2013 was a whirlwind for the local real estate market and two areas in particular have been extremely hot for both development and resale. Both Somerville and South Boston have seen meteoric rises in prices in the past two years as builders have continued to gobble up inventory and turn it back over as condos. The charts below offer a glimpse of both markets in the past 8 years and show an eerily similar track record in terms of both average sale price and days on market.
For the purposes of this article we've focused on the 02143 zip code in Somerville, which includes Union Square, Inman Square and Spring Hill. While South Boston and Somerville are distinctly different in many ways it is fairly stunning how similar the last few years have been for their real estate markets. Things have continued to trend upward for both areas since their lows in 2009. South Boston's average sale price in 2013 is up $64,591 from its previous peak in 2007 and Somerville's average sale price is up an even more impressive $100,526 from its 2007 highs.
Both neighborhoods are changing quickly as developers and buyers alike have been pushed out of Downtown Boston by the ever increasing prices there. With this influx of buyers has come skyrocketing prices, fast sales and multiple offer scenarios for property owners. The final 2013 numbers show that the two markets are staggeringly similar. Somerville's average sale price came in at $487,508, only $1,017 above South Boston's. Each neighborhood also sported an amazingly low average days on market of 32 and 33 respectively. The main difference between the two is simple, total sales volume. South Boston had a total of 761 properties sold last year, accounting for $370 Million in sales while the 02143 zip code of Somerville accounted for only 201 transactions and $98 Million in sales. The near future continues to look good for sellers in each area with inventory remaining thus far in 2014. Looking to take advantage of the seller's market? Get a no-obligation home consultation by clicking here or calling Justin Rollo of Re/Max at (978)790-4381.