Archive for the 'Real Estate Market Info' Category
With all the multiple bids and sales for far above asking price this spring I find myself paying a lot of attention to the closed sales on the hotsheet. You may be asking too – wonder what that house sold for?
Here’s the first in a series of posts with sales prices for Cambridge single family houses that closed in the last three months and had asking prices less than $1,000,000:
Cambridge Houses Priced Under One Million
76 Sixth St 02141 ….6/3/1 attached …. Ask $399,900 …. Sold $440,000
108 Dudley St 02140 …. 7/3/1 …. Ask $489,000 …. Sold $555,100
42 Valentine St 02139 …. 5/2/1.5 townhouse …. Ask $499,000 …. Sold $550,000
9 Oakland St 02139 …. 8/5/1 …. Ask $545,000 …. Sold $430,000
46 Valentine St 02139 …. 7/2/1 …. Ask $549,000 …. Sold $632,000
50 Hancock St 02139 …. 8/4/1 …. Ask $599,000 …. Sold $550,000
126-E Oxford St 02140 …. 6/2/2 townhouse …. Ask $410,000 …. Sold $600,000
9 St. Saveur Ct 02138 …. 9/3/2 …. Ask $669,000 …. Sold $701,500
30 Crescent St 02138 …. 8/3/2 attached …. Ask $679,000 …. Sold $699,000
5 Corporal McTernan 02139 …. 5/3/2.5 townhouse …. Ask $699,900 …. Sold $726,000
114 Tremont St 02139 …. 5/2/3.5 …. Ask $749,000 …. Sold $830,000
31 Bay St 02139 …. 7/3/1 …. Ask $749,000 …. Sold $749,000
122 Western Ave 02139 …. 6/3/2.5 …. Ask $775,000 …. Sold $777,500
117 Charles St 02141 …. 5/3/3 …. Ask $849,000 …. Sold $799,000
115 Charles St 02141 …. 5/3/3 attached …. Ask $869,000 …. Sold $760,000
105-A Trowbridge St 02138 …. 7/3/3 townhouse …. Ask $875,000 …. Sold $931,000
111-8 Trowbridge St 02138 …. 7/3/3.5 attached …. Ask $899,000 …. Sold $903,000
24 Locke St 02140 …. 9/5/2 …. Ask $950,000 …. Sold $985,000
26 Parker St 02138 …. 10/6/3 …. Ask $995,000 …. Sold $1,355,000
Note: Room counts are given as total rooms / bedrooms / baths. If the property is in a townhouse development or attached to another dwelling that is noted. If no style is listed the houses are free standing. House sales closed between March 1, 2013 and June 3, 2013.
Next we’ll look at Cambridge Single Family Sales of Houses Priced Over $1,000,000.
When I was checking the hotlist today for properties new to the market I noticed a number of newly listed Cambridge one-bedroom condos.
Whether you’re trying to get a toehold in the Cambridge real estate market with your first place, looking for a city getaway, or seeking a place to call home while you’re in school in Cambridge for a few years, you’ll want to check out this week’s one–bedroom condos in Cambridge. And best to act fast – this spring there’s a “blink and it’s gone” pace to the market.
Over the last six months one-bedroom condominiums in Cambridge have sold for a median price of $439,800 and a median price per square foot of $530. Both of those figures probably skew a bit high because of the large number of luxury condos at Northpoint in the mix.
The condos that caught my eye that are included below range in size from 542 to 798 square feet and are priced from $325,000 to $409,000. They’re in a variety of building types that give a good idea of what you’re likely to find in Cambridge – the buildings date from the 1870s to the 1970s with most built around the turn-of-the-century. Asking price per square foot ranges from $437 to $755 with a median price per square foot of about $510. Four of the six have a parking space. The condos are all over town – from North Cambridge to Cambridgeport, to Riverside, Central Square and Harvard Square.
Click on the small photos below for additional photographs and more information. See something you like? Give me a call and we can make a plan to see one or all.
