Your Real Estate Professional:
Bob Filene
January 2021
Real
617-877-7816
bob@bobfilene.com
www.bobfilene-realestate.com




Market Conditions for CAMBRIDGE, Massachusetts

Reported by Bob Filene Coldwell Banker Realty


As of April 06, 2020.


Current Market Rating: 3



1
2
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5
Buyers

Sellers

Current Price Trend: 3



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Falling

Rising

    For 2019 vs 2018 in Cambridge and Somerville, median sale prices were up 10% for single families and up 1% for condominiums. Multi-families in Cambridge were unchanged and up 3% in Somerville. This continues the ten year trend although several of the categories are showing a plateau.

    The tight seller’s market conditions we experienced last year continued with sellers often receiving offers within a week of going on the market, multiple offers pushing prices over the asking price, and offers with few or no contingencies such as subject a home inspection or financing. The median Days to Receiving an Accepted Offer for Cambridge condominiums was only 7 days, about the same as last year. In Somerville it increased to 14 days from 8. Lack of supply continued with the number of sales and new listings not changed significantly.

    For sellers it is an excellent time to put your house on the market. If you haven't already bought a new place you may need to rent or make other arrangements until you land your next home. Buyers need to work with a local agent who knows how to help you succeed in this competitive market.

    In January, February, and early March 2020 the local market was a continuation of last year’s seller’s market. Compared to this time in 2019, prices and price per square foot were up and days to offer were down. The low number of properties for sale continued. This activity over the 2019 first quarter was partly because of the mild winter we were having this year vs last year. In mid-March life changed because of COVID-19.Governor Baker declared that residential and commercial real estate services were not essential services. Then on April 1 that was reversed and we were designated as essential services. 

    The Coldwell Banker response is the following:

    There are sellers and buyers who want to proceed and we will assist and represent them with all available resources. To protect buyers, sellers,and real estate agents, for now, we are not doing traditional open houses and are avoiding traditional in person showings whenever possible. We are taking advantage of some fabulous virtual technology such as Matterport3D virtual tours, Facetime, Zoom, social media and other services.I have over 70 agents in my Cambridge office staying connected actively, virtually. We are sharing information about new listings, market activity, buyer’s needs, etc. Mortgages are getting approved, bank appraisals of properties and closing are happening (in new ways).In the two weeks ending April 4, 2020, 28 properties in Cambridge received accepted offers. Some of these properties received multiple offers and have accepted offers over the asking price.If the recession is sharp but short, as some economists are predicting, then a similar bounce back of the real estate market would be consistent. Mortgage rates are at 50 year lows with a 30 year fixed rate in the middle 3’s percent range. If the massive federal stimulus measures work, we expect the traditional Spring real estate market to be pushed back to later in the year. Cambridge/Somerville prices have been resilient in past declines compared with other areas of Massachusetts.

IF YOU WOULD LIKE TO SEE A CHART OF PRICE HISTORY OF CAMBRIDGE AND SOMERVILLE CONDOS, SINGLE FAMILIES, AND MULTI-FAMILIES OVER THE PAST 14 YEARS, JUST SEND ME AN EMAIL.



ZIP Code: 02138, 02139, 02140, 02141, 02142

Location Characteristics: Cambridge, best known for Harvard University and M.I.T., provides an exciting array of intellectual and cultural events with an international flavor. The housing stock has a wide range including small "workers cottages", condominiums of all sizes, multi-family homes, Victorian mansions, and luxury full-service buildings. Cambridge has a thriving industrial base, much of it as spin-offs from M.I.T. and Harvard. Currently biotech and internet-related companies are most numerous. Cambridge has several large parks as well as the Charles river for recreation.





For More Information:

About Bob Filene:
Bob Filene, Certified Buyer Representative, e-PRO, Relocation Specialist, Coldwell Banker Residential, Number 1 Market Share in Cambridge, Somerville and environs, 617-877-7816. Full representation for buyers and sellers. 30+ year resident of Cambridge, MA, graduated from Tufts University and M.I.T. 30+ years experience with purchasing, developing, managing, and marketing real estate. Long term owner of residential and investment property in Cambridge and Somerville. Bonus - I am a member of the American Society of Magicians. Want to search the MLS for listings? Be sure to visit www.bobfilene-realestate.com where you can see all properties in the Multiple Listing Service that meet your needs,find your "Dream Home", and find a wealth of real estate information... all just a click away!


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Bob Filene CBR e-PRO
E-mail: bob@bobfilene.com
Website: www.bobfilene-realestate.com
Contact Number: (617) 877-7816

COLDWELL BANKER REALTY
CAMBRIDGE MA
(617) 877-7816
1730 Mass. Ave.
Cambridge, MA 02138


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