Another Record Month as February Home Sales Close Up Again

by Eric Berman - eberman@marealtor.com - 781-839-5507 | Mar 22, 2016

Median Prices Down for the First Time in Nine Months

 WALTHAM, Mass. – March 22, 2016 – The Massachusetts Association of Realtors® (MAR) reported today that February proved to be another record month for closed home sales, as buyer activity pushed closed sales to its highest levels for the month since 2004. While single-family closed sales were up by more than 24 percent, median prices went down for the first time in nine months. Condominium sales also closed up with median prices down almost three percent.

February Closed Sales:

Single-Family

February 2016

February 2015

%Change

Sales

2,701

2,171

+24.4%

Median Price

$309,000

$316,000

-2.2%

  • Most closed sales in the month of February since 2004
  • Closed sales have been up 13 out of the last 20 months
  • First time median price has gone down in nine months

Condominium

February 2016

February 2015

%Change

Sales

996

884

+12.7%

Median Price

$285,000

$293,250

-2.8%

  • Most closed sales in the month of February since 2007
  • Closed sales have been up or flat eight of the last 12 months
  • Median prices have been down five out of the last 12 months

“Buyers came out in force to make this one of the busiest winters in recent history here in Massachusetts,” said 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster. “Now they’ll hopefully have some lowered prices to look forward to in the coming months, if February is any indicator.”

Inventory and Days on Market:

Single-Family

February 2016

February 2015

%Change

Inventory

14,061

17,076

-2.2%

Months of Supply

2.9

4.2

-31.0%

Days on Market

87

96

-9.4%

New Listings

4,830

3,099

+55.9%

 

  • 49th straight month of year-over-year inventory decreases

 

Condominium

February 2016

February 2015

%Change

Inventory

3,777

4,578

-17.5%

Months of Supply

2.0

2.8

-28.6%

Days on Market

96

101

-5.0%

New Listings

1,873

1,346

+39.2%

  • 62nd straight month of year-over-year inventory decreases

About the Massachusetts Association of Realtors®:

Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 22,000+ members.  The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs. 

###

Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.