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.
More Information: Boston.com