How's The Market?

In 2009 Single Family homes in Cambridge yielded an increase in median sale price by 1% and Multi-Family homes decreased by 8%.

The median sale price of Cambridge Condo's in 2009 held steady at $415,000; depsite the total number of Condo's sold down by 11% - sign of a strong market that can maintain median sale price even while selling less units and reduced total volume. But the real story is that Cambridge Condo's sold 26 days faster in 2009 than in the previous year!

In Cambridge, 80% of all residential properties sold in 2009 were Condominiums, 13% were Single Family and 7% were Multi-Family.

Do home values double in 10 years? I just completed a ten-year market analysis for all Cambridge residential properties. Here's a sample:

Cambridge Condominium Median Sale Price
1999 = $ 269,000
2009 = $ 415,000

Why analyze the Median Sale Price? Because that is what mortgage underwriters use to determine if any given market is increasing in value or decreasing in value, more or less risky for the Lender and more risk translates to higher costs to the homebuyer for the loan.

If you are ready to sell - now is the time. There are many incentives besides the tax credit for buyers to act quickly but we need more homes on the market now as current inventory is not meeting buyer demand.