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First Half of 2013 Market Summary for Somerville, Massachusetts

Exceptionally low inventory in Somerville contributed to a decrease in units and dollar volume in Somerville for the first half of 2013 compared to the first half of 2012. The dollar volume of residential real estate for the first half of 2013 in Somerville decreased 2.87% from the first half of 2012. However, average sale prices increased 12% and median sale prices increased 14.25% .

The number of sales of residential property (condominiums, single families, and multi-families) in Somerville decreased 13.32% in the first half of 2013, compared to the first half of 2012. There were 293 sales in the first half of 2013 compared to 338 sales in the first half of 2012.

Total market volume decreased by 2.87%. The first half of 2013 total volume was $144,559,279 compared to the first half of 2012 volume of $148,818,663.

The average sale price increased by 12%. The average sale price in the first half of 2013 was $493,376 compared to $440,292 in the first half of 2012.

The median sale price increased by 14.25%. The median sale price in the first half of 2013 was $479,000 compared to $419,250 in the first half of 2012.

The lowest sale price was $142,250. The highest sale price was $1,350,000.

At the end of the first half of 2013, inventory was down 44.16% from the first half of 2012. On June 30, 2013, there were 86 units on the market. On June 30, 2012, there were 154 units on the market.

All statistics are from MLS Property Information Network.
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