Somerville Home Sales, Foreclosures Hold Steady in Nov. 2011

On the year, through November of 2011, both home sales and foreclosures were down in Somerville.

Somerville home sales were up slightly in November, which is the latest month for which figures are available.

According to numbers from the Warren Group, which publishes Banker & Tradesman, 25 condos and single-family homes sold in Somerville in November of 2011, compared to 24 in November of 2010.

More accurately, 25 condos sold in November of 2011; no single-family homes were sold. In November, 2010, 4 single-family homes and 20 condos sold.

It should be noted that The Warren Group's figures don't include sales of two-family or three-family homes, which, are an important part of the Somerville real estate market. Together, two- and three-family homes represent about 51 percent of Somerville's housing stock, based on figures from a .

That said, sales of single-family homes and condos provide some insight the Somerville housing market.

On the year, through November, 2011, home sales were down by about 14.2 percent in Somerville. Some 402 homes sold in Somerville through November, 2011, compared to 470 in 2010.

Figures for the whole 2011 calendar year are expected from the Warren Group at the end of January or early February.

How does Somerville compare?

Statewide, home sales—condos and single-family homes—were also up, by 11.6 percent, during the month of November of 2011 as compared to November of 2010. On the year, home sales were down by about 9.7 percent.


Forclosures jumped 70 percent in the month of November across the state, but remained relatively steady in Somerville.

According to the Warren Group's figures, there were 6 completed foreclosures in November of 2011, compared to 4 in November of 2010.

Also, there were 8 properties that began the foreclosure process in Somerville during November of 2011, compared to 9 in November of 2010—again, relatively stable.

On the year, through November, there were 36 completed forecloures in Somerville, compared to 54 during the same period of 2010.

Through the first 11 months of 2011, lenders in Somerville initiated the foreclosure process on 56 properties, compared to 118 in the first 11 months of 2010.

By comparison, Medford had 39 completed forclosures during the first 11 months of both 2011 and 2010. In Brockton, there were 256 completed forclosures, through November, in 2011 and 380 during that same period in 2010.


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