By THOMAS GRILLO
LYNN — Home sales in the city continued to surge into the new year as volume and prices rose in November, according to The Warren Group, the Boston-based real estate tracker.
The number of single-family homes sold last month swelled to 61, up from 52 for the same month a year ago, a 17.3 percent hike.
As sales rose, so did prices. The median price for a single-family dwelling climbed by nearly 27 percent to $310,000. One year ago, the median was $244,500.
Condominium sales also were strong. The number of units that changed hands nearly doubled to 20 in November while median prices reached $206,250, up from $174,000 a year ago, an 18.5 percent increase.
SEE MORE: See the numbers by community here
Brokers say rising rents on the North Shore are turning tenants into first-time homebuyers, as the cost of a mortgage is often a better deal than rent in many places.
“I sold a home to a couple in Revere who were paying $1,800 a month in rent and now their mortgage in Lynn is $1,500,” said George Panagopoulos, a sales associate at Clements Realty Group in Lynn. “Rents are so high in other communities and Lynn’s home prices are still affordable.”
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Thomas Lynch, president of A. James Lynch Inc., a Lynn real estate agency, said rising prices are the result of supply and demand.
“The lack of inventory is driving prices up,” he said. “But even though prices are rising, Lynn is still the best bargain around and the best value for your money.”
On Tuesday, there were just 44 single-family homes listed for sale in Lynn from $199,000 for a two-bedroom Colonial on Groveland Street to $729,000 for a 10-room Victorian on Lynn Shore Drive, according to the MLS Property Information Network. During peak times, there were more than 200 homes for sales, say agents.
Among North Shore communities, Revere saw strong volume as sales nearly doubled to 23 homes sold in November. Revere home prices also rose. The median reached $297,000, up from $273,500, a nearly 9 percent hike.
Peabody home sales fell in November while prices rose. There were 21 single-family homes sold compared to 41 last year, a 49 percent decrease. Despite the sales slump, prices were up by 10.5 percent to $386,800 from $350,000 a year ago.
In Marblehead, home sales fell to 17, down from two dozen last year. While sales dipped, median prices soared by 18 percent to $690,000 in November from $585,000 one year ago.
In Swampscott, sales fell by nearly half as median prices rose by more than 30 percent to $575,000.
Nahant single-family sales were flat while the median prices increased 7.5 percent to $549,900.
In Lynnfield, home prices increased by 7.5 percent to $612,500 while sales were flat.
Saugus home sales fell to 28, down from 37 a year ago while median prices swelled to $381,700, up from $328,000, a 16.4 percent hike.
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Statewide, 5,061 single-family homes sold in November, compared to 4,015 in November 2015, a 26 percent increase. This marks the highest November sales amount since 1998 and the second highest in November on record. Year-to-date, sales are up by 12.0 percent with 55,622 homes sold through November 2016 compared with 49,663 sold during the same time last year.
The median sale price of a single-family home in November reached $349,000, a 4.9 percent increase from $332,500 last year. Year-to-date prices are up 1.8 percent from last year, with a median sale price of $346,000.
Thomas Grillo can be reached at tgrillo@itemlive.com.