2013 was a tough year for home buyers in Cambridge and Somerville, with very limited inventory, and a lot of potential buyers competing from those properties that were available. But if you were out there shopping, and were one of the lucky ones to win a bidding war, here’s what you could have bought…

With a budget of $300k…

Well, there wasn’t much out there at this price point, but 35 condos did sell in Cambridge this year for less than or up to $300k. The lowest sale price was $182k for a 288 SF studio at 9 Mullins Court in East Cambridge. Small to be sure, but renovated and a second-floor unit, which is rare at this price point — most of the lower-end of our inventory is “garden level” (aka, basement). For example, here’s a 2BR 692 SF garden-level condo at 269 Harvard St near Central Square, which sold for $299k.

269 Harvard -- $300k

In Somerville, there were 61 condos listed this year that have sold for up to $300k. Excluding one affordable-housing unit, the lowest price sale was $170k for a 350 SF 1BR condo in East Somerville, WITH a parking spot! At the top of the range, three condos sold for $300k on the nose, including a top-floor, 790 SF 1BR, under-the-eaves unit at 42 Cedar Street, just a couple blocks from Porter.

42 Cedar Street -- $300k

Moving up to $500k…

At this price point, 2013 condo buyers were solidly in the price range for a new or nicely renovated 1 – 2BR condo in either Cambridge or Somerville. For example, coming in at an even $500k, one happy Cambridge buyer scored a 1 BR/1.5 ba loft with 927 SF at NorthPoint. Garage parking included.

NorthPoint -- $500k

62 Central Street, Unit 2 in Somerville also sold for $500k on the nose. For that price, buyers got three bedrooms, two full baths and 1257 SF of living area in a nicely renovated unit on Spring Hill. No parking with this one.

62 Central Street -- $500k

And for $700k…

You can now comfortably afford a renovated two or even three bedroom condo in most Cambridgeville locations. For example, check out this new construction, 3 BR/2 ba, 1609 SF condo with one garage spot at 141-3 Harvey Street in North Cambridge, which sold for a cool $699k.

141 Harvey -- $700k

Our Somerville example is a great 3 BR/2.5 ba penthouse unit with 1447 SF on two levels at 80 Webster in Union Square, which came in right at $700k. It sort of has parking — in this building you have to rent a parking spot in the garage next door, but rates are reasonable at $125/month.

80 Webster -- $700k

And if you have a million dollars…

You’re now entering the realm of river views and/or really nice amenities. Here’s an example of what one buyer bought for $1M in Cambridge: a 4 BR/2 ba, 1885 SF condo on the Charles at 985 Memorial Drive. No parking but it did come with a fireplace, if that’s any consolation.

985 Mem Dr -- $1M

And over in Davis Square, just shy of a million, this 1938 SF, 3 BR/2 ba Wallace Street “urban chalet” sold for $950k. It offered high-end finishes and all kinds of bells and whistles including TWO parking spaces.

45 Wallace St -- $950k

Money is no object, you say?

Well, Somerville condo prices maxed out at $1,125,000 this year (only three condos sold for more than $1M), but there was still room to go up in Cambridge, where condo prices topped out just under $4M. And the distinction of being the most expensive condo sold in Cambridge this year goes to a 2170 SF, 2 BR/2 ba penthouse in the heart of Harvard Square, just above the soon-to-be-gone Upstairs on the Square restaurant. And here’s that buyer’s $3,974,000 view:

93 WInthrop -- $4M

Happy shopping — ho, ho, ho!

Am feeling nostalgic as I think back to when I began my real estate career in November of 2009 — look at the inventory we had back then! Ah, the good old days…

Cambridge Housing Inventory
YTD, November 21, 2009 through 2013

Cambridge Housing Inventory

Somerville Housing Inventory
YTD, November 21, 2009 through 2013

Somerville Housing Inventory

I get this question a lot when people look at the bidding wars and rising prices going on in our market. I thought this CNBC interview by Boston developer Joe Fallon (of Fan Pier fame) offers a good answer to that question.

CNBC_JoeFallon

Always happy to divide-and-conquer, my colleague Natasha Burger and I recently divvied up the job of running 3-year home price comparisons for Cambridge & Somerville. I previously published my Cambridge stats, and am now adding Natasha’s Somerville data to the mix. I’m sure you’ll agree the market here in Cambridgeville is hot!

