Wayland Home Sales Continue to Track Behind 2012

Wayland’s single-family home sales continued the lower-than-last-year trend in March, which The Warren Group blamed on “shrinking inventory," that is “depressing sales volume."

Mirroring a similar trend for the Commonwealth, single-family home sales in Wayland dropped from 13 in March 2012 to 12 in March 2013, or a dip of just under 8 percent. So far this year, Wayland has seen 28 homes sold – compared to 38 in 2012, according to The Warren Group, which publishes Banker & Tradesman.

Statewide, March 2013 home sales dropped more than 3.5 percent compared to sales in March 2012.

"Low inventory is plaguing housing markets all over the country, and Massachusetts is no exception," said David Harris, editorial director at The Warren Group. "With mortgage rates low and prices competitive, we're hopeful more sellers will emerge and the trend in dropping home sales will reverse."

Low inventory was also the likely cause of Wayland's stagnant home sales in February.

Looking for more Wayland real estate news? Make sure to follow Wayland Patch on Facebook and Twitter, or sign up for our email newsletters.

Meanwhile, home sales in Middlesex County rose slightly for a second month in a row, from 643 homes sold in March 2012 to 646 sold in March 2013.

Unlike to the rest of the state, Wayland’s single-family home median sale price decreased in March, year over year. While Massachusetts saw an 8 percent increase from March 2012, the median price of Wayland's homes sold in March 2013 saw decrease of 24 percent from March 2012, according to The Warren Group.

The median price for homes sold in March in Middlesex County overall saw an increase of more than 5 percent over last year.

"It's clear that the low supply of homes for sale is continuing to pressure prices," Harris said. "And there is definitely concern that such steep price spikes will cause an affordability issue."

Condo sales also dropped across the state, The Warren Group reported, decreasing more than 2 percent from 1,240 in March 2012 to 1,211 in March 2013. Median sale prices for Massachusetts condos increased 1.5 percent last month, compared to prices in March 2012.

Source: The Warren Group