Somerville Saw Robust Home Sales in 2012
More homes sold, and they sold for more money in 2012 than in 2011.
Measured in terms of volume and sale prices, 2012 was a strong year for home sales in Somerville, according to figures from The Warren Group, publisher of Banker & Tradesman, which tracks real estate trends.
The sale of condos and single-family homes in Somerville increased by 35 percent in 2012 compared to 2011.
On top of that, both single-family homes and condos were selling for more money in 2012 than in 2011, according to median sale price figures for those years.
In 2011, home sales were down in Somerville compared to the previous year.
According to the recent figures from The Warren Group, 560 condos and single-family homes sold in Somerville in 2012, compared to 415 in 2011. The year ended strong in 2012, with 35 homes sold in December compared to 20 in December of 2011.
Meanwhile, the median sale price of a single-family home in Somerville was $448,250 in 2012 compared to $445,000 in 2011. For condos, those numbers were $375,000 and $358,000, respectively.
At the same time, completed foreclosures were down 42 percent in Somerville in 2012. There were 22 completed foreclosures in 2012 compared to 38 in 2011.
It should be noted that single-family homes and condos represent about about 44.7 percent of Somerville's housing stock, according to a November 2012 tax assessors report to the Somerville Board of Aldermen. Two- and three-family homes represent about 50.7 percent of the housing stock.
Across Massachusetts, 2012 was "the best year on record since 2006" for single-family home sales, according to The Warren Group.