Reading Home Sales Increase in February

Low inventory and a comparison with a strong previous year of sales led to a dip across Massachusetts in February, according to The Warren Group. However, Reading's home sales rose by 12.5 percent.

Nine single-family homes sold in Reading in February, compared to eight sold in February 2012. Statewide single-family home sales dropped five percent year-over-year, reversing 13 straight months of rising sales volume according to The Warren Group. 

Timothy M. Warren Jr., CEO of The Warren Group, cited low inventory and last year's strong sales in a press release.

"Even so, I'm still hopeful for a strong spring market," Warren said in the release. "As more sellers list their homes in the spring, activity will pick back up."

So far this year, 20 single-family homes have sold in Reading, while 21 sold in the first two months last year. Statewide home sales are up almost 1 percent year-to-date.

The median sale price of a single-family Reading home has also increased. In February it was $479,000, a 38.24 percent increase over the $346,500 median sale price in February 2012. The statewide median price rose more than 12 percent in February.

Year-to-date, the median sale price of a single-family Reading home is $484,500, a 3 percent increase over the $470,000 median price in the first two months of last year. The statewide year-to-date median home price is up about 12 percent, rising to $279,000 from $250,750 last year. 

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

Condo Sales Up a Bit This Year

Meanwhile, condominium sales rose slightly in February, up almost 1.4 percent statewide, but stayed the same in Reading with one sold in February of 2012 and 2013.

So far this year, four condos have sold in Reading compared to seven in the first two months of last year. Statewide condo sales are up almost 5 percent year-to-date.

Year-to-date, the median sale price of a Reading condo is $161,625 compared to $285,000 in the first two months of 2012. The statewide year-to-date median price for condos is up almost 1 percent, rising to $242,000 from $240,000 a year ago.