Somerville Market Update

It’s time to do some number crunching on the Somerville real estate market. Here’s what the lastest statistics look like:

Somerville Housing Stats August 2009

NSomerville Real Estate Market Statistics

The numbers wouldn’t be complete if we didn’t also look at the average Days on Market which are:
Single Family Homes – 71
Condos – 90
Multi Family Houses – 81

Let’s compare this to what was happening in the spring.

Somerville Housing Stats April 2009

Somerville Housing Stats April 2009

What instantly jumps out is the change in the condo market. Twice the amount of condos have sold in the last 6 months than sold in the 6 months prior to April, although the average price has gone down by $20,000. We went from 11 months of inventory on the market (which reflects a buyer’s market) to the current 4.2 for the absorption rate (the amount of time it would take for the current demand in the market to buy up all of the properties currently for sale). This now reflects a market at equilibrium.

The multi family market is showing a substantial $19,000 average sales price increase while prices for single family homes in Somerville has remained steady.

If you’re curious, here’s a look back at some older statistics for the city: