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Somerville, MA

Somerville Real Estate Market Report

DebOnTheWeb - Deb Agliano - Medford, MA Real Estate: Real Estate Agent in Medford, MA

Let’s take a look at what’s been happening with single family real estate values over the last year in Somerville, MA.

Real Estate Market Chart by Altos Research www.altosresearch.com

The black line which shows the median sales prices. Not surprisingly, prices peaked in July – the reason why I say it’s not a surprise is because home prices are negotiated when the buyer’s offer is accepted and it takes about 2 months from then for the closing to happen and the sales price to be made public. This means that sales in July were from prices agreed upon in May during the spring market which is historically the most active selling season of the year.

Because of last year’s extremely snowy winter, the real estate market stalled for a while. Stay tuned to see what 2012 will have in store for real estate prices in Somerville!

Somerville Massachusetts Real Estate Sales 2011 over 2010

12-12-11
Erik Hook
Erik Hook: Real Estate Agent in Somerville, MA

Single family home sales in Somerville MA.

Sometimes it is useful to compare this years market to last years market. As the year draws to an end, I always like to compile the year to date statistics for the markets in which I work. I concentrate my practice on Somerville Massachusetts, Cambridge Massachusetts, and Medford Massachusetts. There is more to any market story than the the total number of sales, or the average sales price. It is also important to consider the average days on market, as well as the absorption rate. These statistics were compiled at the end of last week, and are gleaned from the MLS, which is deemed to be accurate, although not guaranteed.

Somerville Massachusetts as of December 9th 2011

2010 2011

Single Family Sales 75 57

Average Days On Market 67 86
Average Sales Price $460,000 $473,000

Condominium Sales 354 335

Average Days On Market 81 87
Average Sales Price $ $376,000 $395,000

Multi Family Sales 137 146

Average Days On Market 72 79
Average Sales Price$ $514,000 $526,000

In Somerville Massachusetts, so far this year, prices are rising while total sales are down. Days on market are up, and the absorption rate is slowing.

If you know someone who is thinking of moving to Somerville MA or selling a home in Somerville Massachusetts, please give me a call. It would be my pleasure to assist you and those whom you care about, whether buying, selling, or renting, my promise to you is complete service and satisfaction.

Erik Hook
http://www.ErikHook.com
Century 21 Commonwealth
205 Holland Street
Somerville MA 02144
c. 617-461-4691
o. 617-666-2121 x189
f. 617-440-1553
e. erik.hook@century21.com

Is this neighborhood safe?

11-30-11
Erik Hook
Erik Hook: Real Estate Agent in Somerville, MA

 I am lucky enough to be a Certified Relocation Specialist for the Cartus Network.  Cartus is the largest corporate relocation services network in the country.  Lately I have helped clients from Google, Microsoft, and BiogenIdec who relocate from the Seattle area to Cambridge, Somerville, and the Greater Boston area. Frequently I am asked the question: "is this neighborhood safe?". I am told, by some, that Seattle is statistically safer than Boston.  While this may or may not be true, Massachusetts real estate law prohibits me, as a licensed sales agent, from making any claims or voicing any opinions regarding the safety of any area.  Sometimes clients think that I am joking, or obfuscating facts when I tell them of this law.

"Why can't you tell me if this (or that) neighborhood is safe? Are you kidding, or hiding something?"

My answer is that I wish I were joking, and also that I wish that I could comment.  However this law has come about in order to protect consumers against promises of safety, in an inherently unsafe world.  Unscrupulous agents could, and in the past likely have, promised that one neighborhood or another is "very safe", or safer than another, only to have these claims blow up in their face when days, weeks or years after the sale, a resident confronts an issue with crime which makes them feel unsafe.  The inherent problem with the word -safe-, is that we all have our own definitions of what "being safe", or "feeling safe" is.  Safe is an elusive illusion.  In the past, the courts have determined that promises of safety are inherently flawed. However a feeling of safety, in ones home especially, is a goal practically everyone shares.

