Sizzling Somerville, MA Actual Property Market Cools Off

The as soon as pink scorching Somerville, Massachusetts, actual property market noticed double-digit drops in costs for single-family properties and condominiums in August on a year-over-year foundation, in accordance with information compiled by the Massachusetts Affiliation of Realtors.

Happy-Mixed-Race-Young-CoupleThe median condominium worth was $700,000 in August, a 20 p.c decline in comparison with $875,000 the 12 months earlier than. Via August, condominium costs rose barely to $815,000 from $795,000, a 3 p.c enhance throughout the identical timeframe in 2021.

In Somerville, which borders Boston and Cambridge and is in Middlesex County, a number of bids and affords effectively over the asking worth have been the norm earlier this 12 months. In Could, homebuyers paid, on common, 107 p.c of the unique itemizing worth for condominiums. In June, they paid 106 p.c, and in July, homebuyers paid 104 p.c of the beginning listing worth. August closings revealed a unique actual property market. On common, homebuyers paid 98 p.c of the unique itemizing worth in August.

Apartment gross sales elevated by two to 72 items bought, however condominium gross sales have been down 23 p.c from January by August to 345 closings from 448 the prior 12 months. Pending gross sales – properties with an accepted contract that haven’t bought but – declined by six to 41.

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The variety of condos obtainable on the market decreased 8 p.c in August to 88 from 96 in August 2021. The months of provide remained tight at two months, which means if owners did not listing any condominiums on the market, there wouldn’t be any condos in the marketplace in about eight weeks.

The median worth of a single-family residence fell 12 p.c to $1,170,000 from $1,325,000 in August 2021. Via the primary eight months of the 12 months, the median worth rose 29 p.c to $1,200,000. Throughout the identical interval final 12 months, the median was $930,000.

Regardless of the decline in median worth in August, homebuyers paid 106 p.c, on common, of the unique listing worth for homes, 1 p.c greater than August 2021 and 1 p.c lower than the primary eight months of 2022.

Single-family residence gross sales elevated to 14, a 56 p.c rise from 9 in August 2021; nonetheless, the variety of homes bought dropped by 22 p.c to 46 closed transactions from 59 by August. Pending gross sales elevated from six to eight 12 months over 12 months.

Homebuyers had 19 properties to select from, up three from August 2021. The variety of months of provide jumped 35 p.c to 2.7 months. There have been 11 new listings, a 38 p.c enhance from the 12 months earlier than.

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