State of the Somerville Market

It’s time to cast the spotlight on the city of Somerville and see what’s going on in the real estate market. Spring is here (although the weather seems more like summer) and I thought it would be interesting to compare the number of properties for sale this spring with what was going on in the market last year. Take a look. . .

Somerville Real Estate Market Stats
Real Estate Market Comparison April 2008 to April 2009

As you can see, the inventory of homes and condos for sale in Somerville is quite a bit lower than last April. Let’s take the number crunching a step further and look more closely at what’s going on today:

Somerville Housing Stats April 2009

The last column shows the number of months of inventory that’s currently for sale. Right now the market for single family homes and multi family properties are at equilibrium while the condo market is showing it’s still a buyer’s market in the city. Does this mean that if you decide to sell your Somerville condo that it will take you 11 months? Absolutely not! Keep in mind that this number is an estimate of how long it would take to sell every property that is on the market as of today. There are some properties that are grossly overpriced and just won’t sell. It also depends on the amount of marketing the property receives. I’ve just put a condo in Somerville under agreement after only 38 days of marketing.

Curious to take a look back historically at the Somerville real estate market? Here’s what the housing market looked like in January and the real estate stats from November 2008.