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Somerville too hot?

Posted by Scott Van Voorhis August 27, 2013 08:14 AM

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As prices rise in Davis Square and other hip Somerville neighborhoods, long-time homeowners are getting squeezed.

Here's a great piece by Monica Jimenez that looks at the impact of rising home prices in Somerville.

It's a far cry from the 1990s, when locals derisively referred to the city as "Slummerville" and when you could buy a home for $100,000, notes one homeowner in the piece.

Yes, those days those are long gone.

The median sale price of a single-family home has rocketed over the first seven months of 2013 compared to last year, hitting $520,500, The Warren Group reports.

That's a 26 percent jump.

Here's what the city assessor, Marc Levye, had to say to Wicked Local Somerville.

I've added the bold for emphasis.

'What we started to see toward the end of 2012 was a boom, an explosion, a frenzy,
where we started to notice prices were not only higher, but we were seeing bidding wars not as an exception, but as a routine. We're going to have to adjust the values accordingly for fiscal 2014."

OK, bidding wars for homes and condos in hot locales like Davis Square and Porter Square are not new, but other parts of the city are also starting to catch on as well.

Union Square, which is poised to get its own Green Line stop, the area around the Assembly Square development, and the area just south of Prospect Hill may be next to take off, the city assessor suggests.

Time to buy in Somerville or is it already too late? What's your take?


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

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