Blog by Ed Abrams

<< back to article list

2013 Multi-Family Market Review

Our team specializes in helping our clients acquire, sell, and condo convert multi-family homes. The value of multi-family homes in Cambridge and Somerville has risen significantly in the first half of 2013. Higher rents, low inventory, and investor demand have all contributed to this rise.

Cambridge Mult-family Market, January 1 - June 29, 2013
(multi-family homes listed on MLSPIN)


Total market volume decreased by 8.55%. Total market volume was $30,058,500 in 2013 versus $32,866,649 for the same period in 2012. In our opinion, this decrease was a result of lower inventory.

The average sale price increased by 20.8%. The average sale price in 2013 was $1,073,518 compared to $888,288 in 2012.

The median sale price increased 7.6%. The median sale price in 2013 was $945,000 compared to $878,000 in 2012.

The lowest sale price was $440,000. The highest sale price was $2,552,000.

On June 29, 2013 inventory was down 36.85% from 2012. On June 29, 2013 there were 12 units on the market. On June 29, 2012 there were 19 units on the market.

All statistics are from MLS Property Information Network. Note: on May 17, 2013 MLSPIN removed the Active Seeking Backup Offer status. All listings prior to May 17, 2013 under this status were under agreement, but did not show up under agreement. Please note that this change distorts inventory and pending sale comparisons.


Somerville Mult-family Market, January 1 - June 29, 2013
(multi-family homes listed on MLSPIN)


Total market volume decreased by 5.32%. Total market volume was $38,234,555 in 2013 versus $40,380,100 for the same period in 2012. In our opinion, this decrease was a result of lower inventory.

The average sale price increased by 26.24%. The average sale price in 2013 was $670,782 compared to $531,317 in 2012.

The median sale price increased 31%. The median sale price in 2013 was $670,782 compared to $512,000 in 2012.

The lowest sale price was $411,155. The highest sale price was $1,350,000.

On June 29, 2013 inventory was down 38.89% from 2012. On June 29, 2013 there were 22 units on the market. On June 29, 2012 there were 36 units on the market.

All statistics are from MLS Property Information Network. Note: on May 17, 2013 MLSPIN removed the Active Seeking Backup Offer status. All listings prior to May 17, 2013 under this status were under agreement, but did not show up under agreement. Please note that this change distorts inventory and pending sale comparisons.
blog comments powered by Disqus