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Is the Somerville Housing Market Overheated?

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In late January, we wrote about the terrifying listing photo above for a 2-BR, 1.5-BA condo just north of Inman Square in Somerville, and how the creepy clown on the wall did not hurt the bottom line: The 1,175-square-foot condo, which wanted at least $369,000, closed for $412,500 in early December.

Here was what one reader on the hunt then had to say about the Somerville housing market circa 2013: "Your 'Somerville Nightmares' post has prompted me to email you on this. With all the wonderful press Somerville has gotten recently, I think something needs to be written about how quickly the Somerville real estate market has already gotten overheated and greedy."

The reader cited bidding wars that drive closing prices well over asking ones; and so-so properties, including one "that looked like a crack house and needed a ton of work on the exterior and had the cheapest, poorly done renovation on the interior that was listed in the mid-$400s/sqft range - that's what well renovated places that need no work in Cambridge go for!"

What do you think re: the expectations of buyers and sellers in Somerville? Is the city's housing market overheated? (And we mean even in a relative sense, as the entire Hub's housing market is a goddamn scorcher right now.) To put it another way, is that clown in the picture laughing at Somerville home-hunters? Email us your thoughts (anonymity guaranteed). Or leave them via the Comments link to the above right.
· This Somerville Listing Will Give You Nightmares [Curbed Boston]
· What Is the Boston Condo Market On? [Curbed Boston]