Archive for the 'Real Estate Market Info' Category
The Somerville Real Estate Numbers for February 2009
In Massachusetts it takes about six to eight weeks for a home sale from offer to closing. So February real estate sales data reflects market activity from December and January. Here’s the Somerville, MA sales info for February 2009:
183 residential properties were on the market in Somerville on February 28, 2009. The lowest priced property was listed for $149,900, the most expensive for $2,875,000. Average days on market was 183.
24 properties sold (closed) in Somerville during February with an average sales price of $487,181. The median sales price was $414,000. Average days on market was 66.
Three single family sales closed in February – for $225,000, for $514,000, and $690,000.
Nine condominium sales closed in February. The least expensive condominium sold for $145,000. The most expensive condo sold in February closed for $733,750. The median condo sales price was $375,000. The average days on market was 97. Somerville condos sold for an average of 97% of list price.
Twelve multi-family property sales closed in February. The lowest sale price for a multi-family was $202,000. The highest price paid was $595,000. The median sales price was $455,500. Multi-families sold for an average of 98% of list price.
Total Somerville closed residential real estate sales volume in February was $9,934,250.
Information based on residential sales data in MLSpin
On the real estate calendar spring starts early. Some say the beginning of the spring market is January 2nd, others insist the kickoff is the day after the Super Bowl. One thing’s for sure – there are a lot of great properties coming on the market in Cambridge and buyers are out and about.
Closed sales information reflects activity from two months ago since the average real estate transaction closes about six to eight weeks after a property goes under contract. Here’s the sales data for February:
306 properties were on the market in Cambridge on February 28, 2009. The lowest priced property was listed for $199,000, the most expensive for $4,850,000. Average days on market was 134.
25 property sales closed in Cambridge during February with an average sales price of $647,500. The median sales price was $510,000. Average days on market was 89.
Three single family sales closed in February - for $538,000, $895,000 and $3,700,000.
18 condos closed in February. The least expensive condominium sold for $317,000. The most expensive condo sold for $660,000. The median condo sales price was $424,500. Condos sold for an average of 97% of the asking price.
Four multi-family sales closed in February. The lowest sale price for a multi-family was $500,000. The highest price paid was $820,000. The median sales price was $712,500. Multi-families sold for an average of 96% of list price.
Total Cambridge closed residential real estate sales volume in February was $16,187,500.
Information based on residential sales data in MLSpin.
Every Wednesday the Cambridge Coldwell Banker Real Estate agents tour the new listings coming on the market. Today was a great tour. There were 15 properties on the tour and among them some real gems. Here are my favorites:
Avon Hill Mansard Townhouse
We started the tour at a very special property – a townhouse condominium in a largely unspoiled Victorian mansard duplex on an Avon Hill side street. Beautiful period detail, high ceilings, and wonderful views of the surrounding Avon Hill Victorians and backyards from every window. Most will opt to update this three-bedroom townhouse but the price of $799,000 in this desirable neighborhood struck everyone as a very good buy.
Cambridge Single Family Homes
One of the highlights of our tour was a single family home on Avon Hill. Essentially new after a complete transformation in 2006, this house is exquisite. New houses or gut renovations are not usually my personal favorites but this house is exceptional. As I walked through it, accompanied by a chorus of ooohs and aahs from my fellow real estate agents, the Not So Big House books by Sarah Susanka came to mind. Not that the house is small – with four bedrooms, four levels of living space, and over 3500 square feet it’s generously sized - but the fine finishes and exquisite detail remind me of Susanka’s emphasis on quality. From the beamed ceiling in the living room, the unusually wide staircase, to the perfection of the kitchen and baths – this house is a delight. Priced at $2,325,000 and one of the nicest Cambridge single family houses I’ve seen in a long time.
Most days the Avon Hill house would be hard to beat but we weren’t done yet. I’m an old house enthusiast and a huge fan of unspoiled antique houses. As we walked into the next house on tour, a 13 room, 6 bedroom Victorian, my colleague exclaimed “Now this is what it’s all about.” This absolutely lovely quintessential Cambridge home sits on a quarter acre lot on a side street near Brattle Street and the Charles River in West Cambridge. A grand old home, it has wonderful period detail, elegant formal rooms and sweet and cheery bedrooms. Gracious and inviting, this is the house you think of when you visualize an old Cambridge manse. Well loved for decades, the next owners will be fortunate to call this house home.
