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Melrose, Statewide Home Sales Rise

Sales of single-family homes in Melrose and statewide increased this August compared to August 2011, according to the latest figures in The Warren Group's press statement.

Sales of single-family homes in Melrose and statewide increased this August compared to August 2011, according to the latest figures in The Warren Group's press statement.

In August, 31 single-family homes sold in Melrose compared to 28 in the same month last year, nearly a 12 percent increase.

Meanwhile, statewide sales rose almost 26 percent in June, with 5,118 single-family homes sold, up from 4,262 a year earlier. According to The Warren Group, it's the second month this year to have more than 5,000 homes sold and seventh consecutive month of increased home sales.

"One more month of strong home sales confirm speculation that the housing market recovery is underway," said The Warren Group CEO Timothy M. Warren Jr. in a press statement. "Even though we are comparing to a slow August last year, the consistent sales volume of 4,000 to 5,000 in the past few months is a promising indicator."

Year-to-date single-family home sales in Melrose are down about 9 percent, with 154 sold this year compared to 169 last year.

Year-to-date statewide sales are up 24 percent at 31,733, compared to 25,581 during the same period a year ago, according to the statement.

Median Home Sale Prices

Both Melrose and Massachusetts as a whole saw the median sale price for a single-family home increase last month.

In Melrose, the median sale price of a single-family home was $430,602, about a 6.3 percent increase from the $404,950 price in August 2011.

Statewide, the median sale price increased 1.6 percent to $310,000 in August, up from $305,000 in August 2011.

Year-to-date, the median sale price for a single-family home in Melrose is $405,000, about an 3.3 percent increase from the $392,000 price in the first half of last year.

Statewide the year-to-date median sale price is $290,000, down 1.7 percent from $295,000 during the same period last year. 

"In past housing market recoveries, we've seen sales volume increase before prices followed," Warren said in the statement. "Perhaps these low prices will lure even more buyers into the market and bring a sustained recovery."

What About Condo Sales?

As with single-family homes, Melrose saw an increase in condominium sales last month while the Bay State saw an increase.

Six condos sold in Melrose last month, compared to four sold in August of last year, a 50 percent increase.

Statewide condo sales increased almost 40 percent from a year earlier, with 2,432 sold in August up from 1,736 a year earlier.

So far this year, 41 condos have sold in Melrose compared to 42 in the first half of last year, about a 2.4 percent decrease, while statewide condo sales are up 28 percent to 13,040 from 10,173 a year earlier.

Melrose's median condo sale price increased while the state price rose. The median price in Melrose last month was $297,000 compared to $254,000 in August 2011.

Statewide, the median selling price was $313,001, up 6.3 percent from $294,500 a year earlier.

Year-to-date median sale price for Melrose condos is $210,000, nearly a 12 percent decrease from the $237,700 price from January through June last year.

Statewide, the year-to-date median price of condos is $279,900, up nearly 2 percent from $275,000 last year.

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