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Real Estate News: Busy First Quarter for Somerville Real Estate

There has been a vast amount of real estate activity surrounding the Massachusetts town of Somerville over the first quarter of 2012. The results brought forth were the most optimistic figures that the State as a whole has achieved since 2007. For Massachusetts, single-family home sales are up roughly 20% to 3,205 properties having sold as well as up close to 17% to 7,964 on the quarter. So with the positive strides the real estate market in and around the city of Boston has been experiencing as 2011 came to a close, there were certainly lofty expectations and hopes going into 2012.

It comes to be known from reviewing recently released results that for Somerville, both homes and condominiums encountered double-digit gains over the past quarter. For the first quarter of 2011 as a comparison, there were nine properties under agreement during that time span whereas this past quarter saw an increase to thirteen homes.

When looking at the performance of condominiums during the same comparative three month period, there were forty-two under agreement in 2011 whereas a large boost occurred in 2012 with seventy-three units being in this transaction stage. There was a consistent trend in the median prices of these condominiums as well as there was a significant climb in prices from $78,000 to $380,000. However, the same positivity cannot be shared for single-family homes who despite the accelerated activity, still fell in median price from $520,000 in 2011 to $331,200 for 2012.

The Warren Group, who works wonders in studying and tracking real estate numbers and transactions throughout the State of Massachusetts, came up with the data mentioned above. In addition, we encourage you to have a look at what The Warren Group has also put together single-family and condominium statistics comparing 2011 to 2012 for a plethora of other towns in the region.

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