February Home Sales Soar in Weston

Weston homes sales in February 2013 rose by 160 percent from the same month in 2012, while Middlesex County home sales overall rose ever so slightly for the month, according to a recent report by The Warren Group, publisher of Banker & Tradesman.

Middlesex County saw 487 home sales in February, which was an increase of just more than 1 percent from the 481 homes sold in February 2012. Weston specifically, however, saw 13 sold homes in February, up from just five in February 2012.

Weston's 2013 numbers so far are higher than those reported to this point in 2012. With January and February numbers in, Weston sales were up 41 percent year-to-date, from 17 homes sold in the first two months of 2012 to 24 homes in the same period in 2013.

The median sale price in Weston was up by 22 percent from February 2012 to February 2013, from $1,025,000 to $1,255,000. It's down for the year, however, by 4 percent. Middlesex County's median home price was also up in February 2013 compared to February 2012 -- from $330,000 to $360,000.

Throughout the entire state, home sales dropped 5 percent in February compared to a year ago. It was the first drop since December 2011.

"Two factors caused this modest drop in February: low inventory and a comparison with a strong previous year of sales," said Timothy M. Warren Jr., CEO of The Warren Group. "Even so, I'm still hopeful for a strong spring market. As more sellers list their homes in the spring, activity will pick back up."

Median sale prices are up across Massachusetts, which Warren connected to low inventory.

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

Massachustts single-family home sales by county

Source: The Warren Group