting to see how the Cambridge, MA condo market plays out in 2012. See on market snapshot for Cambridge, MA condos today compared to one year ago today. There were 171 condos for sale in Cambridge, MA on January 23, 2011. Today, on January 23, 2012, there are 92 condos for sale in Cambridge, MA. There are now 53 condos for sale below $500,000 compared to 106 condos a year ago below $500,000. Between $500,000 and $1.0, there are 22 fewer condos for sale today compared to a year ago. North of a million, there are 4 fewer condos for sale today than a year ago.

What impact will reduced inventory have on Cambridge condo prices in 2012? If demand remains on par with last year and inventory does not catch up with last year’s supply, one would expect prices to rise. The reduced inventory levels are surprising, especially when one considers that we are having a mild winter and hence weather is not a likely explanation for why there are fewer listings today compared to a year ago today. Indeed, a year ago today, we were still under siege with the snow. If anything, one would have expected fewer listings a year ago today. Go figure.

I would be happy to share with you additional thoughts and insights about the market and be of assistance to you with buying or selling. If you are considering buying or selling real estate in Cambridge or Somerville, I am here to help. I can be reached at ccherney@hammondre.com or 617-733-8937. I am a Harvard graduate, a Cambridge resident and a top broker in Cambridge & Somerville since 1999.

To gain instant access to photos and descriptions of all MLS properties now for sale in Cambridge and Somerville, MA log in as as new visitor at Cambridge Real Estate.

The Cambridge Real Estate Blog.

It is interesting to reflect on the MLS single family sales figures in Cambridge, Massachusetts for 2011 compared to 2010.

Click on 2011 Cambridge, MA single family sales for an overview of 2011.

Click on 2010 Cambridge, MA single family sales for an overview of 2010.

Let’s see what observations can be made about the sales in 2011 compared to 2010.

Observations regarding Cambridge, MA single family sales in 2011 vs. 2010:
- Total sales volume in 2011 was $122,531,413 – down $25,620,380 or 17% from 2010.
- Total number of sales in 2011 was 114, down 15 houses or 12% from 2010.
- Average days on market in 2011 was 69, down from an average of 72 days on market in 2010.
- Average sale price in 2011 was  $1,074,837, down 6.5% from an average of $1,148,386 in 2010.
- Yield on the original list price was 95% in 2011, compared to 94% in 2010.
- Yield on the last asking price was 98% in 2011, compared to 97% in 2010.

Overall, one can conclude that the single family market in Cambridge, MA in 2011 was stable and slightly contracted.

Let’s now look at the market by price range:

Price range                2011 sales      2010 sales     Differential
0 to $499,999             17                      26                     -9 single families
$500 to $999,999      57                      45                     +12 single families
$1.0 to $1,499,999    20                      28                     -8 single families
$1.5 to $1,999,999      6                       11                    -5 single families
$2.0 to $2,499,999      6                         9                    -3 single families
$2.5 to $2,999,999      2                         4                    -2 single families
$3.0+                              6                         6                    same number of single families sold

Observations:
Under $1,000,000, the market is +3 houses in 2011 compared to 2010: STABLE.
$3.0+ the number of sales is the same in 2011 and 210: STABLE.
The contraction in the market is in the price range between $1.0 and $2,999,999, with 18 fewer sales in 2011 compared to 2010.

It will be interesting to see how the single family market plays out in 2012. See on market snapshot for today compared to one year ago today.

There were 23 single family properties for sale in Cambridge, MA on January 17, 2011. Today, on January 17, 2012, there are 11 single family properties for sale in Cambridge, MA. There are now  7 singles for sale compared to 13 a year ago below $1,000,000 and now 2 (!) singles for sale compared to 9 a year ago between $1.0 and $1,999,999.

It will be interesting to see what this contraction in the market means in terms of value moving forward in time. If demand remains constant and supply slips, one would expect prices to rise.

I would be happy to share with you additional thoughts and insights about the market and be of assistance to you with buying or selling.

If you are considering buying or selling real estate in Cambridge or Somerville, I am here to help. I can be reached at ccherney@hammondre.com or 617-733-8937. I am a Harvard graduate, a Cambridge resident and a top broker in Cambridge & Somerville since 1999.

To gain instant access to photos and descriptions of all MLS properties now for sale in Cambridge and Somerville, MA log in as as new visitor at Cambridge Real Estate.

The Cambridge Real Estate Blog.

Living room at 351 Walden #1. I listed and sold this condo in 2011 for $810,000.

A few observations about these 27 3-bedroom condo sale events in Cambridge in 2011:

- 16 of the 27 are townhouse style units.

- 12 of the 27 are newly renovated or new construction.

- 23 of the 27 feature parking for at least one car.

- Average living area 1,693 square feet.

- 11 of the 27 SOLD between $675,000 and $705,000.

- 13 of the 27 SOLD between $750,000 and $799,000.

- 3 SOLD between $800,000 and $825,000.

- Average days on market – 52 days.

- Average price per square foot $454.

- Average list price $753,696.

- Average sale price $744,056.

- 2 in Riverside neighborhood

- 5 in North Cambridge neighborhood

- 6 in Cambridgeport neighborhood

- 6 in Mid Cambridge neighborhood

- 8 in Peabody neighborhood

It is fascinating to see that the 3-br offerings in the 675 to 825 price range tend to gather into two price ranges (high 600s and high 700s) and that just over half the offerings are townhouses and just under half are newly renovated.

I would be happy to share with you additional thoughts and insights about these sale events and be of assistance to you with buying or selling

If you are considering buying or selling real estate in Cambridge or Somerville, I am here to help. I can be reached at ccherney@hammondre.com or 617-733-8937. I am a Harvard graduate, a Cambridge resident and a top broker in Cambridge & Somerville since 1999.

