Stoneham Home Sales Double Year-Over-Year in January

Sales of single-family homes in Stoneham doubled in January compared to the same month last year, as statewide sales hit their highest level in five years according to the latest figures from The Warren Group.

Ten single-family homes in Stoneham sold in January, compared to five in January 2012. Statewide sales rose more than 10 percent year-over-year, The Warren Group said in a press release, reaching the highest level since 2007.

"We ended 2012 on a pretty positive note, and this is carrying into January," said Timothy M. Warren Jr., CEO of The Warren Group, in the press release. "Recent pending sales data are a hopeful sign for a strong spring market. And given low mortgage rates and steady prices, there are positive signs that 2013 will be a second year of recovery." 

Massachusetts had its best year on record for home sales last year since 2006, according to The Warren Group, and Stoneham mirrored that statewide trend with increased sales of both single-family homes and condominiums.

While statewide prices rose in January, Stoneham real estate prices fell year-over-year. The median sale price in January for single-family Stoneham homes was $342,500, a 9.1 percent decrease from the $376,900 median sale price in January 2012.

Meanwhile, median sale prices in Massachusetts rose 6.8 percent in January to $277,750, up from $260,000 in January 2012—the highest median home price for January in three years, according to The Warren Group.

"Low inventory is slowly driving up prices," Warren said in the press release. "This should in turn give sellers more confidence to put their homes on the market."

Condo Sales Up Too

Stoneham also saw a year-over-year increase in condominium sales in January, with six condos sold compared to four sold in January 2012.

Statewide condo sales increased almost 11 percent to 1,006 from 907 in January 2012. This is the first January since 2008 where home sales broke the 1,000 mark, The Warren Group said.

As with single-family homes, Stoneham condos saw a dip in the median sale price for condos to $188,000, a 21.3 percent drop from January 2012's median condo sale price of $239,000.

Statewide, the median condo price in January slipped almost 2 percent to $240,000 from $244,500 in January 2012. This is the lowest price for condos statewide since 2009, when the median price was $209,900, according to The Warren Group.

Information from a Warren Group press release was used in this report.