Somerville Home Sales Rose Sharply in First Quarter of 2012

The increase in home sales wasn't as strong in neighboring communities or across Massachusetts.

Home sales in Somerville were significantly higher in the first three months of 2012 than they were in the first quarter of 2011.

A total of 86 single-family homes and condos sold in Somerville in January, February and March, based on figures from the The Warren Group, publisher of Banker & Tradesman.

That's nearly a 69 percent increase over the number of homes sold in the first three months of 2011, when 51 condos and single-family homes sold.

It's important to note the figures do not reflect the number of two- and three-family homes in Somerville, which, together, represent about 51 percent of the housing stock in the city, .

Condos represent about 28 percent of the housing stock, and single-family homes represent about 16 percent of the housing stock, according to that report.

The surge in Somerville home sales this year was largely driven by a 74 percent increase in condo sales.

How does Somerville compare?

Across the state and in neighboring communities, the growth in home sales has risen, but not as sharply.

In Massachusetts as a whole, home sales were up 14 percent in the first quarter of 2012, according to The Warren Group's figures.

In Cambridge, home sales were up 28 percent in the first quarter of 2012. They were up 28 percent in Arlington and 32 percent in Medford.

walkerzwells April 28, 2012 at 09:06 AM
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