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Prices for condos soar, single-families drop in Somerville market

Posted by Matt Byrne  April 25, 2012 10:04 AM

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It was a busy first quarter for the Somerville housing market, as homes and condominiums sales both saw double-digit gains, according to housing data released this week.

When compared to 2011, home sales jumped in the first three months of the year, from nine single-families under agreement to 13 this year, according to the Warren Group, which tracks housing data in Massachusetts.

Condominium sales rose from 42 to 73 units sold in the same 90 days.

Condo prices were on the same upward trend, with the median price rising in the first quarter by $78,000, to $380,000. But in sharp contrast, the median price of single-family homes slid dramatically, from $520,000 in 2011 to $331,200 so far in 2012.

For town-by-town single-family stats, click here;  for condos, click here.

Statewide, the first quarter was the best since 2007, the Warren Group's CEO said in a statement.

"Starting the year with a strong first quarter is a good indicator of things to come," said Timothy M. Warren Jr. "After such a depressed year of sales in 2011, we're likely to see more positive year-over-year comparisons in months to come. The market has a good head of steam built up right now."

Across Massachusetts, single-family home sales rose nearly 20 percent, to 3,205 units sold, Warren said, and are up nearly as much -- 17 percent, to 7,964 -- on the quarter.

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