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."