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September home sales slide in Somerville

Posted by Matt Byrne  October 28, 2011 10:04 AM

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Home and condominium sales in Somerville slid in September, new housing data shows.

Compared to the same month last year, home sales were off 41 percent, from 12 homes sold in September 2010, to seven sold this year in the same month, according to statistics released by the Warren Group, which tracks housing data throughout the state.

Condo closings also declined slightly, from 32 in Sept. 2010 to 30 this year.

For town by town single-family stats, click here; for condo sales, click here.

In the first nine months of the year, sales of both property types took bigger hits, with home sales declining more than 15 percent from a dozen in 2010 to seven in 2011. Condominium sales slid nearly 19 percent, from 351 closings in 2010 to 285 so far this year.

Median prices for Somerville homes jumped, however, from $390,000 last year to $437,500 in the first nine months of 2011, an increase of 12 percent.

While statewide figures show encouraging gains in home sales, the period last year used for comparison immediately followed the end of a federal first-time home buyer tax credit. What followed was an artificial downturn in sales, according to the Warren Group.

Yesterday, reports by the University of Massachusetts and the US Department of Commerce found that the Bay State economy outpaced national growth rates.


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