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Westwood Home Sales Remain on the Rise

Westwood has seen more home sales in 2013 while low inventory continues to hamper home sales across the commonwealth.

Bucking the trend across the commonwealth, Westwood's single-family home sales continue to outpace 2012's numbers, according to the Warren Group, which publishes Banker & Tradesman.

While the commonwealth and Norfolk County saw “shrinking inventory," which is “depressing sales volume," single-family home sales in Westwood increased from 9 in March 2012 to 11 in March 2013. So far this year, Westwood has seen 25 homes sold – compared to 20 in 2012, according to The Warren Group.

"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."

Single-family home median sale prices also went against the Massachusetts and Norfolk County trend. Westwood's single-family home median sale price decreased in March. While Massachusetts saw an 8 percent increase from March 2012, the median price of Westwood's 11 homes sold in March 2013 was a 19 percent decrease from March 2012, according to The Warren Group.

Westwood March 2012 March 2013 % change March sales 9 11 22% YTD sales 20 25 25% March median sale price $480,000 $390,000 -19% YTD median sale price $494,000 $484,000 -2% Norfolk County March sales 363 350 -3.58% YTD sales 934 925 -.96% March median sale price $327,000 $345,500 5.66% YTD median sale price $325,000 $350,000 7.69% Massachusetts March sales 3,215 3,100 -3.58% YTD sales 8,017 7,849 -2.1% March median sale price $263,000 $285,000 8.37% YTD media sale price $255,500 $282,500 10.57%

Source: The Warren Group

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