Medford Home Sales Outpace State Average

Medford home sales were up more than 36 percent in April 2012 compared to April in 2011, according to recent real estate data, outpacing the statewide average.

State-wide real estate sales also spiked, but not as extemely. April saw a 22 percent increase in home sales statewide compared to April 2011, according to data from the Warren Group, a real estate research company and publisher.

There were 26 home sales this past April in Medford up from 19 in April 2011, according to the data. Year-to-date, 83 homes had been sold in Medford through April, up from 61 in the same time span last year, according to the data.

There were 3,505 single-family home sales in all of Massachusetts in April 2012, up from 2,877 in April 2011, according to a Warren Group press release.  Nine of the last ten months have seen an increase in sales compared to the year before, the press release said.

In a written statement, Warren Group CEO Timothy Warren Jr. attributed the increase to low interest rates on mortgages and an improving economy.

"Low mortgage rates and an improving job market in the Bay State are encouraging buyers to enter the market," Warren said. "It looks like the months ahead will continue to be positive as the strong spring and summer market heats up. Typically, June is the biggest month of the year for real estate closings."

The median sale price for homes in Medford was $354,500 in April 2012, up from a $340,000 median on homes sold in April 2011. Statewide median sale prices also saw an increase, from $272,000 in April 2011 to $275,000 this past April, the press release said.