It is interesting to reflect on the MLS condo sales figures in Cambridge, Massachusetts for 2011 compared to 2010, and to take stock of where we are at in 2012.
Click on 2011 Cambridge, MA condo sales for an overview of 2011.
Click on 2010 Cambridge, MA condo sales for an overview of 2010.
Let's see what observations can be made about the sales in 2011 compared to 2010.
Observations regarding Cambridge, MA condo sales in 2011 vs. 2010: - Total sales volume in 2011 was $355,475,682 - up $28,767,172 or 8% from 2010. - Total number of sales in 2011 was 713, up 51 condos or 7% from 2010. - Average days on market in 2011 was 82, exactly the same as in 2010. - Average sale price in 2011 was $498,563, up 6.5% from an average sale price of $493,517 in 2010. - Yield on the original list price was 95% in 2011, compared to 96% in 2010. - Yield on the last asking price was 97% in 2011, exactly the same as in 2010.
Overall, one can conclude that the condo in Cambridge, MA in 2011 was very stable and slightly improved over 2010.
Let's now look at the market by price range:
|Price range||2011 sales||2010 sales||Differential|
|0 to $499,999||483||447||+36 more condos in 2011|
|$500 to $999,999||203||189||+14 more condos in 2011|
|$1.0 and up||27||26||+1 more condos in 2011|
These numbers paint a picture of a healthy condo market in Cambridge at the end of 2011.
It will be interesting to see how the Cambridge, MA condo market plays out in 2012. See on market snapshot for Cambridge, MA condos today compared to one year ago today. There were 171 condos for sale in Cambridge, MA on January 23, 2011. Today, on January 23, 2012, there are 92 condos for sale in Cambridge, MA. There are now 53 condos for sale below $500,000 compared to 106 condos a year ago below $500,000. Between $500,000 and $1.0, there are 22 fewer condos for sale today compared to a year ago. North of a million, there are 4 fewer condos for sale today than a year ago.
What impact will reduced inventory have on Cambridge condo prices in 2012? If demand remains on par with last year and inventory does not catch up with last year's supply, one would expect prices to rise. The reduced inventory levels are surprising, especially when one considers that we are having a mild winter and hence weather is not a likely explanation for why there are fewer listings today compared to a year ago today. Indeed, a year ago today, we were still under siege with the snow. If anything, one would have expected fewer listings a year ago today. Go figure.
I would be happy to share with you additional thoughts and insights about the market and be of assistance to you with buying or selling. If you are considering buying or selling real estate in Cambridge or Somerville, I am here to help. I can be reached at firstname.lastname@example.org or 617-733-8937. I am a Harvard graduate, a Cambridge resident and a top broker in Cambridge & Somerville since 1999.