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Somerville sellers deluded?

Posted by Scott Van Voorhis  February 19, 2014 08:34 AM

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Bill Wendel is serving up some pretty strong brew these days at the Real Estate Cafe in Cambridge.

Wendel just sent over stats showing a dramatic increase in $700,000 and up listings in Somerville, which he has dubbed "Delusionville."

And yes, the stats do raise some questions as to whether some Somerville sellers have temporarily lost leave of their senses.

This time last year, just 7.5 percent of all Somerville listings were priced at over $700,000. This year, that number has topped 41 percent.

That's 17 listings at the top end of the market in the city that's home to such hipster hotspots like Davis Square, compared to a grand total of just four last year.

The biggest increase has been homes priced in the $700,000 to $800,000 range and in the $900,000 to $1 million range, which account for 11 of the 17 listings over $700,000.

The one fly in the ointment in Wendel's argument are days on market. That's the the time it takes for a seller to snag a buyer.

It's up pretty significantly for Somerville listings priced at $800,000 and up, but actually down for those in the $700,000 to $800,000 range.

Still, you have to wonder what Somerville sellers are thinking these days. Yes, prices are going up, but that doesn't mean the sky is the limit.

The acid test will come this spring, when buyers will be out in force.

Then we shall see how truly deluded, or not, these Somerville sellers actually are.

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

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

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