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.

As I’ve mentioned before in my blog, Winchester doesn’t have many multi family homes, so if you’re not familiar with the area, don’t be surprised that so few of them sell.

Single Family Homes – 132 Days
Condos – 147 Days
Multi Family Homes – 134 Days

Let’s compare these figures to what was happening in the city in early December. This will help us compare the fall market (reflected in the December figures) versus the winter market which is what’s showing in today’s latest stats.

The biggest changes we see is the average sales prices of properties in Winchester. The average price of a single family house in Winchester has dropped over $61,000 while the average sales price of a condo in the city has risen by over $69,000.

Also the absorption rates (the amount of months it would take for the amount of demand in the market to buy up all of the existing properties in no more were to come available for sale) are much longer, but this is normally just a reflection of the time of year. Between the holidays and bad weather, we normally see housing inventory taking longer to sell in the winter.

It is now officially spring, so stay tuned to my next blog post about Winchester where we’ll start to see the effects of the spring market.