Home sales dipped, the median house price increased, and the number of homes on the market rose slightly in May in Medford, Massachusetts, according to data compiled by the Massachusetts Association of Realtors (MAR).
Home sales declined slightly (4 percent) to 24 from 25 closed transactions in May 2021. From January through May, sales dropped 10 percent to 98 from 109 houses sold during the same timeframe in 2021. Pending sales – homes under contract that haven't closed yet – increased 9 percent in May. Not all pending sales ultimately close, but those May pending sales that do close likely will in June or July.
The median price of a single-family house increased 5 percent in May to $899,950 from $850,000 in May 2021. During the first five months of 2022, the median price jumped 13 percent to $840,500 from $745,000 during the same period last year. Homebuyers paid 113 percent, on average, of the original list price in May and 108 percent through May.
While available homes increased slightly to 12 from 10 in May 2021, the number of months of supply was one-half of one month, meaning if no new listings came on the market, there would be no available single-family homes in Medford in about two weeks. About six months of inventory is considered a balanced market between home buyers and sellers. New listings in May increased 18 percent, good news for homebuyers.
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Condominium sales in May jumped 23 percent to 32 from 26 units closed in May 2021. From January through May, condo sales fell 10 percent to 119 from 132 houses sold during the same five-month period in 2021. Pending sales skyrocketed 86 percent in May to 39 from 21 in May 2021.
The median condo price increased 12 percent in May to $625,000 from $558,051 in May 2021, according to MAR data. During the first five months of 2022, the median price rose 8 percent to $629,900 from $582,500 during the same five months last year. Homebuyers paid 105 percent, on average, of the original list price for condominiums in May and 103 percent through May.
Prospective condo buyers had fewer units to choose from in May, with inventory declining 20 percent to 24 from 30 available in May 2021. New listings did increase 50 percent to 33 in May.