Melrose and Mass. Home Sales Spike in May

Melrose saw a year-over-year increase in home sales in a May, a month that recorded the highest level of home sales across Massachusetts in nearly two years, according to the latest figures from The Warren Group.

Last month, 26 single-family homes sold in Melrose, compared to the 22 sold in May 2011. Statewide, 4,510 single-family homes sold, up from 3,350 the same month a year ago, which The Warren Group said is the highest number of transactions recorded since June 2010 when there were 5,662 sales. May marks the fifth consecutive month that sales volume increased year-over-year.

Year-to-date single-family home sales in Melrose still lag behind last year and the state, with 74 sold so far this year compared to 78 sold in the first five months of last year. Statewide year-to-date sales are up more than 23 percent, with 16,045 homes sold so far this year compared to 13,029 during the same period last year.

Cory S. Hopkins, editorial director of The Warren Group, said in a press release that the spring housing market has been "especially strong" in the Bay State.

"We're expecting home sales to continue to soar this summer, thanks to low mortgage rates and affordable prices luring buyers into the market," he said.

Sale Prices Down So Far in 2012

Speaking of affordable prices, while Melrose's media sale price for a single-family home increased year-over-year in May, the year-to-date median sale price is still down compared to 2011.

Last month, the median sale price of a single-family Melrose home was $407,500, an almost 3.5 percent increase over the $393,750 median price in May 2011. Melrose's year-to-date median sale price is $387,500, down more than 3.5 percent compared to the $401,750 median sale price in the first five months of last year.

Statewide, the median price for single-family homes sold in May dropped more than 3 percent to $289,950 from $300,000 a year ago, but it's the highest median sale prices recorded so far this year, according to The Warren group. Year-to-date, the median sale price of a single-family home in Massachusetts is $270,000, which is 1.8 percent lower than the $275,000 median price recorded during the same period in 2011.

"Prices are continuing to drop indicating buyers are in the driver's seat, and making good deals," Hopkins said in the press release. "For the second month in a row, the price of a single-family home is less than a condominium, a reflection of low inventory in the condo market and a number of less expensive single-family homes coming on the market in recent months."

Melrose Condo Sales Stagnant in May, Prices Plummet

Melrose's condo sales stayed the same year-over-year and so far in 2012, come close to matching 2011's numbers.

There were six Melrose condominiums sold last month, the same as in May 2011, and 20 sold so far in 2012, compared to 22 in the same time period last year.

Meanwhile, statewide condo sales increased for the fourth straight month, with sales rising more than 50 percent in May to 1,881, from 1,247 in May 2011. A total of 6,326 condo sale transactions were recorded in the first five months of the year, a 21 percent jump from 5,227 the prior year.

The median sale price of a condo in Melrose is down, too, compared to the rest of the state. In May, the median sale price was $212,250, an almost 20 percent decrease from May 2011's median price of $264,950. Year-to-date, the median sale price of a Melrose condo was $205,000, down almost 15 percent compared to the $239,950 median sale price in the first five months of last year.

Statewide, the median sale price of a condominium was $290,000 in May, a less than 1 percent incline from $288,250 in May 2011. The year-to-date median condo price rose 4.5 percent to $267,000 from $255,500 during the same period last year.

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