The median price of a condominium in Somerville, Massachusetts increased during the first three months of 2015, but tight inventory resulted in a decline in condo sales, according to data compiled by the Massachusetts Association of Realtors.
The median price of a Somerville, MA condominium increased 11.5 percent in the first quarter to $520,000 compared to $466,250 during the same three-month period in 2014. On average Somerville home buyers paid 99.3 percent of the original list price from January through March.
Condo sales decreased 24.3 percent during Q1 2015 to 53 from 70 units sold during the first quarter of 2014. Pending sales – properties under agreement but yet to close – in the first quarter declined from 107 last year to 81 this year, a 24.3 percent decline.
The median price of a Somerville condo increased 5.1 percent to $535,000 from $508,950 in March 2014. Home buyers paid on average 101.7 percent of the original list price. Sales declined 40 percent in March, and pending sales in March slipped by 6.3 percent.
The number of condo units available in March declined by one compared to March 2014. The months supply of inventory remained at 0.8 months in March. New condo listings in March remained the same at 56.
There were three single-family homes sold in Somerville in March at a median price of $590,000. During the first three months of the year, 10 single-family homes sold at a median price of $572,500, up 14.5 percent compared to the same period in 2014.
In March home buyers paid 92.2 percent of the original list price, but 98.6 percent of the original list price during the first quarter. The months supply of inventory for single-family homes stood at 0.7 months in March. There were only five homes on the market.