December 2018 Market Report

Passionate about teaching after graduating from Harvard, I ultimately found myself drawn into the world of real estate in Cambridge and Somerville...

Happy New Year!

The Charles Cherney Team at Compass wishes you a Happy New Year! (Left to right in photo: Christine Carpenter, Charles Cherney, Maggie Dee Spencer, Ana Andreev.)

At your service in 2019. Reach out at any time.

Cambridge Market Stats for December 2018

48

Homes for sale as of Dec. 31

49

Homes sold in December

19

New listings in December

24

Average days to offer

$1,122,211

Average sale price

98%

Avg. sale to list price

Click here to see all the sales in Cambridge in December.

See below for three noteworthy sales in Cambridge in December.

7 Florence Unit 6

Sold for $618,321 on Dec. 13, 2018.
Listed by Charles Cherney and sold by
Maggie Dee Spencer of the Charles Cherney Team.

23 Palermo Street Unit 1

Sold for $1,137,500 on Dec. 3, 2018.
Listed by Petrowsky Jones of Compass.

29 Elm Street Unit 2

Sold for $1,125,000 on Dec. 14, 2018.
Listed by John Moran of Keller Williams.

Somerville Market Stats for December 2018

102

Homes for sale as of Dec. 31

51

Homes sold in December

38

New listings in December

28

Average days to offer

$818,146

Average sale price

98%

Avg. sale to list price

Click here to see all the sales in Somerville in December.

See below for three noteworthy sales in Somerville in December.

5 Fremont Avenue

Sold for $670,000 on Dec. 10, 2018.
Listed by Charles Cherney.

34 Ash Avenue

Sold for $640,000 on Dec. 13, 2018.
Listed by Bigelow/Irving of Compass.

40 Central Street Unit 2

Sold for $500,000 on Dec. 10, 2018.
Listed by Jonathan Mitchell of Compass.

CharlesCherneyBlog.com

In Mid-December, I started CharlesCherneyBlog.com - I am posting here daily about something that has gotten my attention in the last 24 hours. Check it out!

Checking in with Charles

For many of us, myself included, December and the holidays are a chance to rest and recharge. Having a bit more free time than usual, I found myself reflecting on all the people I am grateful for: my family; my team; my clients. Thank you, one and all!

Despite the gyrations in the stock market, the Cambridge and Somerville market appears for the most part to be resilient. A townhome outside Central Square listed for sale in December generated more than a dozen offers and is going to sell for substantially over the asking price. The same is true for a townhome outside Kendall Square.

I compile up-to-date market stats for both Cambridge and Somerville at CCMarketSnapshots.com. Condo inventory is up in Somerville. It will be interesting to see what impact this has on sale value in 2019. Average sale price in December was 98% of list price. This is the first time in a long time that the average sale price in both Cambridge and Somerville has been below 100%.

The Charles Cherney Team at Compass is excited about 2019 and ready to be of service. Our mission is to help you buy the right home and sell for the best price. Our work is our calling. We're here for you. Reach out at any time!

Happy New Year! Here's to you and your success this year.