Somerville, MA Area Market Review 2016 - 2020 As of October 28, 2020 Prepared by Colleen Barry on Wednesday, October 28, 2020
Single Family Listing Inventory on October 28
2016
2017
2018
2019
2020
Listing Units
10
8
12
10
23
Average Days on Market
82
21
60
75
44
Average List Price
$1,046,770.00
$727,212.25
$1,129,625.00
$1,068,490.00
$1,049,156.43
Average List $ / SqFt
$443.04
$444.18
$530.57
$501.93
$576.73
Approximate Absorption Rate
65.83%
92.71%
61.11%
69.17%
27.90%
Approximate Months Supply of Inventory
1.52
1.08
1.64
1.45
3.58
Listed (Year to Date)
2016
2017
2018
2019
2020
Listing Units (Taken)
103
105
118
97
115
Average Original List Price
$888,583.98
$786,506.63
$966,996.58
$1,023,307.20
$998,673.83
Average Original List $ / SqFt
$453.92
$468.38
$500.17
$537.49
$549.93
Went Pending (Year to Date)
2016
2017
2018
2019
2020
Listing Units (Went Pending)
91
91
90
74
80
Average List Price
$856,016.49
$795,248.07
$880,612.51
$956,258.09
$953,273.64
Average List $ / SqFt
$447.29
$471.21
$480.96
$512.49
$537.31
Average Days to Offer
26
19
24
23
20
Listed & Price Changed (Year to Date)
2016
2017
2018
2019
2020
Listing Units (Price Changed)
29
18
31
31
22
Average Original List Price
$953,584.48
$849,419.33
$1,030,174.16
$997,354.81
$1,050,804.50
Average Original List $ / SqFt
$453.32
$518.64
$499.99
$550.81
$575.81
Sold (Year to Date)
2016
2017
2018
2019
2020
Closed Units (Sold)
66
67
72
64
64
Average Days on Market
53
32
33
30
26
Average Days to Offer
27
22
20
23
20
Average Sale Price
$807,240.91
$785,032.31
$906,379.29
$992,273.44
$1,007,850.52
Average Sale $ / SqFt
$455.62
$470.09
$498.10
$541.53
$585.74
Average List Price
$791,875.77
$761,661.18
$868,021.21
$958,349.98
$952,334.23
Average List $ / SqFt
$444.34
$454.96
$477.28
$521.73
$551.68
Average Original List Price
$802,931.82
$775,629.82
$880,352.76
$978,754.69
$966,992.08
Average Original List $ / SqFt
$450.90
$463.08
$484.40
$532.36
$559.38
Average Sale Price as % of List Price
102.54%
103.32%
104.14%
103.88%
105.66%
Average Sale Price as % of Original List Price
101.17%
101.73%
102.79%
102.07%
104.36%
Average Sale Price as % of Assessed Price
187.02%
N/A
1,546.14%
166.90%
125.19%
Sold Units - Short Sale
1
0
0
0
0
Sold Units - Lender-Owned
0
2
0
0
0
12-Month Activity as of October 28
2016
2017
2018
2019
2020
Units Listed
123
115
129
112
118
Units Price Changed
41
22
32
34
23
Units Went Pending
103
101
99
87
84
Units Sold
79
89
88
83
77
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