To gain instant access to photos and descriptions of all MLS properties now for sale in Cambridge and Somerville, MA log in as as new visitor at Cambridge Real Estate.

The Cambridge Real Estate Blog.

Over the last ten years I have greatly enjoyed assisting Harvard professors, Harvard students and fellow Harvard alums with buying and selling in Cambridge. I have enjoyed working with Harvardians and their families at Harvard Law School, Harvard Business School, The Kennedy School, Harvard College and at the Harvard graduate schools – all Harvard connections are welcome! Always a pleasure to work with members of  the Harvard family – past, present and future!

One Harvard professor I worked with writes the following: “Charles Cherney was consummately professional in his work with us. He kept us regularly informed about possible properties as we searched for just the right house. It was a pleasure to work with him throughout the process and he has our strong recommendation for anyone seeking a principled, knowledgeable, efficient and client-orientated real estate professional.”

If you would like, you can gain access right now to all Cambridge MA real estate active MLS listings if you log in as a new visitor.

The Cambridge Real Estate Blog.

These numbers are for sales of single families, multi-families, and condominiums – the three types of residential real estate in Cambridge. Figures from MLS for MLS sales.

Cambridge Residences SOLD: +2%
2010: 850 SOLD
2009: 832 SOLD

Days on Market (DOM) in Cambridge: Level
2010: 80 DOM
2009: 79 DOM

Average Sale Price (ASP) in Cambridge: +10%
2010 ASP: $620,475
2009 ASP: $559,197

Median Sale Price in Cambridge: +5.4%
2010 Median: $465,000
2009 Median: $440,000

Cambridge Seller’s yield on original list price: PAR
2010: Seller’s averaged 95% of original list price; 97% of last asking price.
2009: Seller’s averaged 95% of original list price; 97% of last asking price.

Cambridge Market Sales Volume: +12%
2010 Volume: $527,403,938
2009 Volume: $465,252,012

The continued stability of the Cambridge market is noteworthy. Many consider 2005 as the most recent peak in the market. In 2005, the median sale price in Cambridge was $465,000 – same as in 2010. Also, the average sale price in 2005 was $580,069. In 2010, the average sale price was $620,520, 6.6% higher than 2005.

If you are considering buying or selling in Cambridge, I am here to help. I can be reached at ccherney@hammondre.com or 617-733-8937. I am a Harvard graduate, a Cambridge resident and a top broker in the city since 1999.

To gain instant access to photos and descriptions of all MLS properties now for sale in Cambridge, MA log in as as new visitor at Cambridge Real Estate.

Learn more about Cambridge, Massachusetts and Cambridge real estate on my blog at www.CambridgeTumblr.com.

The Cambridge Real Estate Blog.

16 Chauncy St. courtyard outside of Harvard Sq.

If you are considering buying or selling in Cambridge, I am here to help. I can be reached at ccherney@hammondre.com or 617-733-8937. I am a Harvard graduate, a Cambridge resident and a top broker in the city since 1999.

To gain instant access to photos and descriptions of all MLS properties now for sale in Cambridge, MA log in as as new visitor at Cambridge Real Estate.

Stay current with what is happening in Cambridge real estate by following Charles Cherney on Twitter.

The Cambridge Real Estate Blog.

The pace of sales slows in the summer months of June and July and August. That said, there is still activity in the market in these months. Indeed, a pool of new buyers who will be at MIT or Harvard often enter the market at this time, with the idea of being settled before the new school year in September.

The fall market runs from just after Labor Day until just after Halloween. With summer vacations finished and folks back in the saddle for the new school year, the fall market is a time of increased activity for those buyers still looking to close before the end of the calendar year.

The winter market is the slowest time – November and December and January. The holidays and darkness early in the evening generally mean fewer properties for sale and fewer buyers looking to buy. Now and then, a buyer can get a bargain in the winter market.

The new year brings the early advent of the spring market. Late January into February is a transitional moment in the market. Depending on the weather, the winter market can drag on or the spring market can get an early start. This is an interesting time for a buyer to be lookiing, as there is generally a bit less pressure.

Cambridge Real Estate Blog.

Every buyer is different. Some need to have seen many places, often more than once, to know their mind and feel comfortable about proceeding with an offer. Others are ready to go if lightning strikes and they find the perfect place manifests itself on the first day of their search.

There is no “right way” or “wrong way” to be as a buyer. I often say to buyers, take as much time as you need to make a decision for yourself. However, once you have made a decision, act swiftly.

As a buyer’s agent, I complete a market analysis for a buyer, so that the buyer understands the market value of the property they are interested in making an offer on. A property is ultimately worth what a buyer in the marketplace is prepared to pay for it. That being said, it is useful for a buyer to know what the market value is, so that they understand if the property is a) a bargain b) priced at market value c) “overpriced.”

For a buyer ready to go, it is helpful to have an experienced buyer’s agent such as myself on board in the decision-making process. Having seen the vast majority of properties listed for sale in Cambridge in the past ten years, I can help the buyer understand an opportunity in terms of other relevant properties now for sale, currently under accepted offer, or recently sold. I can do this because I am familiar with these other properties and can compare and contrast them with the property of potential interest to the buyer client. I can also carefully review with a buyer client the various terms of their offer and help the buyer make informed decisions about all aspects of the offer they are making. As a buyer’s agent, I can also recommend home inspectors and real estate attorneys, among others.

If you are considering buying (or selling) in Cambridge, I am here to help. I can be reached at ccherney@hammondre.com or 617-733-8937.  I am a Harvard graduate, a Cambridge resident and a top broker in the city since 1999.

To gain instant access to photos and descriptions of all MLS properties now for sale in Cambridge, MA log in as as new visitor at Cambridge Real Estate.

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