image 28 Mar 2018

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February Sales Report

The Massachusetts Association of REALTORS® (MAR) reported today that closed sales for homes fell in February, while condo sales remained essentially flat. In February, both home and condo median prices were up and shared the same price point at $350,000. This is the third time homes and condos were essentially the same price since MAR began recording the data in 2004. This is the third month in a row that the number of single-family homes for sale has been below the 10,000 mark, an unprecedented low number.


February Closed Sales

HOMES February 2018 February 2017 % Change
Total Sales 2,393 2,549 - 6.1%
Median Price $350,000 $327,200 + 7.0%

Closed sales have been down 6 out of the last 12 months.
Median prices have been up or flat for 27 out of the last 28 months.

CONDOS February 2018 February 2017 % Change
Total Sales 971 973 - 0.2%
Median Price $350,000 $315,000 + 11.1%

Closed sales have been down for 7 out of the last 12 months.
Median prices have been up or flat for 27 out of the last 28 months.


"At one time, condominiums were often a more affordable option for buyers who wanted to get onto the first wrung of the home ownership ladder," said 2018 MAR President Rita Coffey, general manager of Century 21 Tullish & Clancy in Weymouth. "Today, that’s not necessarily the case, as inventory is so low and demand so high that many low- and moderate-income home buyers are being left on the outside looking in."


Inventory and Days on Market

HOMES February 2018 February 2017 % Change
Inventory 9,494 13,523 - 28.4%
Months of Supply 2.0 2.8 - 28.6%
Days on Market 83 94 - 11.7%
New Listings 4,708 4,328 + 8.8%

72nd time in the last 73 months of year-over-year inventory decreases.
Lowest number of homes for sale in the month of February.

CONDOS February 2018 February 2017 % Change
Inventory 2,791 3,896 - 28.4%
Months of Supply 1.5 2.1 - 28.6%
Days on Market 63 67 - 6.0%
New Listings 1,886 1,706 - 10.6%

Inventory down or flat for 27 out of the last 28 months.


"As we head into the spring market, it is encouraging to see the number of new single-family listings up over last year," said Coffey. "While it won't be enough to satisfy the demand, it's still an important part of an overall solution that also needs to include new production. "


About the Massachusetts Association of REALTORS®


Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 24,000+ 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 capitalized letters and the registered trademark symbol, per the Associated Press Stylebook.