Cambridge Real Estate Remains Strong

Filed in Lifestyle by on September 28, 2009 0 Comments

typicalhouseAt the beginning of August we reported how the Cambridge area real estate was bucking the downward trend in real estate in Boston and the rest of the country.  Happily home prices in Cambridge and the surrounding towns are not only holding their own by continuing to improve.

The last report using information taken from Zillow.com for each town was through May 2009 and subsequently updated for June 2009.  Year over year the zestimate(price of an average home per zillow) and the percentage annual change improved just for that time frame.  The information has been updated through August 2009 and the improvements are the same or better than the previous report.

Annual
Aug-09 Zestimate Change
Cambridge $ 440,800 7.80%
Somerville $ 352,400 3.10%
Arlington $ 442,400 2.30%
Belmont $ 633,900 6.40%
Watertown $ 368,300 1.20%

Cambridge’s zestimate increased $7,900 with the annual change increasing about 2 percentage points to %7.8.  Watertown and Somerville improved the most with percentage point increases of %3.4 and %3.5 respectively.  Belmont’s zestimate increase the most increasing $11,300.  All of the cities and towns are now showing percentage increases on an annual basis.

This continues to show the strength that comes with the varied industries in the area.  Demand also remains steady due to the quality of public education particularly in towns like Arlington and Belmont.  Cambridge’s smaller size also plays a factor in being able to outperform Boston area real estate which finally broke into the positive arena with a small %.0.2 annual change improvement.

It will be interesting to see what happens in September since most of the school related home buying should be winding down…

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