It is interesting to reflect on the MLS single family sales figures in Cambridge, Massachusetts for 2011 compared to 2010.
Click on 2011 Cambridge, MA single family sales for an overview of 2011.
Click on 2010 Cambridge, MA single family 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 single family sales in 2011 vs. 2010: - Total sales volume in 2011 was $122,531,413 - down $25,620,380 or 17% from 2010. - Total number of sales in 2011 was 114, down 15 houses or 12% from 2010. - Average days on market in 2011 was 69, down from an average of 72 days on market in 2010. - Average sale price in 2011 was $1,074,837, down 6.5% from an average of $1,148,386 in 2010. - Yield on the original list price was 95% in 2011, compared to 94% in 2010. - Yield on the last asking price was 98% in 2011, compared to 97% in 2010.
Overall, one can conclude that the single family market in Cambridge, MA in 2011 was stable and slightly contracted.
Let's now look at the market by price range:17
|Price range||2011 sales||2010 sales||Differential|
|0 to $499,999||26||-9 single families|
|$500 to $999,999||57||45||+12 single families|
|$1.0 to $1,499,999||20||28||-8 single families|
|$1.5 to $1,999,999||11||0||-5 single families|
|$2.0 to $2,499,999||6||9||-3 single families|
|$2.5 to $2,999,999||2||4||-2 single families|
|$3.0+||6||6||same number of single families sold|
Observations: Under $1,000,000, the market is +3 houses in 2011 compared to 2010: STABLE. $3.0+ the number of sales is the same in 2011 and 210: STABLE. The contraction in the market is in the price range between $1.0 and $2,999,999, with 18 fewer sales in 2011 compared to 2010.
It will be interesting to see how the single family market plays out in 2012. See on market snapshot for today compared to one year ago today.
There were 23 single family properties for sale in Cambridge, MA on January 17, 2011. Today, on January 17, 2012, there are 11 single family properties for sale in Cambridge, MA. There are now 7 singles for sale compared to 13 a year ago below $1,000,000 and now 2 (!) singles for sale compared to 9 a year ago between $1.0 and $1,999,999.
It will be interesting to see what this contraction in the market means in terms of value moving forward in time. If demand remains constant and supply slips, one would expect prices to rise.
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 email@example.com or 617-733-8937. I am a Harvard graduate, a Cambridge resident and a top broker in Cambridge & Somerville since 1999.