Real Estate

Weston Home Sales Continue to Track Ahead of 2012

Low inventory is likely to blame for the drop in home sales across the state, but Weston is having a better-than-2012 year so far.

Weston’s single-family home sales continued their higher-than-last-year trend in March despite of an overall negative trend throughout the state.

In Weston home sales increased from seven in March 2012 to eight in March 2013, or an increase of just over 14 percent. So far this year, Weston has seen 32 homes sold – compared to 24 in 2012, according to The Warren Group, which publishes Banker & Tradesman.

Statewide, March 2013 home sales dropped more than 3.5 percent compared to sales in March 2012.

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"Low inventory is plaguing housing markets all over the country, and Massachusetts is no exception," said David Harris, editorial director at The Warren Group. "With mortgage rates low and prices competitive, we're hopeful more sellers will emerge and the trend in dropping home sales will reverse."

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Meanwhile, home sales in Middlesex County rose slightly for a second month in a row, from 643 homes sold in March 2012 to 646 sold in March 2013.

Unlike to the rest of the state, Weston’s single-family home median sale price decreased in March, year over year. While Massachusetts saw an 8 percent increase from March 2012, the median price of Weston's homes sold in March 2013 saw decrease of 62 percent from March 2012, according to The Warren Group.

The median price for homes sold in March in Middlesex County overall saw an increase of more than 5 percent over last year.

"It's clear that the low supply of homes for sale is continuing to pressure prices," Harris said. "And there is definitely concern that such steep price spikes will cause an affordability issue."

Condo sales also dropped across the state, The Warren Group reported, decreasing more than 2 percent from 1,240 in March 2012 to 1,211 in March 2013. Median sale prices for Massachusetts condos increased 1.5 percent last month, compared to prices in March 2012.

Weston March 2012 March 2013 % change March home sales 7 8 14.29% YTD home sales 24 32 33.33% March median home sale price $1,965,000 $752,225 -61.72% YTD median home sale price $1,415,415 $1,079,500 -23.73% Middlesex County March home sales 643 646 0.47% YTD home sales 1,614 1,651 2.29% March median home sale price $348,800 $367,051 5.23% YTD median home sale price $349,500 $372,000 6.44% Massachusetts March home sales 3,215 3,100 -3.58% YTD home sales 8,017 7,849 -2.1% March median home sale price $263,000 $285,000 8.37% YTD media home sale price $255,500 $282,500 10.57%

Source: The Warren Group


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