Liz Bolton, ReMax Destiny, Cambridge. 617-504-1737 [email protected]
Are you having trouble finding a Cambridge condo to buy? No wonder – inventory is at record lows. Here’s how the numbers looked at this time of year over the last decade:
2003 . . . . . 151 condos listed for sale on February 5th
2004 . . . . . 127
2005 . . . . . 225
2006 . . . . . 321
2007 . . . . . 265
2008 . . . . . 287
2009 . . . . . 243
2010 . . . . . 174
2011 . . . . . 182
2012 . . . . . 92
2013 . . . . . 86** **Only 64 condos are actually available for sale
Ouch. There are 86 Cambridge condos listed in the MLS for sale right now. But actually only 64 are available for purchase. 22 are what we call “Red Active” – the condos have an accepted offer and are under agreement. The listing agents and sellers are continuing to market the condos but the agent view in the MLS shows the status in red indicating that the property is under agreement.
So there are only 64 condos for sale right now in Cambridge – less than half of what was for sale in every other year this past decade aside from 2012 when 92 condos were listed for sale on February 5th.
But the inventory is even tighter than that number suggests – particularly if you don’t want to live in a modern building in East Cambridge. 21 of the 64 condos listed for sale are at NorthPoint and 10 more are scattered among the other luxury buildings in East Cambridge – the Esplanade, Thomas Graves Landing, the Glass Factory, River Court, the Regatta and One First.
These are beautiful condos in the East Cambridge buildings but if that’s not the style or location you’re looking for there are just 33 condos currently available anywhere else in Cambridge. Seven of these are priced at more than $1,000,000.
So what’s a buyer to do?
You really need to have your ducks in a row and your team in place. If properties do come on the market in your price range make sure you see them so you can start to get an idea of what’s possible. You’ll want to get preapproved by a reputable lender so you’ll know what your price range is and so you’ll be ready when you do want to make an offer. Find an agent with whom you feel comfortable working. It’s more important than ever that you work with an excellent real estate agent. An experienced agent’s advice and help with strategy is critical in a market as competitive as this. Make sure you share all the details of your wish list – and its refinements over time – with your agent so that she can keep an eye and ear out for any new listings that might be a match. And try to be available to get out to see places as quickly as possible.
If you’re a seller this is an excellent time to put your property on the market.
Conventional wisdom may be that listing your home for sale in spring is optimal but it’s difficult to recall a better time than right now to sell a property. Buyers are out in force and you’ll have little competition. If your property is priced right – and pricing remains an important factor – and marketed well you may receive multiple offers and be able to select an offer with excellent price and terms. Now is not the time to sell your property to the neighbor knocking on your door or to buyer calling you on the phone because your house didn’t sell a few years ago. If one person wants your house it’s a good bet that if your house is put on the market there will be multiple interested buyers.
Whether you’re interested in buying or in selling I would be happy to discuss what’s possible in this market. Please give me a call at 617-504-1737 or email me at [email protected]. Liz Bolton, ReMax Destiny
The Massachusetts Association of Realtors released the November real estate numbers on Friday – and encouraging numbers they were.
Here are some of the highlights:
Single family house sales were up 29.2% from November a year ago
The median price for a Massachusetts single family house was up 3.5% from a year ago
Condo sales were up 35.9% from November 2011
The median price for condos was up 12.6% from a year ago
Inventory dropped dramatically – down by 25.9% for houses and down 34.4% for condominiums
In the Greater Boston real estate market this was the busiest November for house sales since 2004
If you’re thinking of buying or selling in 2013, give me a call – I’d love to help. Liz Bolton, ReMax Destiny. 617-504-1737.
I’ve been previewing a lot of Watertown properties recently so it seems like it’s high time for a Watertown MA real estate market review. As we head into the holidays and real estate takes a bit of a pause let’s see how real estate sales did in Watertown in 2012.
Properties on the Market in Watertown MA
As of today there are just 52 residential properties on the market in Watertown MA that are listed on the MLS. This time of year tends to be a low point for listings as most sellers opt to wait until after the 1st of the year once we’re in the holiday season. But inventory is particularly low this year. Last year at this time there were 82 Watertown properties listed for sale in the MLS. Inventory has dropped by 36.6%.
