Cambridge, the place the recession forgot

There is a post on the Wicked Local blog that speaks to what I was planning to write about a couple of days ago. No, really I was. I swear! I guess I better move quicker. http://blogs.townonline.com/cambridge/?p=38822

There is a quote from by of my colleagues in the biz, Arthur Horiatis, where he talks about the pent up demand. That is so on point. The number of single family home sales in Cambridge was down almost 20% last year from 2007 which led to the average price going up last year by 12%. Condominium sales were down a whopping 26%! The prices of condos remained relatively stable increasing only 1% from 2007. This data came from our MLS partners.

What does it all mean? If you are planning to buy this spring look for the possibility if competing bids on well positioned properties that are in good locations and are in good condition. I suspect the 300-550K price range will be extremely competitive and with the interest rates expected to remain historically low properties may be on the market for less time than last year.