Home Sales Down in February

While the commonwealth saw its first drop in home sales since December 2011, Dover and Sherborn's counties were more of a mixed bag, according to a recent report by The Warren Group, publisher of Banker & Tradesman.

Norfolk County saw 237 home sales in February, which was a drop from 285 home sales in February 2012, a nearly 17 percent decrease. However, because of a strong January, home sales are up by 2 percent overall in Norfolk County this year compared to a year ago, according to The Warren Group.

Middlesex County, on the other hand, saw a slight increase to 487 home sales in February 2013 compared to 481 in February 2012. Overall, Middlesex County's year to date sales have increased by more than 5 percent.

Median sale price in Norfolk County was nearly identical in February 2013 compared to February 2012 while the overall 2013 median sale price was up by 9 percent because of a strong January.

Middlesex County saw a 9% increase in median sale price in February 2013 compared to a year ago. So far, the year to date median sale price has increased by almost 6% compared to 2012.

Over the entire state, home sales dropped 5 percent in February compared to a year ago. It was the first drop since December 2011.

"Two factors caused this modest drop in February: low inventory and a comparison with a strong previous year of sales," said Timothy M. Warren Jr., CEO of The Warren Group. "Even so, I'm still hopeful for a strong spring market. As more sellers list their homes in the spring, activity will pick back up."

Median sale prices are up across Massachusetts, which Warren connected to low inventory.

"With such low inventory, we're seeing bidding wars - homes selling above the asking price," Warren said. "As prices rise, more sellers will begin to list their property which in turn pumps up sales volume."

Massachustts single-family home sales by county

Source: The Warren Group