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Report: Home Sales Rise, Median Price Drops in January

The median price of single-family home sales dropped, the Warren Group reports.

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, however, decreased by 3.7 percent, or $260,000. The median price in January 2011 was $270,000. 

In Burlington, however, the number of homes sold dipped a bit in January 2012, as compared to January 2011, while the average sales price actually rose.

The number of homes sold in Burlington during the first three months of 2011 came to a total of 19, according to Sonia Rollins, Sales Manager with in Burlington. The average sales price came to $387,272 with a 96-day market time, she said. In 2012, comparably, 15 single-family homes were sold with an average price of $391,127.

But the average price for a single-family home dropped in Winchester and Wilmington.

Winchester saw 15 single-family home sold in the first part of 2011, with an average price of $989,493. In 2012, 12 homes were sold at an average price of $825,817.

And 27 homes were sold in Wilmington in the first part of 2011 with an average sales price of $379,581. The number of homes sold remained the same in early 2012 with the average sale price dropping to $348,330.

“The single-family market, which is the bulk of the market in this area, is solid,” Rollins said. “The market is active, no doubt. Inventory in this area is low, and therefore, whether the public perceives the market place as a buyer’s market or not, when inventory is low, it is, by default, a seller’s market. The interest rates are fantastic and sellers who have accepted the reality of today’s pricing sell their homes quickly and very close to, if not above, asking price.”

She added, “I have been a real estate professional for 11 years and I have to admit that this is one of the most unique years that I am experiencing. Buyers are able to realize very low mortgage rates and get homes that they, six or more years ago, would not be able to afford.”

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