Today we're checking in with the hot multi-family market in Somerville. We've broken 2012 into thirds to illustrate upward trend we're seeing in Somerville in terms of not only the # of sales but in terms of price as well. As we look at the first 4 months of 2012 we saw 40 multi-family deals close with many of them falling in the $400,000 - $499,999 range, accounting for 37.5% of all sales. As we moved into the spring and summer season sales over $500,000 spiked, accounting for 46 of 62 total closings and continuing to account for the majority of sales in the fall and winter season to cap off 2012.
The general price increases illustrate the strength of the Somerville real estate market with investors as both owner occupants and investors fight over limited inventory with numerous listings not only selling for over 98% of list price, but also selling at an extraordinarily fast pace as well, with many only sitting on the market for under two months.