Cambridge residents have long proven the rewards of careful preservation of historic property; a passionate sense of pride in home ownership and strong community spirit.
Media tends to report on national and regional scales. Thus, real estate is indeed local evidenced by the sales trends in our local markets differing vastly from home sales results in towns just a few miles away. For the past few years home sales across the country showed record downturns yet average and median sale prices held steady or increased in Cambridge, MA – signs of sustained (and even increased) home values.
In 2011 our Days on Market averaged within 90 days from List Date to Sale Date for all property types; another significant difference from other markets which experienced not just a few weeks longer on market but averages lasting 6-9 months for many homes to sell (and even longer in some states).
Cambridge Market Summary 2010 – 2011
Highlight of 2011: Condominium and Multi-Family properties reached near record Median Sale Prices in 2011 to within $5,000 of the 11-year peak since 1999.
Housing Stock: 7% more Condominiums sold in 2011 than in 2010; but the inventory for Single Family and Multi-Family homes decreased 6% – 11% from the previous year resulting in correlating decreases in total sales volume as well. This is setting the stage for a very strong Spring Market in 2012; already seen by multiple offer scenarios in the first few weeks of the new year for Single and Multi-Family homes.
Average Sale Prices: Condominiums held steady with a 1% increase in 2011 and for the first time in several years Single Family properties experienced a decrease in Average Sale Price by 7%. Hot on the market right now are Multi-Family properties which yielded 5% increase to average sale price in 2011.
For more detailed 2011 Cambridge market statistics such as Median Sale Price and Days on Market; contact me today at 617.245.4072 to discuss further. All Clients receive my Residential Market Analysis© which includes an 11-year historical trend analysis (see details below).
A Look Back: Cambridge Market 2009 – 2010
From 2009 to 2010 the Average Sale Price for Cambridge homes increased 7 – 18% and Median Sale Price increased 3 – 13% for Condo, Single and Multi-Family properties.
Median Sale Price vs. Average Sale Price
Mortgage Lenders and Underwristers use Median Sale Price to ascertain market strength or weakness (by zip code, city, town etc.). If a local market is determined to be a “declining market”; this means it poses higher risk to the Lender, this risk is then passed to borrowers in mortgage financing rates, terms and conditions.
Residential Market Analysis©
My custom Residential Market Analysis© provides an 11-year trend analysis for residential home sales from 1999 – 2011 for Cambridge Condominium, Single Family and Multi-Family properties. This report is available to Clients for Cambridge and Somerville as well as surrouding towns to gain in-depth understanding of local housing trends.
To obtain a clear and accurate assessment of any real estate market, bear in mind data alone is meaningless unless compared with the same statistcal analysis for previous time frames to gain useful trend information. Work with a highly-qualified reputable professional who is representing your best interests to ensure you receive all relative market data.
Need more information? Call me today at 617.245.4072 to schedule an appointment to receive a fair market analysis of a specific property.
