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April 1, 2008

At a glance: Home prices plunge

By Ethan Forman

The median price of single-family homes in the Bay State suffered its largest monthly plunge since December 1990, The Warren Group announced last week. Condominium sales saw their largest monthly declines since May 1993.

Statewide, median home prices fell 8.8 percent in February — from $330,000 a year ago to $301,000 last month. Essex County median home prices fell 10.25 percent from February 2007 to February 2008.

Here is a breakdown of sale price changes on the North Shore.

Community Feb. 2007 Feb. 2008 Percent change

Beverly $350,000 $340,001 -2.86%

Boxford $850,000 $599,000 -29.53%

Danvers $443,750 $315,000 -29.01%

Ipswich $499,900 $395,000 -20.98%

Marblehead $517,500 $400,000 -22.71%

Peabody $337,000 $327,500 -2.82%

Salem $361,500 $310,000 -14.25%

Swampscott $602,000 $426,000 -29.24%

Wenham $403,00 $425,000 +5.46%

2007* 2008 Percent change

Hamilton $640,000 $570,000 -10.94%

Manchester $770,000 $1,075,000 +39.61%

Middleton $417,500 $350,000 -16.17%

Topsfield $470,000 $406,500 -13.51%

Source: The Warren Group

*Numbers for Hamilton, Manchester, Middleton and Topsfield represent year-to-date prices because there were no sales recorded in Hamilton, Middleton and Topsfield in February 2008, and no sales in Manchester in February 2007.

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