The Inventory Crunch and a New Somerville Listing!

As a Realtor I work with both buyers and sellers. And contrary to what you may have heard about other markets, Somerville and Cambridge are currently sellers’ markets. With inventory (and interest rates) at record lows, securing homes for buyers has become a real challenge. Multiple-bid situations and over-asking sales prices have become commonplace.

How low is the inventory these days? Check out this “On-Market Snapshot” comparing the number of condominiums on the market in Somerville today, February 13th versus a year ago:

On-Market Snapshot

Not only are there just 47 condos on the market today versus 87 last year, but the distribution is skewed to higher price points. Last year there were 24 condos on the market between $400,000 – $500,000. This year there are 6. Yes, 6.

Well, now there are 7.

Coming on the market today is a new listing at 27 Osgood Street #7, Somerville. The property is listed by Lara Gordon with Coldwell Banker. Lara writes:

27 Osgood St, Unit 7, Somerville — listed at $465,000

Gorgeous top floor, loft-style condo featuring an open layout with soaring ceilings, oversized windows, hardwood floors and exposed ductwork. This 2005-built unit boasts all the modern amenities: central air, loads of closet space, master bedroom with en suite bath, maple/granite/stainless kitchen, in-unit laundry, a balcony and parking for two cars in your own private garage! Located on a side street in vibrant Union Square, with its many cafés, restaurants, shops and farmers market, and only a mile to the Porter Square T!

Year built/converted: 2005
Bedrooms: 2
Bathrooms: 2
Living area: 1128 SF +/- per public records
Parking: private 2-car garage
Condo fee: $275 per month (Note: budget being reviewed now — fee may increase.)
2012 Taxes: $3,246 with residential exemption

For more information on the property, including floor plans, check out Lara’s blog Cambridgeville. To set up an appointment to preview the property, please contact me.