Home Sales Drop Slightly in Peabody

Mirroring a trend across the state and Essex County, Peabody had fewer single-family homes sales in February 2014 compared to a year ago.

Peabody saw 16 home sales in February this year compared to 18 a year ago. For the first two months of 2014, Peabody had 31 home sales compared to 36 a year ago, according to The Warren Group, publisher of Banker & Tradesman.

Median price dropped from $293,000 last February to $281,250 in February 2014. For the first two months, however, Peabody’s median price increased from $290,000 in 2013 to $335,000 through the first two months of 2014, according to The Warren Group.

Essex County, meanwhile, saw a drop of more than 7% in home sales in February 2014 compared to a year ago. There were 232 homes sold in February this year compared to 251 last year. The median sale price was slightly more -- $315,000 this February compared to $300,000 last year.

For the year, Essex County has seen an increase from 515 homes sold in the first two months of 2013 compared to 537 so far this year. The median home price has also risen from $294,000 to $335,000.

In Massachusetts, single-family home sales dipped by 4% in February compared to a year ago. It was the third time in the last four months that home sales declined. Home sales have dropped in eight of the last 10 Februarys, said The Warren Group.

"This modest drop in sales was caused by the same lack of inventory that has plagued the market for months," said Timothy M. Warren Jr., CEO of The Warren Group. "These February sales numbers represent closings on homes that went under agreement in December, for the most part. Cold weather and holidays are certainly factors in making February traditionally the slowest month of the year."