The real estate market in Cambridge and Somerville is red hot, right? Or is it really as hot as we have been led to believe?
Amid all the hoopla over rising prices, here's a number that should give pause to even the most ardent real estate bulls.
The number of expired or cancelled listings in our state's top hipster hotspots rose sharply in the last three months of 2013 compared to the fourth quarter of 2012, according to Bill Wendel over at the Real Estate Cafe in Cambridge.
Somerville saw 50 cancelled or expired listings of homes and condos during the last three months of 2013, up from 37 during the fourth quarter of 2012.
Cambridge also saw a jump in the number of sellers striking out, rising to 62 during the final months of 2013 from 59 the year before.
What's to blame?
One factor may be bloated seller expectations - Wendel sees evidence, especially in Somerville, of holding out for unrealistic prices.
And certainly some of these would-be sellers may also be pulling their homes off the market in order to list again in the spring in hopes of getting their price then.
As of Jan. 7, there were eight homes and condos on the market in Somerville, up from six the same time last year.
What's telling, though, are the prices. The median price of the eight Somerville listings during the first week of January tops $700,000, with four of them on market in the $800,000 to $1 million-plus range, according to stats Wendel shipped over.
That's compared to a median price of just over $300,000 for the six Somerville listings that were on the market during the first week of January 2013.
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