Stoneham Home Sales Up, Prices Down in March

Stoneham bucked statewide housing market trends in March, with a year-over-year increase in single-family homes sales and a drop in the median sale price, while Massachusetts sales dropped and prices rose, according to the latest figures from The Warren Group. 

In March, nine single family homes sold in Stoneham, compared to six in the same month last year.

Statewide single-family home sales dropped 3.6 percent to 3,100 in March, down from 3,215 in March 2012—the second consecutive monthly decrease in Bay State home sales.

In a press release, The Warren Group said the decrease in sales is a sign of shrinking inventory. 

"Low inventory is plaguing housing markets all over the country, and Massachusetts is no exception," said David Harris, editorial director at The Warren Group, in the press release. "With mortgage rates low and prices competitive, we're hopeful more sellers will emerge and the trend in dropping home sales will reverse."

Year-to-date, 23 single-family homes have sold in Stoneham, compared to 20 sold in the first three months of 2012. Statewide home sales in the first quarter are down 2.1 percent to 7,849 from 8,017 in last year's first quarter. 

Stoneham also bucked the state's other March housing trend: the median sale price, which in March was $290,000 in town, an 8 percent decrease from the $317,500 media sale price in March 2012.

Meanwhile, the statewide median price for single-family homes sold in March rose more than 8 percent to $285,000 from $263,000 a year earlier.

"It's clear that the low supply of homes for sale is continuing to pressure prices," Harris said in the press release. "And there is definitely concern that such steep price spikes will cause an affordability issue."

The median sale price for a Stoneham single-family home in the first quarter of the year was $340,000, a 2.6 percent increase over the $331,250 median sale price in the first three months of last year. Statewide, the first quarter median selling price was $282,500, a 10.6 percent increase from $255,500 in the first quarter of 2012. 

Condo Sales, Prices Steady

Stoneham didn't see much year-over-year change in the condominium market in March. There were eight condos sold, the same number as in March 2012.

Statewide dondominium sales statewide in March dropped for the second straight month, down more than 2 percent to 1,211 from 1,240 in March 2012.

In the first quarter, 20 Stoneham condos have sold, compared to 17 sold in the first three months of last year. Statewide, a total of 3,083 condo sales transactions were recorded in the first three months of the year, a near 1 percent increase from 3,057 a year earlier. 

The median sale price of Stoneham condos was $211,500, a 1.5 percent increase over March 2012's median sale price of $208,250. The median price for condos sold in March statewide was $261,000, up more than 1.5 percent from $257,000 in March 2012. 

Year-to-date, the median sale price of Stoneham condos is up 17 percent, to $219,975 compared to the $188,000 median sale price in the first three months of last year. The first quarter statewide median condo price was up more than 1.6 percent to $250,000 from $246,000 during the prior year's first quarter.

Information from a Warren Group press release was used in this report.