After increasing 17.1 percent in December 2013 and 8.7 percent for all of 2013, the median price of a single-family home in Lexington, Massachusetts declined 20.3 percent in January 2014, according data compiled by the Massachusetts Association of Realtors (MAR).
There were 13 homes sold in Lexington, MA in January 2014, with a median price of $767.000. In January 2013, there were 14 homes sold, with a median price of $962,500.
The median price of a single-family home for all of 2013 stood at $870,000, an increase of 8.7 percent from $800,000 in 2012. Home sales increased 3.8 percent in 2013. There were 383 homes sold in 2013, up from 369 single-family homes sold in 2012. Not including any session concessions, single-family homes in Lexington sold for 99.5 percent of the original list price in 2013.
The number of homes on the market in Lexington declined 14.6 percent in January 2014. There were 35 homes available in January, a decline from 41 homes on the market in January 2013. There was only 1.1 months of supply in January, down 17.8 percent from 1.3 months in January 2013. Only 11 new listings were added to the market in January, a 54.2 percent decline from the 24 new listings in January 2013.
The condominium market in Lexington has not been as strong as the single-family real estate market, according to MAR data. The median price of a condominium declined 9.4 percent in 2013, from $480,000 in 2012 to $435,000 last year. Condo sales slipped by 10 percent, declining from 70 sales in 2012 to 63 sales in 2013.
Condominium prices dropped 32.1 percent in January 2014. The median price in January stood at $391,000, down from $575,500 in January 2013. Condo inventory declined 30.8 percent. There were five new listings, one more than January 2013. Condominium inventory was also very low, with just 1.7 months of supply available to home buyers.
In a town where homes have sold quick for at least the past two years, the average number of days on the market for single-family homes declined 37.7 percent in 2013, followed by a 50.5 percent decrease in days on the market in January 2014. Condos sold 60.2 percent faster in 2013 and 52.6 percent faster in January 2014.