The black line which shows the median sales prices. Not surprisingly, prices peaked in July – the reason why I say it’s not a surprise is because home prices are negotiated when the buyer’s offer is accepted and it takes about 2 months from then for the closing to happen and the sales price to be made public. This means that sales in July were from prices agreed upon in May during the spring market which is historically the most active selling season of the year.

Because of last year’s extremely snowy winter, the real estate market stalled for a while. Stay tuned to see what 2012 will have in store for real estate prices in Somerville!

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The black line traces the median single family home sales price for Somerville over the last year. On the whole, home prices have been steadily rising (except for that notable time during February when we were buried under so much snow!).

What I find intriguing about the data is the fact that the average days on market (the orange line) echoes the median sales price line. This is unusual. Normally as prices start to rise, days on market begin to fall. The average days on the market for a single family home in Somerville is currently 125 days. When you look at this 4 month marketing time frame in light of how long it takes to sell homes in other parts of the country, it seems pretty fast, so it’s all a matter of prospective!

Both cities have an impressive list of programs and collaboration through the schools, city govenerment and private sector aimed at improving the lives of children and young adults.

Photo Credit by Dan4th

As you can see, sales prices for single family homes in the city came down last winter and then up in the spring. This is a very typcial pattern since buyers that have a choice in their time frame prefer not to buy a new house during the holidays or in the winter.

Prices are on a current downward trend. It will be interesting to see if the prices of homes in Somerville rebound for the fall market. You might be wondering why I said that since it is officially fall. Real estate prices become public the day the house closes, that’s when the house officially sells. However, the price was set 6 weeks to 2 months prior to that when the buyer’s offer was accepted. Because of this, there’s always a delay in real estate statistics.

When: Wednesday, September 29th from 7:00 – 9:00 PM
Where: Medford Fire Station 5
Zero Medford Street (at the intersection of Medford Street and Main Street)

Each spring and fall I team up with a local real estate attorney, John Masciarelli, and we offer a free seminar to the public to help educate people about what to expect if you decide to sell your property. John and I discuss marketing, the legal aspects of selling, current market conditions and leave plenty of time for your questions.

Learn What To Expect In This Market When Selling Your

* SINGLE FAMILY HOME * MULTI-FAMILY * CONDO * INVESTMENT PROPERTY

John Masciarelli, A local real estate attorney and I will discuss:

• Foreclosures and Short Sales
• How Do We Determine Value?
• Can I Sell My Property Without Paying Capital Gains Taxes?
• How Do We Prepare Our Home For Sale?
• How Do We Sell Our Investment Property With Tenants?

For those who pre-register: we will review the most recent sales in your area. Sign up by September 28th by calling (781) 446-9720 or reserve your seat below.

View Larger Map

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Somerville Housing Stats February 2010

These numbers wouldn’t be complete without looking at the average days on the market that it takes for a property to sell.

Average Days On Market
Single Family Homes – 70 Days
Condos – 89 Days
Multi Family Homes – 76 Days

Let’s compare this with last April, right in the middle of the spring market to show you how much healthier the market is right now:

Somerville Housing Stats April 2009

One of the first thing that jumps out at you is that more than double the number of condos have sold in Somerville during the last 6 months than in the 6 months leading up April ’09. The Somerville condo market has gone from a buyer’s market to a solid equilibrium. There hasn’t been any major change in the single family market in the city, but the average sales price for multi family homes has increased by $23,000.

Want to do some more digging in the Somerville real estate market numbers: Here are the housing stats from August 2009 and the Somerville housing market as of January 2009. Check out more community info about Somerville, too.

Somerville Housing Stats August 2009

The numbers wouldn’t be complete if we didn’t also look at the average Days on Market which are:
Single Family Homes – 71
Condos – 90
Multi Family Houses – 81

Let’s compare this to what was happening in the spring.

Somerville Housing Stats April 2009

What instantly jumps out is the change in the condo market. Twice the amount of condos have sold in the last 6 months than sold in the 6 months prior to April, although the average price has gone down by $20,000. We went from 11 months of inventory on the market (which reflects a buyer’s market) to the current 4.2 for the absorption rate (the amount of time it would take for the current demand in the market to buy up all of the properties currently for sale). This now reflects a market at equilibrium.

The multi family market is showing a substantial $19,000 average sales price increase while prices for single family homes in Somerville has remained steady.

If you’re curious, here’s a look back at some older statistics for the city:

• Somerville Market in January 2009
• November 2008 Real Estate Update