Melrose's March Home Sales Down While Statewide Sales Rise

Home sales in Melrose dropped year-over-year in March, while statewide sales in Massachusetts rose by double-digit percentages, according to the latest figures from The Warren Group.

Last month, 12 single-family Melrose homes were sold compared to 16 sold in March 2011, a 25 percent drop. Statewide single-family home sales increased nearly 20 percent to 3,205 in March, up from 2,688 in the same month a year prior. (Click through the attached photos to see some of the homes that sold in Melrose in March from our weekly Sold! column, which runs every Thursday at noon.)

Year-to-date sales of single-family Melrose homes are also down compared to the first three months of last year, with 31 sold so far in 2012, compared to 40 sold in the same time period last year, a drop of 22.5 percent.

Statewide single-family home sales in the first quarter are up 17 percent to 7,964 from 6,802 in last year's first quarter. A Warren Group press release said this is the third consecutive quarterly increase in Bay State home sales, and the strongest March since 2007 when there were 3,853 sales.

In the press release, The Warren Group CEO Timothy M. Warren Jr said the strong first quarter is a "good indicator" for the real estate market.

"After such a depressed year of sales in 2011, we're likely to see more positive year-over-year comparisons in months to come," Warren said in the press release. "The market has a good head of steam built up right now."

The median single-family home sale price dropped in Melrose and statewide last month. In Melrose, the median price was $337,750, compared to $360,000 last year, a drop of more than 6 percent. Statewide, the median price slipped 3.3 percent to $260,000 from $268,750 a year earlier, the sixth consecutive month that monthly home prices have dropped year-over-year, according to The Warren Group.

The first quarter median sale price in Melrose was $380,000, a 2 percent decrease from the $387,750 median price during the first quarter of 2011. The statewide first quarter median selling price was $255,000, a 3.7 percent decrease from $264,700 in the first quarter of 2011.

"In studying patterns of previous housing slumps and recoveries, I'm not surprised median prices are continuing to drop," Warren said in the press release. "Housing sales will continue to rise, but it will take several more months for median prices to follow."

Melrose Condo Sales Stagnate

Condominium sales in Melrose also dropped last month, although not by much and sales in the first quarter of the year match those from the first three months of last year. In March, three Melrose condos sold compared to four in March 2011. Statewide condo sales rose for the second straight month, increasing 11.4 percent to 1,189 from 1,067 in March 2011.

Year-to-date, 11 condos have been sold in Melrose, the same number of condo sales during the first quarter of 2011. Statewide, 2,983 condo sold in the first quarter, a near 8 percent increase from 2,766 a year earlier.

The median sale price is also down for Melrose condos. In March, that price slipped 5.4 percent to $164,500 from $173,950 a year earlier. The statewide median price condo sale price in March was $265,000, up more than 15 percent from $230,000 in March 2011.

The first quarter median sale price for Melrose condos was also $164,500, down more than 20 percent from last year's first quarter median price of $205,900. Statewide, the first quarter median condo price was up 6.7 percent to $250,750 from $235,000 during the prior year's first quarter.

Information from a Warren Group press release was used in this report.