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Cambridge, MA Condo Prices Increase 15% Through November 2013

Jan 18, 2014 8:53:00 AM

From January through November 2013, the price of a condominium in Cambridge, Massachusetts increased compared to the same period in 2012, the Massachusetts Association of Realtors reported in December.

Cambridge, MA Real Estate Median PricesThe median price of a condominium in Cambridge, MA rose 15.2 percent to $514,250, up from $446,250 during the same eleven months in 2012. During the month of November, the median price increased to $616,750, a 34.4 percent rise from $459,000 for a condo during November 2012.

The number of condominiums sold in Cambridge, MA between January and November 2013 rose 1.7 percent to 784 sales, a slight increase from 771 sales during the same time period in 2012. There were 48 condominiums sold in November 2013, a decline of 26.2 percent from 65 condominiums sold in November 2012. The lack of condominium inventory impacted sales.  

The median price of a single-family home increased to $931,000, a 5 percent increase compared to $886,500 during the same eleven-month period in 2012; however, in November 2013, the median price was $1,000,000, down 26.8 percent from $1,366,000 in November 2012.

The number of single-family homes sold in Cambridge, MA between January and November 2013 rose 11 percent to 131 sales, a slight increase from 118 sales during the same time period in 2012. There were 11 homes sold in November 2013, a 22.2 percent increase from 9 homes sold in November 2012.

According to data released by the Massachusetts Association of Realtors, Cambridge saw a decline in real estate inventory in November 2013. The number of single-family homes on the market dropped by 48 percent. The number of condominiums on the market plummeted by 57.3 percent.

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Topics: Real Estate Market, Community Information, Massachusetts Home Prices, Cambridge MA

   

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