Somerville, MA Condo Sales Stats for 2011 compared to 2010
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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.
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