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.
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.