Tewksbury Home Sales Slip in February, Home Values on the Rise

Low inventory and a comparison with a strong previous year of sales led to a dip in home sales in Tewksbury and across Massachusetts in February, according to The Warren Group.

Fifteen single-family homes sold in Tewksbury in February, compared to 17 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, 27 single-family homes have sold in Tewksbury, while 28 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 Tewksbury jumped significantly over the past uyear. In February it was $285,000, more than a 25 percent increase of the $227,000 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 Tewksbury home is $282,000, more than a 20 percent increase over the $235,000 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."