Home sales in the Commonwealth are down a little from this time last year, according to new data from the Warren Group.
Sales are down five percent from February of last year and February of this year, according to statistics gathered by the Warren Group, the Boston-based real estate and banking information publishers for New England.
At the end of February, Needham had a total of 11 home sales, a 50 percent drop from the 22 completed in 2012. According to the Press Release, the reason for this decrease in February is a low inventory.
“With such low inventory, we’re seeing bidding wars – homes selling above the asking price,” Timothy M. Warren Jr., CEO of The Warren Group said in the press release. “As prices rise, more sellers will begin to list their property which in turn pumps up sales volume.”
Condo sales have actually seen an increase, as well: two last February, and five in the same period of 2013--an increase of 150 percent. Year to date, there have been nine condos sold in 2013, an increase from the four in 2012.
Norfolk County saw 237 home sales in February, which was a drop from 285 home sales in February 2012, a nearly 17 percent decrease. However, because of a strong January, home sales are up by 2 percent overall in Norfolk County this year compared to a year ago, according to The Warren Group.
Overall for the year, however, sales of single-family homes are actually up by one percent, condos by 1.4 percent across the commonwealth, also from the release. Median prices for homes are up from $245,000 in 2012 to $275,000 this year.
See the full press release on the Warren Group site.