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Somerville real estate sales slow in January

Posted by Jarret Bencks  February 27, 2013 02:38 PM

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January was a slow month for real estate sales in Somerville, with condo sales down almost 50 percent from January 2012, according to recently release real estate data.

A total of nine condos were sold in Somerville last month, compared to 17 in January of last year, according to real estate publisher The Warren Group. Single-family homes saw a slight rise, from five sales in January 2012 to six last month.

Sale prices, however, were higher. The median condo sold for $415,000 last month, compared to $365,000 in January 2012, while the median sale price on a single-family home rose from $350,000 to $535,000.

Statewide, home sales rose over 10 percent to their highest level since 2007, according to an announcement from The Warren Group. A total of 2,680 single-family homes were sold in the state last month, up from 2,436 in January 2012.

Find town-by-town home sales here, and condo sales here.

The data points to a possibly busy spring for the real estate business, according to Timothy Warren Jr., CEO of The Warren Group.

"We ended 2012 on a pretty positive note, and this is carrying into January," he said in a statement. "Recent pending sales data are a hopeful sign for a strong spring market. And given low mortgage rates and steady prices, there are positive signs that 2013 will be a second year of recovery."

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

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