Back To Blog

Multi-families in Cambridge, MA

Multi-family properties - which includes two-families, three-families, four-families and buildings with 5+ units - are rare offerings in the Cambridge, MA real estate market.

A review of MLS sales data shows that in the five year period 2002 through 2006, 494 multi-family properties SOLD in Cambridge - an average of 99 a year. In the last five years - 2007 through 2011 - 333 multi-families SOLD in Cambridge - an average of 66 a year. The total number of multi-family transactions in Cambridge, MA reported in MLS between 2007 and 2011 is 33% below the previous five-year period between 2002 and 2006.

 

Two-family at 32-34 Royal Avenue which I listed & sold in 2002 - and then listed & sold again in 2011.

 

What accounts for the decrease in the number of multi-family sales in Cambridge, MA? For sure, many multis are converted into condominium associations. As a result, these multis come to the market just once as multis. As a result, the number of multifamily properties in Cambridge, MA is getting smaller and smaller with each passing year. I believe this goes a long way towards explaining the reduction in the total number of sales.

As for the health of the Cambridge multi-family market, the average sales price has been steadily increasing over the last decade, with only a slight dip in the period 2007-2009, as can be seen in the chart below:

Average Sale Price of a Cambridge Multi-family 2000-2011.

In 2012, there have been multiple instances of multi-family multiple offer situations. Even with limited supply and rising prices, the demand for multi-families in Cambridge remains strong.

Are you looking to buy or sell in Cambridge? I am a Harvard graduate, Cambridge resident, and top real estate broker in the area since 1999. To gain access to photos and descriptions of all MLS properties now for sale in Cambridge and Somerville, MA log in as as new visitor at CharlesCherney.com. The Cambridge and Somerville Real Estate Blog.

Add Comment

Comments are moderated. Please be patient if your comment does not appear immediately. Thank you.

Comments

  1. No comments. Be the first to comment.