The Massachusetts Association of REALTORS (MAR) has just reported that while home prices continued to increase in February, condominium sales and prices were both up in February.
Even with the continued increase in home values, sellers are taking longer than normal to enter the market so far in 2014, said 2014 MAR President Peter Ruffini. The winter weather hasnt deterred buyers, but the lack of homes for sale over the past several months resulted in a drop in closed sales in February."
The median selling price for single-family home in February was $294,950 which was up 7.3% from $275,000 in February 2013. This is the 17th straight monthly year-over-year increase.
There were 903 condominiums sold this past February, an increase of 1.0% from the 894 condos sold the same time last year. Year-over-year sales of condominiums have gone up 25 out of the last 26 months.
The median selling price for condominium in February was $283,000 which was up 9.1% from the $259,450 median price in February 2013. This is the ninth straight year-over-year increase.
Inventory and Days on Market:
The inventory of single-family homes as of February 28, 2014 decreased 18.9% from February 2013 (15,739 listings in 2014 from 19,402 listings in 2013) which translates into 3.7 months of supply in February 2014. This is down from 5.0 months of supply last year and down from 3.9 months in January. This was the 24th straight month of inventory decreases.
The number of new listings added to the market of single-family homes in February increased 4.3% over the same time last year (4,742 new listings in 2014 from 4,547 in 2013).
The inventory of condominiums on the market in February was down 27% compared to the year before (4,407 listings in 2014 from 6,047 listings in 2013), which translates into 2.5 months of supply, which is down from 3.9 months in February 2013 and down from 2.6 months in January.
The number of new listings added to the condominium market in February decreased 3.6% from February 2013 (1,861 new listings in 2014 from 1,930 listings in 2013).
Detached single-family homes stayed on the market an average of 122 days in February 2014 compared to an average of 141 days in February 2013. Condos stayed on the market an average of 96 days, down from an average of 122 days in February 2013. On a month-to-month basis, days on market for single-family homes was up from 110 days from January while condos were up from 92 days.