In May of 2011 we currently have 319 condos on the market in Cambridge with an average price of $487,763 and a days on market of 99. This is a decrease compared to the 337 condos on the market for an average price of $566,696 in May of 2010. The great news is that 70 Cambridge Condos sold in May of 2011 with an average sale price of $492,624 compared to 65 Cambridge Condos in May of 2010 that had a average sale price of $477,672. More units and more money is always a good thing! This gives us currently 8.08 months worth of inventory compared to 8.25 months last year. The Cambridge Real Estate Market has really started heating up as there were over 20 additional condos under agreement in May of this year then compared to last.
Single Family homes represent a smaller fraction of the Cambridge Real Estate market as a whole, but currently there are 64 homes on the market for an average list price of $1.235m compared to last years when 61 homes were on the market with an average list price of $1.274m. The great news is that 10 homes settled in the month of May vs. 7 last year. The average sales price this year was down at $1.008m vs. $1.314m from last year, but one very expensive home can throw off the average sale statistics very easily! So what is the overall health of the market? We currently have 6.98 months worth of inventory on the market which is an improvement from last years 8.13 months. The Cambridge Real Estate Market continues to be on of Massachusetts best performers.
If you are thinking about buying or selling a home in Cambridge, then give Jeffrey Chubb of RE/MAX Select a call at 617-480-2600 or visit him on the web at www.MoveWithChubb.com. His expertise is second to none as he is one of the top agents in the state and sells on average a home a week. You won’t be disappointed!
Wondering what your home is worth, then get a Certified Market Analysis dropped into your INBOX today by visiting www.MAPropertyValue.com.