Beautifully Maintained 2 Family Near Tufts
$539,900
www.55Woods.com

Meticulously maintained 2 family home near Tufts. Sunny owner’s unit has modern kitchen. Central air keeps you cool in summer. Hardwood floors throughout (even in the kitchens). Bonus den and office on 2nd floor. Newer gas heating systems (2001 & 2007). Replacement windows or Anderson windows everywhere except back porches. Recessed lights. The owners have maximized outside enjoyment with a deck and garden. There’s even a sour cherry tree & peach tree. 1/2 mile to Tufts and 1.3 mi to Davis Sq.

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.

When: Tuesday, September 22nd 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 and discuss how these sales impact your property selling plans. Sign up by September 21st by calling (781) 446-9720 or email me. Please include your property address if you’d like to be included in the area market analysis.

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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

*

There are a wide variety of condos in each city. They range from small associations in converted 2 or 3 family houses to high rise condo buildings like Station Landing which is a city within a city.

Now if you’re thinking of selling a condo in Somerville, dont’ be discouraged by the fact that there are 11 months of inventory on the market right now. That figure shows how long it would take for every condo currently for sale in Somerville to sell. Some of the units are so overpriced, they aren’t truly on the market (IMHO of course.) The condos that are priced right, will sell. I closed on a condo in Somerville this week that I sold in 38 days.

The same hold true in Medford. Although the average days on the market for condos in the city is 115, if you price your condo right and market it well, you can sell much fast. I sold this Medford condo in 11 days for its full asking price.

Whether you sell or sit on the market comes down to the basics – location, condition, price and marketing.

* Source MLSPin

Bring your HGTV ideas to this 2 family only one mile from both Davis and Porter Square. Decorative mantles in each living room. EIK with pantries. Updated bath on 1st floor. Two level owner’s unit has formal DR with built in china cab. Washer/dryer in kit for convenient laundry. Updates include vinyl siding and replacement windows. Roof 1997/Furnaces 2002. Separate systems. Gas heat and cooking, so you won’t need to deal with the volatile cost of oil. There is a private, level back yard too.

Sometimes seeing all of the numbers at once can be a bit overwhelming, so this chart breaks out the number of month of inventory of single family homes for sale in each city:

Not surprising the cities with the highest price tags, Cambridge and Winchester, have the most number of months of inventory already on the market. Looking at months of inventory help you really narrow in on what’s happening in a real estate market because it factors in demand, not just numbers of homes for sale or average days on the market.

Well maintained 3 family for sale 1/2 mile to Porter & Davis Square, Somerville located on a quiet, tree lined street. The 1st floor has abundant natural woodwork. Eat in kitchens in all apartments. Nice wide staircase. 2nd floor shows hardwood floors in LR & BR. LR has lovely decorative mantle. Lots of closets. 3rd floor has new carpeting in LR & BR. Extra room can be used as either DR or BR with no closet. Updates include vinyl siding, circuit breakers, new roof in 2006. Separate systems. All boilers replaced 12 years ago. Nice yard & deck.

As you can see, the inventory of homes and condos for sale in Somerville is quite a bit lower than last April. Let’s take the number crunching a step further and look more closely at what’s going on today:

The last column shows the number of months of inventory that’s currently for sale. Right now the market for single family homes and multi family properties are at equilibrium while the condo market is showing it’s still a buyer’s market in the city. Does this mean that if you decide to sell your Somerville condo that it will take you 11 months? Absolutely not! Keep in mind that this number is an estimate of how long it would take to sell every property that is on the market as of today. There are some properties that are grossly overpriced and just won’t sell. It also depends on the amount of marketing the property receives. I’ve just put a condo in Somerville under agreement after only 38 days of marketing.

Curious to take a look back historically at the Somerville real estate market? Here’s what the housing market looked like in January and the real estate stats from November 2008.

When: Monday, April 6th from 7:30 – 9:30 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 and discuss how these sales impact your property selling plans. Sign up by September 15th by calling (781) 446-9720 or email me. Please include your property address if you’d like to be included in the area price round up.