Back To Blog

Cambridge, MA real estate market update - HOT MARKET!

A top floor 1-br condo at 185 Hancock sold for $495,000 in 2013, $45,000 over the asking price.

As of September 10, 2013, MLS reports the following for SOLD PROPERTIES (single family, multi-family, condominiums) in Cambridge, MA in calendar year 2013:
-
777 properties (single family, multi-family, condominiums) SOLD through 9/10/13. (On this date a year ago in 2012, 742 properties had sold)
OBSERVATION:
More properties have sold year to date in Cambridge, MA in 2013 than 2012. 777 in 2013 vs. 742 in 2012. That is a 5% increase in the total number of sales. To repeat, measured in terms of sold units, inventory is up in 2013 over 2012. Total sold in 2012 in Cambridge, MA was 1,070. Total sold in 2013 is tracking to exceed this figure.
-
Average days on market - 38 (On this date a year ago, average days on market was 59) 
OBSERVATION:
Average days on market is down 36%. Properties are moving quickly in Cambridge, MA. In 2013, a bid deadline for offers has become normal. A good property in a good location in all likelihood is going to go under accepted offer right away.
-
Average original list price $698,177. (On this date a year ago, average original list price was $617,231)
Average sale price $708,839. (On this date a year ago, average sale price was $607,881)
OBSERVATION:
Average sale price is up 13%. 2013 is shaping up as one of the strongest years in the history of Cambridge, MA real estate. You have to go back to the year 2000 to discover double-digit appreciation in the market here. It is not uncommon for a property to sell for $25,000 over the asking price. Some this year have sold for $50,000 over the asking. Some for $100,000+ over the asking price. The market is HOT.
-
Sale price as a percentage of original list price - 102% (On this date a year ago, sale price as a percentage of original list price was 99%)
OBSERVATION:
The average sale price is OVER THE AVERAGE ORIGINAL PRICE. Remarkable. Think about that for a moment. Average sale price is higher than the average original list price by 2%. And multiple offers on any given property is the NORM. Indeed, many buyers have made stunning offers over the asking price and still not secured the property. There is only one accepted offer. If the seller gets 10 great offers, all over the asking price, the seller can only accept one.
-
On September 10, 2013, 90 properties (single family, multi-family, condominiums) listed FOR SALE in Cambridge, MA in MLS.
On September 10, 2012, 151 properties were actively listed FOR SALE in Cambridge, MA in MLS.
OBSERVATION:
- The actual number of properties listed for sale in Cambridge, MA on 9/10/13 is only 90, 40% lower than on this date a year ago!
-
In summary in Cambridge MA real estate in 2013:
More properties have sold year to date in 2013 than in 2012.
There are fewer properties for sale.
The average days on market is down.
The average sale price is higher. Indeed, average sale price is higher than the average original list price.
A buyer in the Cambridge, MA real estate market in 2013 needs to make a strong offer quickly - and then hope for the best!
-
As a top listing agent and a top buyer's agent in Cambridge, MA, I have been directly involved in many multiple offer situations in 2013. I would be happy to share with you my wisdom and experience if you are thinking of buying or selling. You can reach me at ccherney@hammondre.com or 617-733-8937.
-
To gain instant access to photos and descriptions of all MLS properties now for sale in Somerville, and Cambridge, MA log in as a new visitor at Cambridge and Somerville Real Estate.

Take the pulse of the Cambridge right now on Twitter.

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.