Low inventory and a comparison with a strong previous year of sales led to a dip in home sales in North Reading and across Massachusetts in February, according to The Warren Group.
Four single-family homes sold in North Reading in February, compared to seven sold in February 2012. Statewide single-family home sales dropped five percent year-over-year, reversing 13 straight months of rising sales volume according to The Warren Group.
Timothy M. Warren Jr., CEO of The Warren Group, cited low inventory and last year's strong sales in a press release.
"Even so, I'm still hopeful for a strong spring market," Warren said in the release. "As more sellers list their homes in the spring, activity will pick back up."
So far this year, 15 single-family homes have sold in North Reading, while nine sold in the first two months last year. Statewide home sales are up almost 1 percent year-to-date.
The median sale price of a single-family North Reading home has also crept up. In February it was $447,500, a 1 percent increase over the $442,500 median sale price in February 2012. The statewide median price rose more than 12 percent in February.
Year-to-date, the median sale price of a single-family North Reading home is $365,900, a 17 percent decrease over the $442,500 median price in the first two months of last year. The statewide year-to-date median home price is up about 12 percent, rising to $279,000 from $250,750 last year.
"With such low inventory, we're seeing bidding wars—homes selling above the asking price," Warren said in the release. "As prices rise, more sellers will begin to list their property which in turn pumps up sales volume."
Condo Sales Up a Bit This Year
Meanwhile, condominium sales rose slightly in February, up almost 1.4 percent statewide, but no condos sold in North Reading.
So far this year, three condos have sold in North Reading compared to two in the first two months of last year. Statewide condo sales are up almost 5 percent year-to-date.
Year-to-date, the median sale price of a North Reading condo is $169,000. The statewide year-to-date median price for condos is up almost 1 percent, rising to $242,000 from $240,000 a year ago.