We saw a variety of condominiums in Somerville, Watertown, Cambridge and Arlington on tour. The standout for me was a spacious six-room, two-bedroom condo on Winter Hill in Somerville. Somerville has several streets with really beautiful Victorians and Adams Street in Winter Hill is one of them. This condo, one of five condominiums spread out in the house and adjacent carriage house, is the crown jewel of the association at 60 Adams. Walk across the wide front porch through the main door of the house – now the private entry to the condo - into an enormous foyer. Inside, the Victorian golden oak detail is jaw dropping - a built-in bench next to the fireplace in the living room, thickly framed stained glass panels in the formal dining room, columns, pocket doors, and a massive built-in china cabinet with leaded glass doors. The kitchen is scrumptious – a bit updated, a bit vintage – very usable and completely charming. 60 Adams Street, Somerville is a dazzler and is coming on the market for $424,900.
Arlington and Watertown Condominiums
We also saw two condos today that are great options for first-time buyers. One is a newly renovated condo in a brick four-unit condo building in Watertown. Filled with light, open and bright, this two-bedroom condo with study has a gorgeous kitchen and new bath. The developer did some very nice detail work and this condo seems exceptionally well priced at $314,000. If you’re looking for a Cambridge condominium you might want to include this Watertown condo in your search since it’s just off Mount Auburn Street near the Cambridge line.
Another excellent first-time buyer option was a three-room one-bedroom condo in a classic brick building in Arlington near the Capitol Theatre. Charm and character, hardwood floors and parking for $229,900 and you can hop on the 77 bus to Harvard Square.
I tour new listings all week long. Check back often for the latest and greatest. See a property you like? Need more information? I’m just a phone call or email away!
For Cambridge rental property owners, whenever tenants turn over the question comes up – How much can I get for my Cambridge rental? What rent should I charge for a new lease?
Factors Impacting Rents For Your Cambridge Apartment
- Size and number of bedrooms
- Neighborhood desirability
- Distance from the nearest Red Line or Green Line subway stop
- Level of renovations – kitchens and baths are most important
- Amenities such as parking, laundry access, hardwood floors
The rent you received from the previous tenants is a good starting point for determining the right rent to charge. But the market may have changed since you last sought new tenants. Consulting a rental agent – or several – is often the best way to determine market rent for your apartment.
Harvard Sets Rents for 2009-2010
Harvard recently surveyed and studied Cambridge rents to set rates for next year’s leases. These rates give some idea of potential rents in Cambridge but keep in mind that Harvard’s rental rates include all utilities and the units are often more updated than many Cambridge apartments. Harvard’s market rents effective July 1, 2009:
- Studios: $1,285 to $1,630
- One-bedrooms: $1,475 to $2,050
- Two-bedrooms: $$1,855 to $2,663
- Three-bedrooms: $2,280 to $3,158
- Four-bedrooms: $2,700 to $3,200
The Value of Good Tenants
In the end, after gathering as much information as you can, you will be the judge when deciding what rent you should charge. As a landlord you will want to ask yourself what peace of mind is worth to you. Ultimately getting a good tenant is as important – even more important – than getting the highest possible rent. Most landlords will opt for fewer problems rather than a few more dollars.
Every Wednesday Cambridge Coldwell Banker agents tour the new real estate listings. It’s a great opportunity for agents to see the new inventory and for sellers to have plenty of agents through their property at one time.
It was a beautiful day for a tour today – sunny and relatively warm. It felt like spring!
We saw a variety of Somerville and Cambridge condos on today’s tour. There are some wonderful condominiums coming on the market this week: Read the rest of this entry »
The Medford Real Estate Numbers for January 2009:
18 properties sold (closed) in Medford during January with an average sales price of $344,952. The median sales price was $380,650. Average days on market was 62. Properties sold for an average of 98% of asking price. Medford single family sales were particularly strong. Read the rest of this entry »
The Belmont Real Estate Numbers for January 2009:
78 properties were on the market in Belmont on January 31, 2009. The lowest priced property was listed for $250,000, the most expensive for $2,995,000. Average days on market was 166.
It was a quiet month in the Belmont real estate market as only 5 properties sold (closed) during January with an average sales price of $725,400. Average days on market was 123. These closed sales reflect real estate activity in November and December or before. In Massachusetts it typically takes six to eight weeks from the time an offer is accepted for the transaction to close. Read the rest of this entry »
The Watertown Real Estate Numbers for January 2009:
82 properties were on the market in Watertown on January 31, 2009. The lowest priced property was listed for $192,000, the most expensive for $1,395,000. Average days on market was 180.
14 properties sold (closed) in Watertown during January with an average sales price of $405,821. The median sales price was $372,500. Average days on market was 87. These sales reflect real estate activity in November and December or before since in Massachusetts a real estate transaction typically closes six to eight weeks after an offer is accepted. Read the rest of this entry »