Cambridge MA Real Estate Market Review - The Summer of 2010.
The summer months have brought the heat and a rather slow lethargic market. Inventory is LOW and not renewing like the spring market. Buyers are limited to a handful of properties that have been on the market for a duration of time (this is why I gave the pricing trend a #2 "Down"). The market is still fairly balanced even in the dead of summer and there are advantages on both sides.
Sellers keep in mind that at present there is very little inventory on the market and it is not renewing itself. Once properties cross the "60ish-Day" mark they tend to be stigmatized and buyers wonder why they remain unsold. Currently the average days on market for Cambridge single family homes is 109 days and 101 days for condos. If your property has fallen into this bucket you should contact your agent and discuss your current pricing strategy. If you are a new sellers you have a great opportunity to attract quite a bit of attention in this market. I would strongly recommend reviewing the current absorption rates to check for gaps pricing and then value price your property to gain the buyer pool's attention.
Buyers it seems now is your time to barter. If you have kept your eye on a property that has been on the market for a bit of time the seller may be a little more flexible in negotiating on price. Watch for price changes in the market place and be ready to pounce on the prize when it happens. New properties that come on to the market will offer quite a bit of competition and homes that are priced properly should come on and off the market quickly. Your Realtor should be keeping you plugged into the market and providing price change and new properties reports daily!
The Cambridge real estate market can offer you a good value this summer but you will need to have a Realtor that will work towards helping you attain that goal.
Company: Coldwell Banker Residential Brokerage
Phone: 617-528-0625
Email: john dot dean at nemoves dot com
