Mass. February home sales drop as prices continue to move higher

The combination of a lack of homes for sale and the typical decrease in buyer activity during the holiday season resulted in closed sales going down in February. Despite that drop, buyer demand did push median home prices higher for the homes that did sell. One data point that we’re watching closely is the amount of new listings added to the market as more listings were added this February compared to last year at this time. As home equity returns, the opportunity for many homeowners to sell also increases. (see graphs below – click on them to enlarge)

Links:

February 2014 Closed Sales News Release

Direct link to podcast with MAR President Peter Ruffini

Click arrow below to listen to podcast:

Highlights from the release:

  • February single-family home sales – Down 5.9% over last year. (2,084 sales in 2014 from 2,215 sales in February 2013)
  • February Single-family median prices were UP 7.3% to $294,950. Seventeen straight months of increases
  • February condo sales up 1.0% and median prices UP 9.1% ($283,000)
  • Inventory in February Down 18.9% to 15,739 and Condominium available Down 27.1% to 4,407
  • SF listings added to the market in February UP4.3% over last year. (4,742 from 4,547 in 2013)
  • Condo listings added to the market down 3.6% over last year. (1,861 from 1,930 in 2013)

February 2014 SF chart

 

 

February 2014 CC chart