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Do sellers rule in Cambridge, Somerville?

Posted by Scott Van Voorhis December 12, 2012 06:42 AM

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So says Zillow in a new analysis of the Greater Boston market broken down by the best places for sellers and buyers.

Cambridge and Somerville, no doubt powered by Davis Square, top the Zillow's list as the hottest markets right now for sellers.

Sellers can expect to get 99.5 percent of their list price in Cambridge and a none-too-shabby 99 percent in Somerville.

The proportion of discounted homes on the market in Cambridge is a relatively low 21 percent, with Somerville weighing in at just under 30 percent. And listings aren't staying on the market long in either market, with an average of 72 days in Cambridge and 74 in Somerville, Zillow says.

Wayland is the best town in the suburbs for sellers, homes selling on average after 73 days, with 36 percent of listings having dropped in price.

What Zillow didn't do was focus on median prices, though both are rising as well. Cambridge posted a 2.2 percent, year-over-year increase to $809,000, while Somerville rose 2.8 percent to $450,000, The Warren Group reports.

Here's a link to the full Zillow national report.

I've pasted below Zillow's description of its rating system.

In this analysis, a sellers' market is not necessarily one where home values are rising, but rather one in which homes are on the market for a shorter time, price cuts occur less frequently and homes are sold at prices very close to (or greater than) their last listing price.

So sellers, are you feeling particularly flush these days in Cambridge and Somerville? And buyers, are these particularly tough markets to crack?

Share your stories here or email me at sbvanvoorhis@hotmail.com.

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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