We would have loved to get inventory for Valentine's Day, but...

The Cambridge/Somerville real estate market has few properties & lots of offers.

In the last week of January, there were 27 offers on 34-36 Bigelow Street in Cambridge, and 19 offers on 61 Bay State Avenue in Somerville.

This is an astonishing number, and it tells us that the real estate market is yearning for more listings! It’s only going to get more interesting, as the Spring Market is about to take off here in New England. And now that the Pats have won the Super Bowl in historic fashion, some happy fans in the area are ready to focus on selling and buying.

If you look at the listing price and sales price averages for all the properties on the market, you can see the results of what we have been experiencing:

Multiple bidding wars!

Price Range Avg List Price Avg Sale Price % List price paid

$500,000 - $599,999 $531,629 $551,896 104

$600,000 - $699,999 $619,831 $644,895 105

$700,000 - $799,999 $712,416 $742,153 105

$800,000 - $899,999 $821,589 $848,247 104

$900,000 - $999,999 $931,559 $943,147 102

$1,000,000 - $1,499,999 $1,167,368 $1,210,150 104

$1,500,000 - $1,999,999 $1,664,763 $1,718,257 104

$2,000,000 - $2,499,999 $2,173,200 $2,186,032 101

$2,500,000 - $2,999,999 $2,570,933 $2,727,267 107

Here's another snapshot of where the properties are:

Nearly half of the properties currently on the market are priced between $500,000 and $699,000

(523 properties).

After that are homes priced between $1,000,000 and $1,500,000

(261 properties).

So, what’s the takeaway? If you’re looking for homes priced below $500,000, plan on a longer home search, and be prepared to participate in a bidding war. Patience will eventually pay off. Contact us and we'll help you buy or sell with confidence in this market.

#realestate #buying #selling #market