Lexington’s single-family homes took a tumble in March, which The Warren Group blamed on “shrinking inventory," which is “depressing sales volume." However, that same dynamic, as local real estate agents have pointed out, appears to be driving up sale prices in towns like Lexington.
Mirroring a similar trend for the Commonwealth but bucking the more or less steady sales in Middlesex County, single-family home sales in Lexington dropped from 26 in March 2012 to 15 in March 2013. So far this year, Lexington has seen 46 homes sold – compared to 63 in 2012, according to The Warren Group, which publishes Banker & Tradesman.
"Low inventory is plaguing housing markets all over the country, and Massachusetts is no exception," said David Harris, editorial director at The Warren Group. "With mortgage rates low and prices competitive, we're hopeful more sellers will emerge and the trend in dropping home sales will reverse."
With that being said, like the commonwealth and Middlesex County, Lexington’s single-family home median sale price increased in March -- but the local surge was hugely higher.
While Massachusetts saw an 8 percent increase from March 2012, the median price of Lexington's 46 homes sold in March 2013 was a 100.82 percent increase from March 2012, when 63 homes were sold, according to The Warren Group.
"It's clear that the low supply of homes for sale is continuing to pressure prices," Harris said. "And there is definitely concern that such steep price spikes will cause an affordability issue."Lexington March 2012 March 2013 % change March sales 26 15 -42.31% YTD sales 63 46 -26.98% March median sale price $610,000 $1,225,000 100.82% YTD median sale price $637,000 $876,688 37.63 Middlesex County
March sales 643 646 0.47% YTD sales 1,614 1,651 2.29% March median sale price $348,800 $367,051 5.23% YTD median sale price $349,500 $372,000 6.44% Massachusetts
March sales 3,215 3,100 -3.58% YTD sales 8,017 7,849 -2.1% March median sale price $263,000 $285,000 8.37% YTD media sale price $255,500 $282,500 10.57%
Source: The Warren Group