Melrose Home Sales Steady While Statewide Sales Increase

As sales of Massachusetts single-family homes soared last month, Melrose's year-over-year sales numbers for both single-family homes and condos stayed flat, according to the latest figures from The Warren Group.

Eight single-family homes were sold in Melrose last month, the same number sold in February 2011. Year-to-date, 19 single-family homes have sold in Melrose, compared to 24 sold in the first two months of last year. (Click through the attached photos to see some of the homes that sold in Melrose in February from our weekly Sold! column, which runs every Thursday at noon.)

Statewide, 2,350 single-family homes were sold, the highest sales volume for the month of February in five years according to The Warren Group, and a 33 percent increase over the 1,765 sold in February last year. Year-to-date statewide sales are up 15.8 percent from a year ago, with 4,764 homes sold so far this year compared to 4,114 sold in the first two months last year.

Timothy M. Warren Jr., CEO of The Warren Group, said that the market rebound is "starting to look pretty solid," pointing out that sales volume has increased in seven of the past eight months.

"The mild winter weather certainly helped, but it's not the only factor boosting sales," Warren said in the release. "Lower unemployment rates, low mortgage rates and attractive pricing are fueling a gradual recovery."

Median Sales Price Down Year-To-Date

The median sales price of single-family Melrose homes has stayed relatively steady, with a median price of $430,000 last month, a 6.7 percent increase over February 2011's median price of $403,000. The year-to-date median sale price in Melrose is down .5 percent, to $401,000 compared to $403,000 in the first two months of last year.

The statewide median sales price for a single family home dropped almost 3 percent last month to $245,000 from $252,500 in February 2011, The Warren Group said. The year-to-date median home price is down about 4 percent, dropping to $250,000 from $260,250 last year.

"It's typical to see sales volume pick up before prices rebound again," Warren said in the release. "Until sellers start to see a flood of interested buyers at open houses, prices will remain depressed."

Condo Sales Also Flat in Melrose So Far

Melrose condo sales are also flat so far in 2012 compared to last year. Last month, three condos sold, the same as in February 2011. Year-to-date, eight condos have been sold in the city, compared to seven sold in the first two months of last year.

Statewide condo sales increased in February by almost 18 percent year-over-year, with 892 sales compared to 757 in February 2011. Year-to-date condo sales also rose 5.3 percent to 1,789 from 1,699 last year.

The median sale price for a Melrose condo is down so far this year. Last month, it was $270,000, down 4.26 percent compared to the $282,000 median sale price in February 2011. The year-to-date median sale price is down more than 27 percent to $173,300, compared to the $240,000 price during the first two months of last year.

The median price for condos sold statewide in February increased 4.7 percent to $235,535 from $225,000 during the same month last year, The Warren Group said. The year-to-date median sale price is $240,000, a 1.3 percent increase from the $236,900 median price recorded a year ago.