cambridge-real-estate

Comparing the first 6 months of Cambridge condo sales of 2009 with 2008.

Cambridge Condo Sales in 2009
Number of Cambridge condos sold – 256
Avg. list price of a Cambridge condo – $437,132.00
Avg. sales price of a Cambridge condo – $424,355.00
Avg. days on the market – 87.13
Avg. price per sq ft – $422.00

Cambridge Condo Sales in 2008
Number of Cambridge condos sold – 357
Avg. list price of a Cambridge condo – $497,670.00
Avg. sales price of a Cambridge condo – $483,559.00
Avg. days on the market – 103.51
Avg. price per sq ft – $448.00

My thoughts: Cambridge condo prices are heading downward based on the first 6 months of 2008 compared tp 2009. One signal that they may be close to bottoming out is that days on the market this year is 87.13 compared to 103.51 in 2008. Another sign that Cambridge prices may have hit bottom is that several brokers have informed me that they have participated in bidding wars as of late. I know one of my agents Linda Mitrano was in a few bidding wars in the last two months in the Cambridge area for low priced condos. However, on the flip-side, Linda also has a buyer for a Cambridge single-family home who’s holding off due to the current asking prices because her buyer feels prices still have a ways to come down based on the economic outlook for the next several months. I’ll keep you posted.

Your thoughts?

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