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Home sales on the decline in Medford, prices up

Posted by Jarret Bencks  April 24, 2013 10:00 AM

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Like many communities in the state, Medford saw a decline in home sales last month, according to recently released real estate data.

A total of 16 single-family homes were sold last month in Medford, compared to 20 in March 2012, according to real estate publisher The Warren Group. Condo sales remained even compared to March 2012, with 11 sales.

Year-to-date single-family home sales are down from 57 in the first three months of 2012 to 47 through March 2013. Condo sales year-to-date are almost even; there were 32 in the first three months of 2012 and 31 through March 2013.

Median home sale prices are up nearly 20 percent on the year, from $306,250 to $366,000.

For single-family stats, click here; for condos, click here.

Statewide, single-family home sales dropped over 3 percent from 3,215 in March 2012 to 3,100 last month. Median sale prices in the state rose from $263,000 in March 2012 to $285,000 last month.

Those in the real estate industry are hopeful that low interest rates on mortgages will help accelerate the market, David Harris, editorial director at The Warren Group, said in a statement.

"Low inventory is plaguing housing markets all over the country, and Massachusetts is no exception," he said. "With mortgage rates low and prices competitive, we're hopeful more sellers will emerge and the trend in dropping home sales will reverse."

Jarret Bencks can be reached at bencks.globe@gmail.com. Follow him on twitter @JarretBencks.


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