Melrose Home Sales Drop For Second Straight Month in November

Sales of single-family homes in Melrose dropped in November compared to November 2009—the second straight month year-over-year sales have declined, after two months year-over-year sales increases—but the city is still on pace to sell more single-family homes in 2010 than last year, according to the latest data from The Warren Group.

In November, 13 Melrose single-family homes were sold, more than a 55 percent drop compared to the 29 homes sold in November 2009.

Statewide, November single-family home sales declined 29.8 percent from the same month last year and year-over-year home sales decreased in every county expect Nantucket County, where sales climbed almost 12 percent in November. It's the fifth straight month of year-over-year sales declines.

The Warren Group CEO Timothy M. Warren Jr., in a press release, said that the downturn in the housing market was expected.

"In November 2009, home sales were stimulated by the deadline to receive the first-time homebuyer tax credit, making comparisons to this year unfavorable," Warren said. "However, sales last month were higher than November 2008, when only 2,611 single-family homes were sold."

Despite the drop over the past two months, Melrose home sales this year so far outpace last year's home sales through November. So far this year, 201 Melrose single-family homes have been sold, a 23 percent increase over the 163 sold January-November 2009.

Statewide year-to-date sales are down 1.3 percent to 37,718 homes sold, compared to the 38,233 sold during the same period a year ago.

Home prices dip in Melrose, statewide

The price of single-family homes in Melrose dipped in November by almost 16 percent to $324,000, compared to November 2009 when the median sales price was $385,000. The year-over-year median sales price .

The median price of single-family homes statewide rose 7.3 percent to $294,000 in November, up from $274,000 a year earlier.

So far this year, the median sale price of Melrose single-family homes is up approximately 5.5 percent—$405,000, compared to $384,000 last year. The median price for homes sold statewide January through November was $297,500, up almost 4.6 percent from $284,500 in the prior year.

According to The Warren Group, the median price gains reflect a shift away from the starter homes that were popular under the first-time homebuyer tax credit to more mid-level homes.

Melrose condominium sales down in November, year-to-date, while prices rise

Melrose condo sales also dropped in Melrose this past November compared to the same month last year. Condo sales are also down across Melrose year-to-date, while prices have risen.

In Melrose, five condos sold in November, compared to seven in October 2009. From January to November, 49 condos sold in Melrose, compared to 68  last year through November, a drop of almost 28 percent.

Statewide, a total of 1,154 condos sold in November—the fewest number of condo sales since February and a more than 37 percent drop from 1,840 sold a year earlier. Year-to-date Massachusetts condo sales dropped 3.7 percent, decreasing from 17,133 last year to 16,496 so far this year.

Condo prices rose in Melrose and statewide in November. In Melrose, prices jumped 30 percent to $272,000, compared to November 2009's median sale price of $209,000.

The statewide median selling price in November was $263,250, up 7.5 percent from $244,900 a year earlier. 

The year-to-date Melrose the condo median sale price is $260,000, compared to $247,500 in October 2009, a 5 percent increase. The statewide year-to-date median price of condos in the Bay State is $265,000, also up almost 5 percent from $252,500 a year ago.