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As a Cambridge real estate agent, the city squares of Cambridge, Somerville and Medford and the town centers of Arlington, Watertown and Belmont, Massachusetts are my home turf. And as a lifelong New Englander who’s lived within twenty miles of Boston most of my life, I can introduce you to other nearby towns as we search for your new home. If you’re planning to sell your home in Cambridge, MA or nearby you’ll find plenty of info about the home selling process here too. Questions? Send me an email or call me at 617-504-1737.

Cambridge MA Real Estate Market Update Jan-Sept 2012

Cambridge Real Estate Market Update

Cambridge Real Estate Market Update

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

Categories: Real Estate Market Info

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