March Home Sales Increase in Concord, Bucking Statewide Trend

Concord’s single-family homes increased in March while statewide sales have tumbled, according to the Warren Group, which cites the "shrinking inventory" as a cause for slowed home sales.

However, that same dynamic, as local real estate agents have pointed out, appears to be driving up sale prices in towns like Concord.

Bucking the trend across the Commonwealth and outpacing the more or less steady sales in Middlesex County, single-family home sales in Concord increased from 14 in March 2012 to 19 in March 2013. So far this year, Concord has seen 37 homes sold – compared to 23 in 2012, according to The Warren Group, which publishes Banker & Tradesman.

"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."

With that being said, like those across Massachusetts and Middlesex County, Concord’s single-family home median sale price increased in March.

Mirroring Massachusetts, Concord saw an 8 percent increase from March 2012, as the median price of the 19 homes sold here in March 2013 was a was $725,000 as compared to $670,000 in March 2012, when 14 homes were sold, according to The Warren Group.

"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."

Source: The Warren Group