MELROSE — Single-family home sales were off dramatically in Melrose last month, both in the number of houses bought and the price they sold for.
According to a new report from The Warren Group, a leading provider of national real estate and transaction data, 16 single-families sold in the city in May for a median sales price of $851, 250. In May 2022, 30 single-families sold for a median price of $917,500.
Through the first five months of 2023, 60 single-family homes have sold in Melrose for a median price of $799,000. In the same period last year, 89 single-families had sold for a median price of $825,000.
Statewide, sales activity for both single-family homes and condominiums continued to decline in May.
Last month, there were 3,611 single-family home sales in Massachusetts, a 25.1 percent decrease from May 2022 when there were 4,818 transactions. Meanwhile, the median single-family sale price fell by just 0.2 percent on a year-over-year basis to $589,000, down from $590,000 in May 2022. This marked the second consecutive month that the median single-family home price declined on a year-over-year basis.
“With 3,611 sales recorded and a noticeable 25.1 percent dip in year-over-year figures, the singlefamily market continues to exhibit trends we’ve seen in recent months,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “The big differentiator in May is that the median single-family home price declined for the second straight month on a year-over-year basis. With elevated interest rates, it’s even more expensive for buyers to purchase homes, and price trends are reflecting that.”
Year-to-date, there have been 13,701 single-family home sales in Massachusetts, a 25.6 percent decrease from the first five months of 2022. Meanwhile, the year-to-date median single family home price increased 1.9 percent on the same basis to $540,000.
Condominiums
There were 1,843 condominium sales in May 2023, compared to 2,414 in May 2022 – a 23.7 percent decrease. Meanwhile, the median sale price increased just 0.2 percent on a year-over-year basis to $526,000, up from $525,000 in May 2022.
“The Massachusetts condo market has not been immune to the imbalance in supply and demand.” Norton added. “Amidst this dynamic environment, one might think that opportunity is knocking for sellers. However, with such limited supply, it’s a question of where sellers will go after they list their condos.”
Year-to-date, there have been 7,060 condo sales, a 25.8 percent decrease from the first five months of 2022 with a median sale price of $500,000, a 3.6 percent increase on the same basis.
In Melrose last month, 11 condos sold for a median of $439,900. In May 2022, only 3 condos were sold at a median price of $302,000.
Through the end of May, 36 condos have sold in the city for a median price of $444,075; for the same period last year, 27 condos had been sold at a median price of $469,000.
Greater Boston Single-Family Homes
There were 1,783 single-family home sales in the Greater Boston housing market in May 2023, which marked a 28.1 percent decrease from May 2022 when there were 2,479 transactions. Meanwhile, the median single-family sale price increased 1.2 percent on a year-over-year basis to $750,000.
Greater Boston Condominiums
In May, there were 1,363 condo sales, down from 1,801 sales in May 2022, marking a 24.3 percent decrease on a year-over-year basis. Meanwhile, the median condo price increased 0.8 percent on the same basis to $615,000, down from $610,000 a year earlier.
“With its rich heritage, diverse towns, proximity to world-class educational institutions, and a thriving job market, the Greater Boston housing market continues to be a hot commodity for Massachusetts home buyers,” Norton added. “Unfortunately, with a median single-family home price of $750,000 and a median condo price of $615,000, many buyers are forced to expand their home searches well beyond the Boston area.