Market Update for Somerville, MA

If Goldilocks were looking to buy or sell a house in Somerville, she would find that one segment of the market is speeding up, one segment is slowing down and one segment is just right and has remained level. Here’s the latest statistics for the Somerville, MA real estate market.

Somerville Real Estate Market Statistics January 2009
Real estate market update Somerville MA

Let’s compare this to what was going on 2 months ago.

Somerville Real Estate Market Statistics November 2008:

Not surprising given the time of year and the current cold and snowy weather, there are less properties for sale now than there were in November.

Single family homes in Somerville are selling faster with an average Days on Market of 93.9 days. The absorption rate of 1.9 months means that if no more homes were allowed to come on the market after today, it would take less than 2 months for the market to buy up all of the homes currently for sale. The average single family home price has also risen by approxmately $2,500.

Although the average condo price has risen compared to the statistics from November, the absorption rate has also gone up meaning that the condo market is slowing down. The average Days on Market for condos in Somerville during the last 6 months is 104.8 days.

The multi family market has seen a decrease in the average price of approximately $11,000 since the fall while the absorption rate has remained steady. The average Days on Market for multi family homes in Somerville for the last 6 months is 98.5 days.

Here are some other articles about Somerville: