The number of single-family homes sold in Dedham, Massachusetts decreased by 40 percent in January after a 9.5 percent increase in home sales in 2013, according to data compiled by the Massachusetts Association of Realtors (MAR).
There were nine single-family homes sold in Dedham, MA in January 2014, a 40 percent decline from the 15 homes sold in January 2013. There were 265 homes sold in 2013 compared to 242 homes sold in 2012, an increase of 9.5 percent.
A lack of inventory certainly is impacting home sales. The inventory of homes for sale in Dedham declined nearly 39 percent in January 2014 compared to the previous January. As of January 31, 2014, there was just 1.8 months of supply on the market, down 43.2 percent from 3.1 months of supply in January 2013. New listings in January 2014 (24) increased by one compared to January 2013 (23). The number of days on the market were flat.
The median price of a single-family home increased 4.5 percent to $350,000 in January compared to $335,000 in January 2013. The median price in 2013 stood at $389,500, an increase of 18 percent compared to $330,000 in 2012.
There are not many condominium sales in Dedham, according to MAR data. Only two condos sold in January 2014 compared to one in January 2013. There were 28 condo sales in 2013 compared to 30 condo sales in 2012.
The median price of a condominium increased 12.4 percent in January 2014 ($348,500) compared to January 2013 ($310,000). The median condo price in 2013 surged 67.8 percent to $296,250, up from $176,500 in 2012.
Condominium inventory declined from 10 on the market to nine on the market and new listings slipped from five to four new listings in January 2014. As of January 31, 2014, there was 3.2 months of condominium supply on the market.