Feb. home sales down; condo sales up
Prices rose but home sales fell in February in Massachusetts, according to data released today by the Massachusetts Association of Realtors (MAR).
Single-family home sales dropped 5.9 percent from 2,215 in February 2013 to 2,084, the MAR said.
Meanwhile, condominium sales rose 1 percent over the same period from 894 to 903, the MAR said. This marks the 25th time in 26 months that that year-over-year sales rose.
The median home-sale price jumped 7.3 percent from $275,000 in February 2013 to $294,950, according to the MAR, the 17th consecutive month of year-over-year price increases.
Meanwhile, the median condo price rose 9.1 percent from $259,450 to $283,000, marking the 9th consecutive month of annual price growth.
“Even with the continued increase in home values, sellers are taking longer than normal to enter the market,” MAR President Peter Ruffini said in a statement. “The winter weather hasn’t deterred buyers, but the lack of homes for sales over the past several months resulted in a drop in closed sales.”
Single-family home inventory fell for the 24th consecutive month, from 19,402 listings in 2013 to 15,739 listings last month. This translates into a 3.7-month supply of homes, down from five months at this time last year.
Home sales sunk 25 percent from January to February, while condo sales dropped 17 percent, according to the MAR. A month-over-month decrease in closed sales is typical at this time of year, the MAR said.
(Image credit: freedigitalphotos.net)
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