REPORT: Lexington Homes, Condos Trending in Opposite Directions
The number single-family home sales decreased slightly in November 2012 as median sale prices rose sharply over November 2011, according to a Warren Group report that indicates condo sales increased while prices fell.
A new report from The Warren Group indicates that sales of single-family homes and condos in Lexington are trending in opposite directions.
According to the report, released Dec. 27, the number of single-family homes sold in Lexington in November 2012 dropped slightly, from 36 to 34, while the median sales price rose an impressive 53.83 percent over 2011 sales. When it comes to condos, those trends are reversed: Sales are up from 3 in 2011 to 8 in 2012, but the median sale price fell more than 13 percent.
Overall, The Warren Group report indicates Massachusetts home sales in November posted the largest year-over-year percentage increase over 2011 and was the 11th consecutive month of gains, while home and condo prices leveled out across the commonwealth.
“We’re winding down a pretty strong year of real estate in Massachusetts,” said Timothy Warren, Jr., CEO of the Warren Group, in the press release. “It looks like sales will be the highest since 2006. We’re also seeing median prices start to creep up, another positive sign of a healthy market recovery.”
According to the report, Massachusetts single-family home sales rose 38 percent in November 2012, with 4,539 sales as compared to 3,290 in 2011. Meanwhile, the median price of a single-family sold in Massachusetts this November was $275,000, up from $270,000 during the same month last year.
Though its sales were down just a hair, the Lexington’s single-families sold showed an even more significant increase in the median sale price than the trend across the commonwealth climbing to $970,000 in 2012 from $630,550 in 2011.
Here’s a by-the-numbers look at Lexington Single-Family Home Sales in November 2012:
Category 2011 2012 % Change November Sales 36 34 -5.56 percent Year to Date Sales 374 418 11.76 November Median Sale Price $630,550 $970,000 53.83 YTD Median Sale Price $704,500 $720,000 2.2
Condo sales in Massachusetts also increased in November, according to the Warren Group report, rising 33 percent over November 2011.
In Lexington, there was a more than 166 percent increase in condo sales, although that number is less dramatic considering the sample size: 8 condos sold in November 2012, up from 3 a year earlier.
While the median condo prices across the commonwealth both for November and year-to-date, it’s a different story here in Lexington, where the median sale price was down 13 percent for November and more than 6 percent for the year.
Here’s a by-the-numbers look at Lexington Condo Sales in November 2012:
|Condo Sales||3||8||166.67 percent|
|November Median Sale Price||$455,00||$368,875||-13.06|
|YTD Median Sale Price||$490,000||$457,500||-6.63|