Report: Home Sales Rise, Median Price Drops in January

Statewide home sales have bounced back a bit after a 5 percent dip in December, according to a recent report from The Warren Group. 

Single-family home sales rose more than 3 percent in January 2012, according to the report, while the median price dropped nearly 4 percent; median prices have dropped consecutively for the past four months. 

In total, 2,425 single-family homes sold across the state in January, up from 2,348 in January 2011. The median sale price, meanwhile, decreased by 3.7 percent, to $260,000 in January 2012. The median price in January 2011 was $270,000. 

Home sales in Dedham continue to move in the right direction, said Evan Walsh of William Raveis Realty in Wellesley. Single-family sales in the month of January were up 87.5 percent, with 15 units sold, compared to eight sold in January 2011, he said. 

"The average sale price is down just 15.3 percent, from $369,438 to $312,747," Walsh said. "Dedham is a great town with good commuting and variety price points."

Walsh added that single-family home sales in Needham were down 30 percent, from 10 in January 2011 to only seven in January this year. 

"Don't let the numbers fool you," he said. "While this decrease in the average sale price presents an excellent opportunity for buyers looking to get into Needham, 'Spring Market' has already started and these numbers are likely to improve dramatically."

In Wellesley, the number of home sales dropped from 21 in January 2011 to 13 in January 2012, according to Walsh, with the average sale price soaring from $965,498 in January 2011 to $1,234,185 in January 2012. 

"What this means," he said, "is that the larger, more expensive homes are selling, which is great news and a positive sign for Wellesley real estate.”

Westwood's median sale price, meanwhile, actually increased from $452,000 in January 2011 to $562,000 in January 2012, according to numbers produced by Erica Rice, Vice President of the Westwood Coldwell Banker office. 

The number of sales month over month, however, rose from four to six homes in January 2011 to 2012, respectively.

"This is great news, but it is important to remember that this is only one month worth of sales," said Rice. "I have also seen a rise in pending transactions in Westwood, Dedham, Norwood and Needham if I compare January and February to last year at the same time. Buyers finally seem to be convinced that now is a great time to take advantage of record-low mortgage rates and improving market conditions."