Home Sales Down in Somerville, Mirroring State Trend
Midway through 2011, homes sales are down in Somerville by 35 percent as compared to 2010. Home prices, however, are up.
Through the end of June, 176 single-family homes and condominiums had been sold in Somerville in 2011, a 35 percent drop from that same period in 2010, when 273 single-family homes and condos were sold.
Looking at June alone, traditionally a busy month for home sales, the numbers are also down. A total of 61 homes sold in Somerville in June. That compares to the 89 that were sold in June 2010. It's a 31 percent drop.
The drop-off in home sales mirrors a trend happening across the state, though the trend is somewhat amplified in Somerville.
Across Massachusetts, 23,907 single-family homes and condominiums were sold in 2011, through the end of June. That compares to 31,049 in 2010, a 23 percent drop.
In June alone, 2011 saw 6019 home sales (single-family homes and condominiums) in Massachusetts, down 26 percent from June 2010, when 8143 homes were sold.
Meanwhile, the price of homes is somewhat up in Somerville.
Through the end of June, the median price of condominiums in Somerville was $360,000, compared to $345,000 in January through June of 2010. In 2011, 147 condos had been sold in Somerville through the end of June.
The median price of single-family homes was $391,850 in 2011 through June, compared to $383,000 in 2010. Only 29 single-family homes were sold in Somerville during that period; the bulk of Somerville's home sales come from condos.
Again, this trend mirrors, somewhat, what's seen statewide. While the median price of a single-family home was down 1.7 percent in 2011 as compared to 2010, prices were up 0.26 percent in the month June and up 1.3 percent in the second quarter of the year.
As for the price of condos, statewide the median price was up by 3.5 percent in 2011 as compared to 2010.