Let’s take a look at what’s been happening with single family real estate values over the last year in Somerville, MA.
The black line which shows the median sales prices. Not surprisingly, prices peaked in July – the reason why I say it’s not a surprise is because home prices are negotiated when the buyer’s offer is accepted and it takes about 2 months from then for the closing to happen and the sales price to be made public. This means that sales in July were from prices agreed upon in May during the spring market which is historically the most active selling season of the year.
Because of last year’s extremely snowy winter, the real estate market stalled for a while. Stay tuned to see what 2012 will have in store for real estate prices in Somerville!