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Report: Home Sales Rise in Concord

Concord's increase in home sales over a year ago mirrors Middlesex County's, but bucks the trend across the commonwealth.

 

While the low housing inventory has created bidding wars and stagnated home sales across Massachusetts, real estate activity in Concord has remained strong, according to a recent report by The Warren Group, publisher of Banker & Tradesman.

According to the report, Concord’s year-to-date sales through February have doubled over 2012, while median sale prices have increased as well. The nine single-family homes sold between January and February of last year had a median sale price of $900,000, while the median sale price for the 18 homes sold during the same time frame in 2013 checks in at $960,000, a 6.67 percent increase.

Meanwhile, condo sales have seen a slight dip compared to last year’s sales, both in terms of number and price.

According to the Warren Group report, six condos sold in January and February of this year, with the median sale price of $256,000. That’s a nearly 41 percent drop from the $433,000 sale price of the eight condos sold during the first two months of 2012, the report said.

Breaking It Down By County

Middlesex County home sales enjoyed a modest increase in February, staving off the dip across Massachusetts, which saw a drop in sales for the first time since December 2011, according to a recent report by The Warren Group, publisher of Banker & Tradesman.

Middlesex County saw 487 home sales in February, which was a modest increase over the 481 home sales in February 2012, a 1.25 percent increase. Dovetailing on an even stronger January, home sales are up by 5.56 percent overall in Middlesex County this year compared to a year ago, according to The Warren Group.

Median sale price in Middlesx County in February 2013 was up 9 percent compared to February 2012 even better than the overall 2013 median sale price, which is up 5.87 percent over last year.

Over the entire state, home sales dropped 5 percent in February compared to a year ago. It was the first drop since December 2011.

"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. "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."

Median sale prices are up across Massachusetts, which Warren connected to low inventory.

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

Local real estate agent and Patch blogger Zur Attias, of the Attias Group Real Estate, has written about these trends, posting about the declining inventory pushing prices upward and navigating a more seller-driven market.

Read a couple of those posts here:

  • Navigating the Shifting Market

Massachustts Single-Family Home les by county

Feb. 2012 Feb. 2013 % change Barnstable Feb. sales 163 182 11.66% YTD sales 416 401 -3.61% Feb median sale price $265,000 $328,000 23.77% YTD median sale price $297,500 $320,000 7.56% Bristol Feb. sales 156 177 13.46% YTD sales 336 361 7.44% Feb. median sale price $216,250 $209,700 -3.03% YTD median sale price $210,000 $220,000 4.76% Dukes Feb. sales 26 11 -57.69% YTD sales 48 22 -54.17% Feb. median sale price $556,345 $555,000 -1.14% YTD median sale price $551,250 $558,500 1.32% Essex Feb. sales 273 254 -6.96% YTD sales 493 517 4.87% Feb. median sale price $270,000 $300,000 11.11% YTD median sale price $283,000 $293,000 3.53% Middlesex Feb. sales 481 487 1.25% YTD sales 971 1,025 5.56% Feb. median sale price $330,000 $360,000 9.09% YTD median sale price $349,500 $370,000 5.87% Nantucket Feb. sales 12 19 -25% YTD sales 19 11 -42.11% Feb. median sale price $737,007 $766,500 4% YTD median sale price $765,000 $766,500 .20% Norfolk Feb. sales 285 237 -16.84% YTD sales 571 584 2.28% Feb. median sale price $325,000 $326,000 .31% YTD median sale price $325,000 $355,000 9.23% Plymouth Feb. sales 266 232 -12.78% YTD sales 495 490 -1.01% Feb. median sale price $224,450 $271,000 20.74% YTD median sale price $230,000 $260,000 13.04% Suffolk Feb. sales 75 80 6.67% YTD sales 151 166 9.93% Feb. median sale price $238,700 $333,000 39.51% YTD median sale price $245,000 $333,000 37.96% Worcester Feb. sales 323 298 -7.74% YTD sales 677 670 -1.03% Feb. median sale price $174,000 $200,000 14.94% YTD median sale price $180,000 $198,250 10.14% MASSACHUSETTS Feb. sales 2,366 2,246 -5.07% YTD sales 4,802 4,833 .65% Feb. median sale price $245,000 $275,000 12.24% YTD median sale price $250,750 $279,900 11.63%

Source: The Warren Group

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