The median price of a single-family house in Melrose, Massachusetts rose 12.3 percent in May compared to May 2014 and increased 11.1 percent during the first five months of 2015, according to the Massachusetts Association of Realtors.
The median price increased in May to $494,000 from $439,750 in May 2014 and from $386,850 in May 2013. The median price increased to $483,500 January through May compared to $435,000 during the same time frame last year.
In May Melrose home buyers paid on average 101 percent of the original list price and through May paid on average 100.9 percent of the original list price for single-family homes.
Home sales increased from 18 in May 2014 to 21 in May. Pending sales – properties under agreement that have yet to close – also increased. Pending sales increased 42.3 percent in May to 37. Home sales increased 26.5 percent through May to 62 and pending sales through May increased to 93 from 86, an 8.1 percent rise.
Real estate inventory in Melrose remained tight, with just 1.5 months supply of inventory in May. There were 30 homes available in May, and 43 new home listings. New listings increased 34.4 percent from 32 in May 2014. The average number of days on the market increased 26.8 percent.
There were just four condominiums sold in Melrose in May. There were also four condo units sold in May 2014. Pending condo sales increased from 6 in May 2014 to 11 this past May. Through May there were 19 condominiums sold.
The median price of a Melrose condo was $340,801 in May, down 5.3 percent from $360,000 in May 2014. Through the first five months of the year, the median condo price declined 3.8 percent to $291,000 from $302,500 during the same five-month period in 2015.
Home buyers paid on average 101 percent of the original list price in May and 98.1 percent of the original list price on average from January through May.
There were 12 condominiums available in May and just 1.8 months supply of inventory. There were 15 new listings in May compared to 12 in May 2014. The average number of days condos remained on the market in Melrose declined 59.5 percent.