Home Prices Down in Wakefield, Massachusetts

Home sales and median prices in Wakefield are both down this month and year-to-date compared to last year, according to the latest real estate data from The Warren Group.

Last year in May, 19 homes were sold in Wakefield, and this year, 15 homes were sold, a decrease of 21 percent.

The median price of a single-family home in Wakefield in May last year was $353,000, compared to a median price of $319,900 in May of 2012. This marks a 9 percent average decrease in median price for this same time period last year. Year-to-date median prices are also down slightly, with the average this year coming in $347,000 compared to $357,000 at this time last year. 

The decrease in home prices in Wakefield follows the state's overall downward trend.

Statewide, the median price for single-family homes sold in May dropped more than three percent to $289,950 from $300,000 a year ago. Year-to-date, the median sale price of a single-family home in Massachusetts is $270,000, which is 1.8 percent lower than the $275,000 median price recorded during the same period in 2011. 

"Prices are continuing to drop indicating buyers are in the driver's seat, and making good deals," said Cory S. Hopkins, editorial director of The Warren Group. "For the second month in a row, the price of a single-family home is less than a condominium, a reflection of low inventory in the condo market and a number of less expensive single-family homes coming on the market in recent months."

The lackluster home sales in Wakefield runs counter to a large increase in home sales overall in Massachusetts. 

In Massachusetts, a total of 4,510 single-family homes sold in May, up from 3,350 the same month a year ago. This is the highest number of transactions recorded since June 2010 when there were 5,662 sales. May marks the fifth consecutive month that sales volume increased year-over-year. Year-to-date sales are up more than 23 percent. A total of 16,045 homes have sold so far this year, up from 13,029 during the same period last year. 

"The spring market has been especially strong in Massachusetts," said Hopkins. "We're expecting home sales to continue to soar this summer, thanks to low mortgage rates and affordable prices luring buyers into the market."