Community Corner

Melrose Single-Family Home, Condo Prices Drop in January

While sales didn't deviate much compared to as a year ago in January, prices dropped, especially the median condo price.

The median sale price of a home in Melrose—especially for condos—dropped in January compared to the same month last year, according to the latest figures from The Warren Group.

Last month, the median sale price of a Melrose condominium was $168,000. That's more than a 45 percent drop compared to January 2010, when the median sale price was $307,500.

Statewide, the median condo price in January declined 4.6 percent to $233,750 from $245,000 in January 2010.

Find out what's happening in Melrosewith free, real-time updates from Patch.

The median sale price of single-family homes dropped by less—from $408,300 in January 2010 to $385,000 last month, a 5.7 percent decline.

Statewide, median single-family home sale prices dropped 6.9 percent in January to $270,000, down from $290,000 in January 2010. This is the fifth consecutive month that median home prices have remained below $300,000.

Find out what's happening in Melrosewith free, real-time updates from Patch.

"It appears that renewed optimism about the economy is attracting buyers and allowing them to make deals at lower prices," Timothy M. Warren Jr., CEO of The Warren Group, said in a press release.

The number of Melrose home sales didn't deviate much from January of last year. Last month, 14 single-family homes were sold, compared to 13 in January 2010, while four condos were sold, compared to six in January 2010.

Single-family home sales statewide increased 5 percent year-over-year last month—2,190 were sold in January compared to 2,081 in January 2010—which is the highest January sales volume for single-family homes in Massachusetts since January 2007, when there were 2,953 transactions.

"It's promising to see the highest sales volume in four years in the state," Warren said. "However, a little later in the year, positive comparisons with 2010 will be tougher to achieve. In the spring, we will be comparing current sales with sales volume during the height of the homebuyer tax credit."

Meanwhile, condominium sales posted a more significant decrease in January, dropping almost 18.5 percent to 808 from 991 in January 2010. January marks the seventh consecutive month that condo sales decreased in Massachusetts. 

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


Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here