The Somerville Condo Market

Today let’s talk about the condo market in Somerville and look at what’s been going on in the city over the past year.

Real Estate Market Chart by Altos Research

In the spring, summer and fall of 2011 we saw prices rise (the black line) as the number of condos listed on the market (the orange inventory line) went up and prices fall as the level of inventory went down in autumn. We normally see less properties for sale in the winter months but then something unusual occurred – spring 2012 came and we didn’t see the level of inventory rise. Considering how mild the winter was, the spring real estate market started early – in February. March 2012 rolled around and we still had a shortage of inventory. This has been driving the prices of condos up. Even though there are more condos for sale now, we are still significantly below the number of units for sale at this point last year. This is continuing the fast pace of our spring market. Condos are selling quickly and it’s not unusual to see multiple offers.