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Somerville, MA real estate market update - HOT MARKET!

88 Morrison Avenue is a three-family that sold in 2013 for $1,050,000.

As of September 10, 2013, MLS reports the following for SOLD PROPERTIES (single family, multi-family, condominiums) in Somerville, MA in calendar year 2013:
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472 properties (single family, multi-family, condominiums) SOLD through 9/10/13. (On this date a year ago in 2012, 502 properties had sold)
OBSERVATION:
Fewer properties have sold year to date in Somerville, MA in 2013 than 2012. 472 in 2013 vs. 502  in 2012. That is a 6% decrease in the total number of sales. Total sold in 2012 in Somerville, MA was 714. Presently in 2013, 472 are sold and 107 are pending. It will take a very strong fall market for the total number of sales in 2013 to equal 2012. Tight market.
Average days on market - 38 (On this date a year ago, average days on market was 69) 
OBSERVATION:
Average days on market is down 31 days or 45%. Generally speaking, properties are moving quickly in Somerville, 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.
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Average original list price $494,695. (On this date a year ago, average original list price was $460,843)
Average sale price $508,132. (On this date a year ago, average sale price was $446,663)
OBSERVATION:
Average sale price is up 14%. 2013 is shaping up as one of the strongest years in the history of Somerville, MA real estate. And the average sale price is higher than the average original list price.
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Sale price as a percentage of original list price - 103% (On this date a year ago, sale price as a percentage of original list price was 97%)
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 3%. And multiple offers on any given property is very common. 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. In 2012 in Somerville, properties were selling on average for 97% of the list price. In 2013, they are selling on average for 103% of the original list price.
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On September 11, 2013, 97 properties (single family, multi-family, condominiums) listed FOR SALE in Somerville, MA in MLS.
On September 11, 2012, 109 properties were actively listed FOR SALE in Somerville, MA in MLS.
OBSERVATION:
-The actual number of properties listed for sale in Somerville, MA on 9/11/13 is 97, 12% lower than on this date a year ago. Tight market. Limited inventory.
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In summary in Somerville, MA real estate in 2013:
Fewer 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 Somerville, MA real estate market in 2013 needs to make a strong offer quickly - and then hope for the best!
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As a top listing agent and a top buyer's agent, 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.comor 617-733-8937.
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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.

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