Town's Median Home Price Down In Past Year, Sales Steady
Latest data from Warren Group finds 30% drop in median sale price for Lynnfield since March 2011.
The town’s median home sale price is down over the past year, according to new data from the Warren Group.
The real estate information company reported that as of the end of March, the year to date median sale price for Lynnfield was $398,000 – a 30.8% drop from the $575,500 recorded at this point in 2011.
For March 2012, the median sale price for Lynnfield was also reportedly $398,000 – while last March, that figure stood at $570,000.
The Warren Group reported that for March of 2011 and 2012, there were seven home sales in Lynnfield. For the year to date point at the end of March 2012, there were 13 home sales recorded, compared to 18 last year.
Statewide, single-family home sales were up 20% on a year-over-year basis at the end of March, although the median sales price for March fell 3.3% to $260,000 during that same time period.
"In studying patterns of previous housing slumps and recoveries, I'm not surprised median prices are continuing to drop," said Timothy Warren, CEO of the Warren Group. "Housing sales will continue to rise, but it will take several more months for median prices to follow."
Craig Danese
10:46 am on Friday, April 27, 2012
If you just look at price of a house then you aren't comparing apples to apples. Couldn't last year's sales be newer/larger homes and this years sales be older/smaller homes? When publishing these figures, do they do anything to "normalize" the numbers? Like take into account price per square foot?
Olympic Roofing
9:03 am on Monday, May 7, 2012
It's really too small of a sample size to make any definitive statements about it. I'm a roofing contractor in Lynnfield and Lynn MA, (http://www.olympicroofing.com/lynn-ma-roofing/), and having been around the real estate market for many years now I've come to realize that you really need to look at 12 month periods to identify certain trends when it comes to average sale price.