Slow Winter for Home Sales in Somerville

Annual home sales remained down in Somerville through February, according to recent figures from The Warren Group, publisher of Banker & Tradesman.

According to the figures, 34 condos and single-family homes sold in January and February of this year, compared to 51 in the first two months of 2012. That's a 33 percent decline.

Although the number of home sales was down, the costs of homes in Somerville was up compared to last year. The median sale price for condos in Somerville, through February, was $375,000, compared to $373,500 during the same period in 2012.

There was a real jump in the price of single-family homes, however, from a median sale price of $319,500 in January and February of  2012 to $519,500 in the first two months of this year.

What's more, take away a decline in condo sales, and you'll see that single-family home sales were slightly up in Somerville. There were 12 single-family homes sold in the first two months of this year compared to 8 during the same period in 2012.

The decline in sales could have more to do with lack of supply than with demand.

Timothy M. Warren Jr., CEO of The Warren Group, said in a statement about the recent statewide figures, "Two factors caused this modest drop in February: low inventory and a comparison with a strong previous year of sales."

Curbed Boston, a real estate blog, recently asked, "Is the Somerville Housing Market Overheated?" and paints a picture of frenzied bidding wars among buyers.

On Somerville Patch, the weekly "Sold!" column, featuring recent real estate sales in the city, shows that homes selling above asking price have become a normal occurrence. That wasn't the case about a year ago.

As for Somerville's home sales, it should be noted that single-family homes and condos represent about about 44.7 percent of Somerville's housing stock, according to a November 2012 tax assessors report to the Somerville Board of Aldermen. Two- and three-family homes, which aren't represented in The Warren Group's figures, make up about 50.7 percent of the housing stock.