Melrose Home, Condo Sales Dip in February

Home and condominium sales dipped in Melrose in February, according to a recent report by The Warren Group, publisher of Banker & Tradesman.

February Home Sales, Prices Down in Melrose

Five single-family homes were sold in Melrose in February, compared to eight sold in February 2012, according to the report. 

Single-family home sales in Massachusetts decreased in February, ending 13 consecutive months of rising sales volume, according to the report. A total of 2,246 homes sold statewide in February, a 5 percent decrease from 2,366 sales in February 2012, reads the report. 

"Two factors caused this modest drop in February: low inventory and a comparison with a strong previous year of sales," said Timothy M.Warren Jr., CEO of The Warren Group, in the report. "Even so, I'm still hopeful for a strong spring market. As more sellers list their homes in the spring, activity will pick back up."

Year-to-date home sales in Melrose are down slightly from a year ago, as 18 homes have been sold compared to 19 in 2012, according to the report. Meanwhile, statewide single-family home sales are up nearly 1 percent from a year ago, as there have been a total of 4,833 transactions completed in the first two months of the year, up from 4,802 during the same period in 2012, according to the report.

The median sale price for single-family homes in Melrose in February dipped from $430,000 in 2012 to $410,000 this year, according to the report. Year-to-date median sale prices in Melrose are down nearly 3 percent, according to the report.

Statewide, the median price for a single-family home increased more than 12 percent in February to $275,000 from $245,500 in February 2012, according to the report. The year-to-date median home price is also up about 12 percent - rising to $279,000 from $250,750 last year, reads the report.

"With such low inventory, we're seeing bidding wars - homes selling above the asking price," Warren said in the report. "As prices rise, more sellers will begin to list their property which in turn pumps up sales volume."

Melrose Condo Sales Down in February

One condominum was sold in Melrose in February, down from 3 sold in February 2012, according to the report. While there were eight condos sold in the first two months of 2012, the number of condos sold this year are down 50 percent, according to the report.

Statewide condominium sales increased slightly, as there were 925 condo sales in February, compared to 912 sales during the same month in 2012, according to the report. Year-to-date condo sales also rose nearly 5 percent to 1,901 from 1,817 last year, the report added.

The median sale price for condos sold in Melrose in February was not available, according to the report. The median sale price for condos in February 2012 was $270,000, according to the report.

The median price for condos sold statewide in February increased more than 6 percent to $245,000, up from $230,525 during the same month last year, reads the report.

While February median condo sale prices dipped in the city, year-to-date median condo prices in Melrose are up from $173,300 in 2012 to $194,000 this year, according to the report.

The statewide median selling price for condos sold in January and February of this year was $242,000, a near 1 percent increase from the $240,000 median price recorded a year ago, according to the report.