Somerville, MA Condos Continue Price Increases in September 2014

The median price of a condominium in Somerville, Massachusetts increased in September to $455,000, a 7.7 percent increase compared to the $422,500 median price in September 2013, according to the Massachusetts Association of Realtors. 

Through the first nine months of the year, Somerville, MA condo prices increased 17.3 percent. The median condo price through September was $488,000. During the same period last year, the median condominium price was $416,000. In September, home buyers paid 102.2 percent of the original list price for condos, and they paid 103.1 percent of the original list price through the first nine months of 2014. Bidding wars and offers for more than list price for condominiums have been the norm recently in Somerville.

Condominium sales declined 19.6 percent in September, down to 37 units sold compared to 46 units sold in September 2013. Lack of inventory has been part of the reason. Condo sales were flat through the first three quarters. There were 366 sales in 2014 and 369 sales in 2013 through nine months. Pending condo sales were up 35.5 percent. There were 42 pending sales in September and 31 units pending in September last year. There were 54 new condo listings, a 3.6 percent decline from 56 in September 2013. 

Condominium inventory declined 17.6 percent in September. There were 42 condos available in September 2014 compared to 51 units on the market the previous September. The months of inventory declined to 1.1 months, a 19.6 percent decrease from 1.3 months. 

The median price of single-family homes in Somerville declined 19.6 percent in September, but there were only eight sales. The median price stood at $435,250, compared to $541,500 the previous September. Through the first nine months of 2014, the median price of a single-family was $540,000, a 1.3 percent increase from $533,000. Home buyers paid 97.1 percent of the original list price in September. 

Single-family home sales declined 33.3 percent. There were 12 sales in September 2013 and eight sales this September. From January through September, there were 63 single-family homes sold, a decrease of 8.7 percent compared to 69 sales during the same nine-month period last year.  There were 13 new home listings in September, a 44.4 percent increase from the nine new listings in September 2013. 

Single family inventory was flat in September. There were 12 single-family houses available in September 2013 an 2014. There was 1.8 months of inventory available in September.