Pickings are even slimmer than these numbers suggest. 16 of the 52 properties are actually under agreement. They’re listed as “red active” – still showing as active but listed in red on the agent’s view because the seller has already accepted an offer.
Watertown MA Real Estate Sales
355 residential properties sold in Watertown in the last year. These properties were on the market an average of 72 days. On average, Watertown real estate sold for 98% of the asking price.
The year before, 313 properties sold in Watertown. Despite limited inventory, the number of real estate sales is up by 13%. Days on market have decreased 20% and properties are selling for closer to asking price than they did a year ago when they on average sold for 96% of list price.
Single Family Houses Sold in Watertown
Watertown single family house sales held steady. In the last year 91 houses have sold vs. 88 in the year before. Average days on market is down to 65 days from 73 days the year before.
The median price for a house sold in Watertown held steady as well – $429,910 vs. $431,250 the year before. What did you get for $430,000? In 2012 that bought you a three bedroom, two bath Cape.
Condo Sales in Watertown
Lots more condos sold this year than last. 204 condos have sold in the last 12 months vs. 157 in the year before. Days on market went down to 83 from 118 the year before. The median price of a condo sold in Watertown in the last year was $328,500.
What did you get for $328,000 in Watertown? In 2012 it bought you a 1270 sq.ft. two-bedroom condo with two baths and garage parking in a large complex. Or you could have purchased a renovated 1100 sq.ft. two-bedroom condominium with one bath in a two-family house with 2 outdoor parking spaces.
Fewer multi-family houses sold in Watertown this year. 60 multi-unit houses sold over the last 12 months vs. 68 in the previous 12 months. That probably is due to fewer multis being listed for sale – just four are on MLS right now. That low inventory meant that multi-families sold much more quickly – average days on market dropped to 45 days from 89 days the year before. The median sale price in the last year was $532,500.
Do you have a property to sell in Watertown? Or are you hoping to move to Watertown? I can help. Give me a call at 617-504-1737 or send me an email via the Contact Me form. Liz Bolton, ReMax Destiny
A recent line in the New York Times caught my eye the other day. It seems that the average price per square foot for a condo at One57 in Manhattan – aka the Billionaires Building – aka the building-with-the-collapsed-crane – is $6,500. $6,500 to own a square foot of New York City. Yowza! Turns out that that’s not the most expensive real estate in NYC – I found at least one reference to a sale for twice that or $13,000 per square foot.
What’s the highest price per square foot in Cambridge I wondered?
In the last three years only four buildings in Cambridge commanded a price per square foot of more than $1,000. Only 14 properties of the 2,556 condos or houses – just over 1/2 of 1% – sold in Cambridge sold for more than $1,000 per square foot in the last three years. The buildings with the highest price per square foot in Cambridge are:
University Green at 130 Mount Auburn Street (3 condos sold)
The Esplanade at 75-83 Cambridge Parkway (3 condos sold)
The Residences at Charles Square at 975 Memorial Drive (7 condos sold)
1010 Memorial Drive (1 co-op sold)
These Cambridge buildings that command the highest price per square foot are all full-service luxury buildings. Three of the four are on the Charles River. University Green and Charles Square are right in Harvard Square.
For these 14 Cambridge properties, the price per square foot ranged from $1,003 to $1,516. That’s the top price you’ll pay in Cambridge but in NYC it’s an average price – or more precisely the median price – which ranged from $1,129 to $1,592 per square foot in New York City’s most expensive neighborhoods. In Cambridge, a relative bargain by New York City standards, this year the median price per square foot for condos was approximately $468.
When you search for properties that have sold for more than $1,000 per square foot in Cambridge in the last few years your search will return only condos and co-ops. You have to search further back to find any houses that sold at this price point. Two single family houses, one in 2003 and one in 2006, sold for more than $1,000 per square foot. Both were in the Brattle Street neighborhood of West Cambridge. A couple of other houses commanded a price per square foot in this range but the price was clearly based on the land, not the structure.
Wondering what’s for sale in Cambridge’s most expensive buildings? Here are condos currently listed for $750,000+
Photo of the collapsed crane at One57 courtesy of Sarah_Ackerman.
