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Somerville Sales Keep Rising—Right Along w/ Prices

This is Neighborhood Watch, a monthly breakdown from Curbed Boston about what's going on market-wise in key neighborhoods 'round the region (and, for our purposes here, towns and cities are neighborhoods, too—because they almost were, after all). All stats courtesy of William Raveis Real Estate. Next up, Somerville.

Single-family home sales in Somerville jumped again annually in September (just like in August): they were up by more than 35 percent this time, as sales and listing prices rose, too. At the same time—and not surprisingly—inventory was way down. But! It took much longer in September 2012 than it did in September 2011 to sell a Somerville single-family: the average time on the market was up 33.3 percent to 80 days.
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The song remained the same in the condo market: sales were up again annually in September by a double-digit percentage as sales and listing prices rose (or stayed pretty much flat). Inventory, at the same time, plunged—though the average time on the market did, too, suggesting a lot of pretty fast condo deals in Somerville.

· Suddenly Seeking Somerville: Sales Jump as Prices Rise [Curbed Boston]
· Our Neighborhood Watch archive [Curbed Boston]