Somerville Condos  1BR/1ba, without parking
2011 YTD – 5 units sold – average price: $254,900
2012 YTD – 8 units sold – average price: $288,875
2013 YTD – 14 units sold – average price: $289,489
3-Year Change: Up 14%

Somerville Condos — 2BR/1ba, with 1 parking space
2011 YTD – 36 units sold – average price: $320,238
2012 YTD – 25 units sold – average price: $364,084
2013 YTD – 20 units sold – average price: $365,920
3-Year Change: Up 14%

Somerville Condos — 3BR/1.5+ba, with 1+ parking space(s)
2011 YTD – 34 units sold – average price: $594,951
2012 YTD – 47 units sold – average price: $533,663
2013 YTD – 37 units sold – average price: $603,634
3-Year Change: Up 1%

Somerville Single-family — up to 2000 square feet
2011 YTD – 22 units sold – average price: $382,125
2012 YTD – 36 units sold – average price: $426,656
2013 YTD – 27 units sold – average price: $484,185
3-Year Change: Up 27%

Somerville Single-family — larger than 2000 square feet
2011 YTD – 9 units sold – average price: $585,500
2012 YTD – 13 units sold – average price: $707,385
2013 YTD – 9 units sold – average price: $728,333
3-Year Change: Up 24%

Somerville 2-Family properties
2011 YTD – 46 units sold – average price: $495,582
2012 YTD – 46 units sold – average price: $539,378
2013 YTD – 48 units sold – average price: $671,705
3-Year Change: Up 36%

Somerville 3-Family properties
2011 YTD – 25 units sold – average price: $587,641
2012 YTD – 27 units sold – average price: $585,974
2013 YTD – 15 units sold – average price: $732,400
3-Year Change: Up 25%

If you weren’t buying or selling a home in the past few months, you may not be aware at how much Cambridge home prices rose this spring. This was largely a result of our ridiculously low inventory — as of today, there are only 90 properties (singles, multis and condos) on the market in all of Cambridge. That’s compared to 185 this time last year, when we already had an inventory shortage!

Here are some of the sale price changes for a sampling of property types — comparisons are based on YTD sales up to July 6 for the past three years.

Condo — 1BR/1ba, without parking

2011 YTD – 40 units sold – average price: $298,048
2012 YTD – 41 units sold – average price: $330,930
2013 YTD – 53 units sold – average price: $393,986
3-Year Change: Up 32%
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 Condo — 2BR/1ba, with 1 parking space

2011 YTD – 21 units sold – average price: $380,895
2012 YTD – 45 units sold – average price: $457,703
2013 YTD – 24 units sold – average price: $431,654
3-Year Change: Up 13%

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Condo — 3BR/1.5+ba, with 1+ parking space(s)

2011 YTD – 36 units sold – average price: $796,653
2012 YTD – 31 units sold – average price: $791,745
2013 YTD – 45 units sold – average price: $953,364
3-Year Change: Up 20%

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Single-family — up to 2000 square feet

2011 YTD – 23 units sold – average price: $591,728
2012 YTD – 25 units sold – average price: $604,779
2013 YTD – 33 units sold – average price: $676,761
3-Year Change: Up 14%

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Single-family — larger than 2000 square feet

2011 YTD – 29 units sold – average price: $1,530,499
2012 YTD – 30 units sold – average price: $1,696,917
2013 YTD – 37 units sold – average price: $2,013,500
3-Year Change: Up 32%

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2-family properties

2011 YTD – 12 units sold – average price: $766,500
2012 YTD – 26 units sold – average price: $790,294
2013 YTD – 12 units sold – average price: $960,375
3-Year Change: Up 25%

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3-family properties

2011 YTD – 8 units sold – average price: $853,439
2012 YTD – 8 units sold – average price: $1,010,500
2013 YTD – 12 units sold – average price: $1,036,417
3-Year Change: Up 21%

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To illustrate our inventory shortage, here’s where we stand today, compared to June 7, 2012:

CONDO INVENTORY TODAY

Cambridge — 44% of last year’s inventory

  • On the market today: 78
  • On the market this day last year: 176

Somerville — 45% of last year’s inventory

  • On the market today: 45
  • On the market this day last year: 99

SINGLE FAMILY INVENTORY TODAY

Cambridge — 42% of last year’s inventory

  • On the market today: 14
  • On the market this day last year: 33

Somerville — 59% of last year’s inventory

  • On the market today: 13
  • On the market this day last year: 22
  • Difference:

MULTI-FAMILY INVENTORY TODAY

Cambridge — about equal, but numbers too low to mean anything

Somerville — 50% of last year’s inventory

  • On the market today: 22
  • On the market this day last year: 44

Last week Standard & Poor’s Case-Shiller home price index reported increases in every one of the 20 markets it surveys — the composite increase was 10.9% — the largest gain in seven years. Thought you might want to know about our market specifically, so will be running an analysis of various housing types, beginning with condos here…

Cambridge condo prices:

  • 2013 YTD — 293 units sold
  • Average price — $571,884 — an increase of 12.0% over the 2012 average price of $510,758

Somerville condo prices:

  • 2013 YTD — 142 units sold
  • Average price — $434,502 — an increase of 8.4% over the 2012 average price of $400,852

Stay tuned for data on singles and multi-families…