The Massachusetts Association of Realtors (MAR) reported that
February proved to be another record month for closed home sales
throughout the state, as buyer activity pushed closed sales to its
highest levels for the month since 2004.
More specifically in the Greater Boston area, high buyer demand,
low mortgage rates and a strong job market continued to spur
housing market activity in according to data from the Greater
Boston Association of REALTORS (GBAR). The combination of low
mortgage rates, rising home values and a lack of snow this winter
have led to above normal demand over the first few months of the
year, said GBAR President Andrew Sarno As busy as weve been, sales
could have been even stronger had we had more homes to sell.
Sales of detached single-family homes in February improved on an
annual basis for the ninth consecutive month representing the
highest total of closed sales in Greater Boston since the 665 homes
sold in 2007.
The single-family median sales price rose from $470,000 in
February 2015 to $520,000 last month, indicating a 10.6 percent
increase and setting a new record high price for the month in
Greater Boston.
Greater Boston Single-Family Market
Overview
| February2015 | February 2016 | +/- | |
| Closed Sales | 535 | 590 | +10.3% |
| Median Sales Price | $470,000 | $520,000 | +10.6% |
| Days on Market Until Sale | 94 | 91 | -3.2% |
| New Listings | 644 | 1,129 | +75.3% |
With home prices continuing to climb steadily and the inventory
of homes for sale at a twelve-year low, its a great time to put
your home on the market, said Sarno. However, sellers can expect
the competition to heat up this spring, he noted, as the second
quarter is traditionally the most active for selling homes.
Condo sales experienced a modest increase of 2.9 percent in
2016, increasing from 451 to 464 sold condos. This is also the
highest condo sales total since 2007, when there were 642 closed
sales.
Greater Boston CondominiumMarket Overview
| February2015 | February 2016 | +/- | |
| Closed Sales | 451 | 464 | +2.9% |
| Median Sales Price | $420,000 | $447,000 | +6.4% |
| Days on Market Until Sale | 74 | 64 | -13.5% |
| New Listings | 629 | 941 | +49.6% |
There was a significant increase in pending sales in both
markets, which can be attributed in part to our mostly snow-free
winter, but nonetheless suggests a large, highly-motivated home
buyer population and a very active spring market throughout the
region, added Sarno. Those looking to sell their homes should take
advantage of this opportunity as we approach the spring and early
summer market when activity is at its peak and buyers will likely
have more options. February’s data represents numbers that are near
to or above average typical totals for February in recent
years.
Source: Greater Boston Association of Realtors. Find more information
here.
About the Greater Boston Association of
Realtors:The Greater Boston Association of REALTORS (GBAR)
represents over 6,500 real estate professionals throughout the
Greater Boston and Eastern Massachusetts area and is one of the
local boards of the National Association of REALTORS the largest
trade association in America. GBAR provides professional
development courses, standard forms, legal reports and updates,
brokerage counseling, legislative and regulatory representation,
ethics, mediation and arbitration services, as well as recognition
awards.