Here’s the last of the third-quarter wrap-ups with a Somerville MA real estate review of sales for January through September 2012.
Last year’s numbers for the same period are in parentheses.
Like the other towns and cities we’ve looked at Somerville real estate has done much better in 2012 than in the last few years. Demand was way up and inventory was way down. Significantly more properties sold this year than last. The increase was in condo and single family house sales while multi-family sales held steady.
On September 30, 2012 112 residential properties were on the market in Somerville. That’s a dramatic drop from one year ago when 227 properties were listed for sale.
Total properties sold in Somerville – Jan-Oct 2012 (2011)
- 551 (452)
- Average days on market = 67 (83)
- Properties sold for an average of 99% of asking price (97%)
- Median price of $419,900 ($410,000)
Somerville Single Family Sales – Jan-Sept 2012 (2011)
- Total sold: 68 (48 )
- Sale prices ranged from $185,000 – $1,295,000 ($109,000 - $965,000)
- Median price: $472,250 ($460,000)
- Average days on market: 89 (71)
- On average, houses sold for 99% of asking price (98% )
Somerville Condo Sales – Jan-Sept 2012 (2011)
- Total sold: 367 (286)
- Sale prices ranged from $144,850 – $1,200,000 ($73,000 - $1,180,000)
- Median price: $390,000 ($365,500)
- Average days on market: 66 (87)
- On average, condos sold for 99% of asking price (98%)
Somerville Multi-Family Sales – Jan-Sept 2012 (2011)
- Total sold: 116 (118)
- Sale prices ranged from $235,000 – $1,180,000 ($190,000 – $2,075,000)
- Median price: $535,000 ($520,000)
- Average days on market: 72 (79)
- On average, multi-unit houses sold for 98% of asking price (96% )
Info about Somerville MA real estate market in 2012 (2011) from MLSpin
It has been a very busy year in Cambridge real estate. Summer is usually a slower season but there was little let up this year. Buyers have outnumbered sellers all year leading to bidding wars and quick sales.
Here’s a look at the numbers for the year to date. The same period’s numbers, January through September, in 2011 are in parentheses for comparison.
The numbers tell the story – by every measure 2012 has been a much stronger year than 2011. This is the first year I remember seeing the overall market list to sale price ratio at 100%. As you’ll note, so many single family houses and multi-families sold for over asking that on average these properties were selling for more than the list price. In 2012 it took considerably less time for most properties to sell with days on market reduced significantly.
On October 31, 2011, 167 properties were listed for sale in Cambridge. That’s a big drop in inventory levels from last year at this time when 249 residential properties were on the market. It’s no wonder the market is so frenzied – demand is way up and inventory down. If you’ve been wondering about whether or not it’s a good time to sell the numbers make the question easy to answer – yes – it’s an excellent time to sell in Cambridge right now.
Residential real estate sold in Cambridge – Jan-Sept 2012 (2011)
- 813 properties sold (695)
- Average days on market = 57 (80)
- Properties sold for an average of 100% of asking price (97%)
- Median price of $475,000 ($465,000)
Cambridge Single Family Sales – Jan-Sept 2012 (2011)
- Total sold: 100 (87 )
- Sale prices ranged from $315,000 – $3,740,000 ($280,000 - $3,750,000)
- Median price: $882,000 ($793,475)
- Average days on market: 54 (74)
- On average, houses sold for 102% of asking price (97% )
Cambridge Condo Sales – Jan-Sept 2012 (2011)
- Total sold: 642 (560)
- Sale prices ranged from $187,500 – $2,870,000 ($164,000 - $3,450,000)
- Median price: $443,000 ($424,900)
- Average days on market: 59 (82)
- On average, condos sold for 99% of asking price (97%)
Cambridge Multi-Family Sales – Jan-Sept 2012 (2011)
- Total sold: 71 (48)
- Sale prices ranged from $400,000 – $2,186,000 ($282,000 – $2,325,000)
- Median price: $899,000 ($810,000)
- Average days on market: 49 (68)
- On average, multi-unit houses sold for 103% of asking price (97% )
Info about Cambridge MA real estate market in 2012 (2011) from MLSpin