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Newton Home, Condo Sales Stagnant in February

A "low inventory" may be to blame for the decrease or stagnant home sale numbers.

Home sales in the Commonwealth are down a little from this time last year, according to new data from The Warren Group.

Sales were down five percent this February compared to February 2012, according to statistics gathered by The Warren Group, the Boston-based real estate and banking information publishers for New England.

Here in Newton, the city saw no change in February home sales; 33 homes were sold in February 2013, which is exactly the same as the number sold in February 2012.

Year to date sales, though, are down almost 26 percent in Newton, according to The Warren Group numbers. At the end of February 2012, 74 homes had been sold in Newton compared to the 55 sold by the end of February 2013.

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According to the Press Release, the likely reason for this decrease is low inventory

“With such low inventory, we’re seeing bidding wars – homes selling above the asking price,” Timothy M. Warren Jr., CEO of The Warren Group said in the press release. “As prices rise, more sellers will begin to list their property which in turn pumps up sales volume.”

Nevertheless, Warren said he is optimistic for a "strong spring market."

Newton home sales were also down last month.

While the number of sales may be lower than last year, the median home sale price in Newton has increased 13.33 percent compared to what it was in February 2012, from a price of $750,000 to $850,000. Overall, year to date home sale prices are also up 5.2 percent from $750,000 to $789,000.

Newton condo sales

Newton did not see much movement in terms of February condo sales, either. According to The Warren Group numbers, 12 condos were sold in February 2013 compared to 13 in Feburary 2012. 

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Price-wise, the median sale price of a Newton condo is down 15.7 percent this year compared to last year, dropping from an average sale price of $490,000 in 2012 to $413,000 in 2013.

Middlesex County

Middlesex County saw 487 home sales in February 2013, just a slight increase over the 481 sold in February 2013. 

Year to date, home sales in Middlesex County are up 5.56 percent over last year, according to The Warren Group.

See the full press release on The Warren Group site.

Concerned Citizen March 27, 2013 at 03:05 PM
There are few condos on the market and what few there are, are being bought and at higher prices than previous years. This should be portrayed as a bad thing. Hopefully more product will come on the market as sellers start to see appreciation.
Concerned Citizen March 27, 2013 at 03:06 PM
Meant the should "not" be

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