The Massachusetts
Association of REALTORS (MAR) and the Greater Boston Association of
REALTORS (GBAR) reported on home sales in February both
demonstrating that inventory was extremely short supplied for the
month. Record snowfall kept a significant number of sellers out of
the market.
According to MAR single-family home sales in Massachusetts as a
whole were down less than one percent compared to February of last
year. A shortage of homes for sale caused an increase of
single-family prices. In the condominium market sales were down
while prices were up less than one and a half percent.
Being down less than one percent from last year is positive
because we continued to be plagued by low inventory, said 2015 MAR
President Corinne Fitzgerald. Because February was fraught with so
many storms, sellers have been holding off putting their homes on
the market. This should translate into a very active spring, which
will be good for the economy and the real estate community as a
whole.
In Boston buyer demand remained historically strong in February
as low mortgage rates, less stringent credit standards, and gains
in both the labor and stock markets spurred activity during the
early winter and holiday period, according to the data issued by
GBAR.
Sales of detached single-family homes rose 5 percent on an
annual basis from 520 homes closed last February to 546 in February
2015. Thats the second highest February sales total in Boston for
the past eight years (equaling sales volume for Feb. 2013) and
tenth best on record. Additionally, it was the eighth busiest
February on record for condominium sales, even though the number of
closings slipped a modest 1.8 percent over the past 12 months from
450 in February 2014 to 442 this February.
Up until the first blizzard in late January, we were enjoying a
busier than normal winter season, noted GBAR President David
McCarthy. Certainly, the snow and ice made it more difficult to
list and show property, but the buyers still kept coming out. Its
the lack of listings more than the weather that was the most
frustrating and bigger roadblock to sales during February, he
stated.
Both single-family and condominium inventories fell in the
Boston market for the month of February putting upward pressure on
prices. Because the weather caused many sellers to withhold their
property consumers are confident and eager to buy according to
David McCarthy. This pent up demand is sure to cause a surge of
sales this spring market as owners are better able to ready their
homes for sale.