Medford Home Sales Dropped in March

Medford’s single-family homes took a tumble in March, which The Warren Group blamed on “shrinking inventory," which is “depressing sales volume."

Mirroring a similar trend for the commonwealth, single-family home sales in Medford dropped from 20 in March 2012 to 16 in March 2013. So far this year, Medford has seen 47 homes sold – compared to 57 in 2012, according to The Warren Group, which publishes Banker & Tradesman.

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

Similar to the commonwealth, Medford's single-family home median sale price increased in March. While Massachusetts saw an 8 percent increase from March 2012, the median price of Medford’s 20 homes sold in March 2013 was a 19.5 percent increase from March 2012, according to The Warren Group.

"It's clear that the low supply of homes for sale is continuing to pressure prices," Harris said. "And there is definitely concern that such steep price spikes will cause an affordability issue."

Source: The Warren Group