Erik Hook

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

 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.

Today in Somerville there are 27 Single Family homes for sale ranging from $169,000 to 1.6 Million . With Somerville MA still being the most densely populated city in New England, single family homes remain a highly sought after property type. The average days on the market for these twenty seven homes is 120 days. During the past 120 days 9 Single family homes have sold in Somerville, with an average sale price of $407,333 .

If you are looking to buy or sell a single family home in Somerville, now is a great time.