Lynnfield, MA Home Prices Up 4.7% First Half 2014

Through the first half of 2014, single-family home sales and median home prices increased in Lynnfield, Massachusetts, according to data compiled by the Massachusetts Association of Realtors.

There were 64 single-family homes sold from January to June, an increase of 18.5 percent compared to the 54 closed sales during the same period in 2013. Single-family home sales in Lynnfield, MA spiked in June 160 percent. There were 26 homes sold in June, an increase from 10 in June 2013. Pending sales were up 9.5 percent in June to 23, a slight increase from 21 pending sales in June 2013. 

The median price of a single-family home through June was $538,750, a 4.7 percent increase compared $514,500 during the first six months of 2013. The median price in June was $557,500, a 20.6 percent decline from a lofty $702,500 median price – based on just 10 sales – in June 2013. Lynnfield home buyers paid 96.4 percent of the original list price in June.

The inventory of single-family homes declined slightly in June. There were 47 homes available in June 2013 and 43 single-family houses on the Lynnfield real estate market in June 2014, a 8.5 percent decline. The months supply of inventory in June was 3.6 months, a 15.5 percent decline from 4.2 months in June 2013. New listings increased 36.8 percent to 26 from 19 new listings in June 2013. 

There are not many condominium sales in Lynnfield. Through June, there were 11 condos sold, one more than the same period last year. Two condominiums sold in June, and just one sold in June 2013; however, there were eight pending condo sales in June. There were also seven new condo listings.