The Hayden Update

With my recent listing of 74 Gilman St. in Somerville I got a taste of where the Market is going, and boy is it exciting! We were able to sell the listing quickly. You must check out the article in The Boston Globe about the “Market Perking Up.” They discuss that the market is turning and “the bidding wars are back”!

I sold this property in just one day, on the Market! It proves that the spring Market has started and it is time to list your property. 25 Linden Ave #14, Somerville

The Boston Globe just published some interesting statistics.

Cambridge Summary: We are off to a rough start with Inventory for January remain quite low, less 48% compared to the same period last year. ~ Condo listing $ volume is down 42% from 84 million to 48.5 million in value. Very little improvement from December. ~ The median list price rose by 9%with properties selling at about the same rate, taking an average of 4.5 months to either go U/A or off market. ~ The number of condos that went under agreement was down by 15. Cambridge condo sales dropped 13%.

Sold $ volume was down 32% from 17 to 12 million. ~ The median sale price dropped 8% with the ratio of sale price to original price refecting the limited inventory at 97%. ~ The average square foot price for January was $433 per square foot with the average living area at 1,045 sf compared to $501 per square foot with an average unit size of 1,088 square feet in 2011.

Somerville Summary: Condo inventory was down by 14% for January. ~ Listing $ volume was down 1.4% from 34 million to 33 in. ~ The median list price was flat increasing by 1.4% with the active days on market showing more demand dropping from over 4 months to three. ~ Condos going under agreement increased by 48%. Condos sold for the month were up 7%.

Somerville condo sold $ volume for the month was flat up only $1,300 from January last.~ Sold average days on market did not change at 3.7 months on average. The original price to sale price ratio dropped by 2% to 91% of the original list price. ~ The average square foot price dropped to $303 per square foot from $325 with the average condo size of 1,298 square feet compared to 1,243 square feet.

Good News! The number of Cambridge  Condominums Sold in 2011 went up 7.7% over 2010. Click Here for more information on the market stats for December Sales for Singles and Condos in Cambridge, which includes YTD info.