The median price of a condominium in Somerville, Massachusetts increased 13.8 percent during the first eight months of 2015 to $557,500 compared to $490,000 during the same time frame last year, according to data compiled by the Massachusetts Association of Realtors.
In August the median condo price increased 10.9 percent to $560,000 from $505,000 in August 2014. Paying more than the list price for a Somerville condo was not uncommon. On average homebuyers paid 104.1 percent of the original list price in August and through August 2015.
Tight inventory has slowed condominium sales in Somerville. Although the number of condo units sold increased by four to 56 in August, condo sales through August declined 17.8 percent to 272 units compared to 331 units sold during the same eight-month period in 2014. Pending sales – homes under agreement that have yet to close – decreased 8.6 percent in August and 15.0 percent through August.
The number of condominiums available in August declined 29.3 percent to 29 from 41 available units in August 2014. The months supply of inventory decreased 20 percent from 1.0 months in 2014 to 0.8 months this past August. About six months of inventory is considered a balanced market between homebuyers and sellers. The number of newly listed condominiums increased in August to 28 from 25 new listings in August 2014.
Single-family home prices and sales increased in August in Somerville. The median price increased 34.6 percent to $726,000, and single-family home sales increased 87.5 percent to 15 houses sold. Pending sales also increased from six to 10. Homebuyers on average paid 108.6 percent of the original list price in August and 105.1 percent of the original list price through August.
The number of single-family homes available declined 41.7 percent to seven. Months supply of inventory decreased 41.2 percent to just one month. There were six new listings in August 2015 and August 2014.
Single-family homes remained on the market on average 38.3 percent less days in August, but the average number of days on the market for condos increased by two days.