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.
