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!

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.