In February, high buyer demand, low mortgage rates and a strong job market continued to spur housing market activity in Greater Boston according to data from the Greater Boston Association of REALTORS® (GBAR). The results were helped by a comparison with Feb. 2015, during which New England suffered repeated record-breaking snowstorms.
Last month, sales of detached single-family homes improved on an annual basis for the ninth consecutive month and increased 10.3 percent on the February 2015 total of 535 homes sold to 590. This represents the highest total of closed sales in Greater Boston since the 665 homes sold in 2007. 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. Both closed sales numbers represented the fourth highest totals since 2003.
"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, Broker Associate with RE/MAX Andrew Realty Services in Medford. "As busy as we've been so far this year, sales could have been even stronger had there been a larger inventory of homes to sell."
In addition to rising sales, the median sales prices also increased in both markets. 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. This also represents the seventeenth consecutive month that the single-family median sales price has improved on a year-to-year basis. The condo market median sales price increased 6.4 percent, as it rose from $420,000 last year to $447,000 in 2016, which is also a new high sales price for February.