My family and I happen to feel safe in Somerville.  I have two young children, who sometimes walk to school, and often enjoy riding their bicycles on our street.  There is a dog-park, 5 blocks from our house which closes at 10 PM, where my wife and I regularly walk our little dog Buster both day and night. We have made a conscious effort to get to know most of the people who live on our street as well as the adjoining streets, and try to remember most of their names.  I think that feeling safe, resides more with the individual than with their surroundings.  Taking the time to get to know your neighbors goes far when trying to create a safe space in which to live.  Also, being sensible about your surroundings, and cautious if need be, is a skill which should be exercised no matter where you are.

When looking for a new home, I always recommend visiting the prospective neighborhood a few times.  Seeing a home in broad daylight is a great way to gain an initial impression, but does not substitute for taking a walk there in the evening, nights and weekends.  Moving to a new city can be an intimidating affair, but with the help of a local expert in real estate, an attitude of hopeful optimism, and an educated assessment of the neighborhood, almost everyone can find a house in which they can feel safe to call home.


82 Pearson, Philly style multi-family, Somerville

Willard Cunningham: Real Estate Agent in Somerville, MA

82 Pearson in Somerville

82 Pearson Avenue is a Philadelphia style 3-unit multi-family property in the Davis Square/Ball Square part of Somerville, MA. This is a photo of 82 Pearson taken in 2011 and you can see the windows are boarded up and it looks like some work is needed to restore the property to it best use.

What you need to know

The property was purchased in 2005 for $775,000 as a 3-family property that was in average condition and each unit is said to have had 5 rooms and 3 beds.

In 2008, the financial markets were in crisis and the housing market has been in a recession since approximately 2006. The owner of the property from 2005 had fallen into hard time as well and the property was for sale in the low $800,000s as a short sale. It may have looked like a good deal for a contractor to take over the renovation that was started. The listing in 2008 stated "Complete renovation started with approved plans and condo docs. The entire building has been gutted. New basement drainage system and basement floor, new framing, new windows, new roof, new electrical completed and inspected, new plumbing and gas completed and inspected, new sprinkler system, new furnaces and ducts, new intercom and fire monitoring roughed."

With all that work completed as of this 2008 short sale listing, it looked like someone could buy the property and finish the project. However, this was a tough time in 2008 and third party approval (lender) would be needed. Jump to 2011 and 82 Pearson was asking $425,000 and the listing as of November 2011 reads "Property in receivership and all offers are subject to approval of Somerville District Court."

In my opinion, it is highly unlikely that this property will sell for $425,000 and it may be closer to the $500,000 range. The new owner will have to finish the renovation project and market the property as 3 brand new condominiums. The $425,000 might be the asking price for one finished condominium at 82 Pearson.

Keep an eye on how this progresses. If you are interested in a brand new condominium conversion within walking distance to Davis Square and Ball Square, Pearson is a great street and location.

I will try to update the progress for 82 Pearson. If you are interested for future showings for the property, please contact me at 617.921.4758 or email me, Willard.

Willard Realty Group is a full service residential real estate brokerage focusing on the professional needs of Buyers, Renters, and Sellers in the Boston and Greater Boston metro area. You can reach Willard at 617.921.4758 or via email will@willardgrp.com

Feel free to search the MLS in Massachusetts at http://willardgrp.com/property

Somerville Real Estate Market Update

DebOnTheWeb - Deb Agliano - Medford, MA Real Estate: Real Estate Agent in Medford, MA

Today let’s do a real estate market update and look at what’s been happening over the last year with single family homes in Somerville, MA.

Real Estate Market Chart by Altos Research www.altosresearch.com

The black line traces the median single family home sales price for Somerville over the last year. On the whole, home prices have been steadily rising (except for that notable time during February when we were buried under so much snow!).

What I find intriguing about the data is the fact that the average days on market (the orange line) echoes the median sales price line. This is unusual. Normally as prices start to rise, days on market begin to fall. The average days on the market for a single family home in Somerville is currently 125 days. When you look at this 4 month marketing time frame in light of how long it takes to sell homes in other parts of the country, it seems pretty fast, so it’s all a matter of prospective!