Cambridge Massachusetts Real Estate Update - Q3 2010

The Cambridge MA real estate activity in the third quarter reports a decline in sales activity in both single family and condominiums. Average selling prices for single family homes decreased while condominium values increased.

In comparing the Q2 activity, single family homes and condominiums jumped sharply for units sold and in average sales prices. Second quarter is typically the most active during the year as it represents homes placed under contract during the spring market.

Industry analysts monitor the Cambridge MA real estate market for emerging trends as it is one of the stronger real estate markets in Massachusetts and the greater Boston area. The universities, medical facilities and high tech concentration contribute to a stronger local economy. The housing marketing is a major factor in determining the strength and direction of the economy.

The Cambridge, MA real estate market report indicates that there were 37 homes sold in 2010 as compared to 42 in 2009. This represents a 12% decrease in the number of homes sold. The average sales price changed from $1,011,105 in 2009 to $966,076 in 2010, a 4% decrease in value. The days on market changed 4 % from 68 to 71.

The Cambridge, MA 2nd quarter real estate market reported 35 homes sold in Q2 2010 as compared to 21 in 2009. The average sales price increased from $1,052,792 in 2009 to $1,232,640 in 2010, a 17% increase in value.

The Cambridge, MA condominium market data indicates that there were 205 condos sold in 2010 as compared to 271 in 2009. This represents a 24% decrease in the number of condos sold. The average sales price changed from $478,753 in 2009 to $515,558 in 2010, a 8% increase in value. The days on market changed 1 % from 73 to 74.

The Cambridge Massachusetts condo market for Q2 2010 reports 225 condos sold in the second quarter of 2010 as compared to 195 in 2009. The average sales price increased sharply from $418535 in 2009 to $471917 in 2010. The days on market changed -16 % from 88 to 74.

Data for the Cambridge, MA real estate report was compiled by Virtual Homes Real Estate using information from the MA statewide MLS and is not guaranteed to be accurate.