Melrose Home Sales Fall, Condo Sales Rise In June Compared to Last Year

Melrose single-family home sales fell in June compared to the same month last year, as statewide sales plunged to their lowest level for the month since 1993, according to the latest figures from The Warren Group.

In June, 30 single-family homes sold in the city compared to 35 sold in June 2010, a drop of more than 14 percent. Statewide, single-family home sales slid 23.5 percent in June, the fifth straight month of double-digit percentage decreases, The Warren Group noted in a press release. A total of 4,313 single-family homes sold in June, down from 5,639 a year earlier. This marks the worst June since 1991, when there were 4,243 sales.

Year-to-date, Melrose single-family home sales are down compared to last year, but not too much, as 107 have sold so far in 2011 compared to 118 sold from January-June 2010.

Statewide home sales are down 20 percent, with 17,057 single-family homes sold in Massachusetts so far this year, compared to 21,322 during the same period a year ago.

In a press release, The Warren Group CEO Timothy M. Warren Jr. said the 2011 housing sales slump could be contributed to comparing sales this year to the inflated number of sales seen last year due to the homebuyer tax credit included in the federal stimulus bill.

"However, June is typically one of the busiest months of the year for real estate closings," Warren said in the release. "It is disappointing to see such a steep decline. Since June is the last month affected by the homebuyer tax credit, we're hopeful that coming months will bring some positive news."

Median sales prices fall year-over-year in Melrose, statewide

The median sale price of a single-family home in Melrose dropped in June, after ticking up slightly in May, and dropped below the year-to-date median sale price of 2010. In June, the median sales price was $393,000, a 7 percent drop from $424,100 in June 2010.

In contrast, for the second consecutive month statewide year-over-year home prices increased. The median sale price of single-family homes statewide crept up to $325,850 in June, up from $325,000 in June 2010.

The year-to-date median sales price in Melrose is down slightly to $395,000, less than a percentage point drop from the median sale price through June of last year of $398,250.

The year-to-date median sale price is $290,000, down 1.7 percent from $295,000 during the same period last year. However, quarterly prices increased 1.33 percent to $304,000, up from $300,000 during the second quarter 2010.

In the press release, Warren said, "A second straight month of increasing prices is a promising indicator that buyers are beginning to re-enter the market, and downward pressure on home prices is abating."

Melrose condo sales make big percentage jump with small volume

Melrose condo sales in June were up more than 71 percent compared to June 2010, but that's based on limited numbers: 12 condos sold in June this year compared to 7 in the same month last year.

Statewide condominium sales declined in June, dropping almost 32 percent from a year earlier, with a total of 1,706 condos sold in June, down from 2,504 a year earlier.

Year-to-date Melrose condo sales are up slightly by almost 10 percent, with 34 sold so far this year compared to 31 in January-June 2010. Statewide year-to-date condo sales are down close to 30 percent to 6,850 from 9,727 a year earlier.

The median condo sale price in Melrose dropped significantly year-over-year in June, to $239,250 this past June from $270,000 a year earlier—an 11 percent drop. Meanwhile, statewide median sales prices of condos increased again in June. The median selling price was $295,000, up 4.6 percent from $282,000 a year earlier.

Melrose's year-to-date median sales price for condos is down almost 10 percent to $239,950, compared to $266,000 through June last year; statewide, the year-to-date median price of condos in the Bay State is $268,050, up 3.5 percent from $259,000 a year ago.