The median price of a single-family home in Massachusetts declined for the first time in nine months, but the number of homes sold was the most in February since 2004, the Massachusetts Association of Realtors reported March 22, 2016.
Real estate inventory declined for the 49th straight month in February on a year-over-year basis. The number of available single-family homes declined 2.2 percent in February and months supply of inventory decreased 31 percent to 2.9 months. Inventory in some cities and towns around Boston is less than one month. The real estate industry considers about six months of inventory to be a balanced market between homebuyers and sellers.
The mild winter resulted in an early Spring market. New single-family home listings in February increased 55.9 percent to 4,830 compared to 3,099 new listings in February 2015.
The median condo price in Massachusetts declined 2.8 percent to $285,000 compared with $293,250 in February 2015. Like single-family homes, condominium sales increased. There were 996 units sold compared to 884 sales in February 2015. The 996 condo sales were the most in the month of February since 2007.
Condominium inventory dropped for the 62nd straight month on a year-over-year basis in February. There were 3,777 units available in February compared to 4,578 condos on the market the previous February. The months supply of inventory declined to 2.0 months, but new condo listings increased 39.2 percent.