February Home Sales Down Slightly in Massachusetts

April 2, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condominiums in Massachusetts fell slightly in February but were well above the previous year’s levels while prices for both detached homes and condos also fell during the month according to the latest data from the Massachusetts Association of Realtors®.

An estimated total of 3,110 existing homes and condos were sold in the Bay State in February. That was 3.5 percent lower than the 3,222 homes sold in January but 25.2 percent higher than the 2,484 homes sold in February 2011.

Trisha McCarthy, President of MAR, stated “The big increase in the number of closings in February is another sign that qualified buyers are taking advantage of market conditions to purchase homes. Positive news about the economy and jobs has been a big reason why activity has increased. People are feeling like they are now in a better position to buy a home.”

Sales of detached single-family homes accounted for 2,276 of the total sales in February, down 4.6 percent from 2,385 sales in January but 26.8 percent higher than the 1,795 detached homes sold in February of 2011.

It was the eighth consecutive month that sales of detached single-family homes outperformed the previous year’s sales total.

The median sales price for a detached single-family home in February was $255,000, which was 3.8 percent lower than the sales price of $265,000 posted in both the previous month of January and in February of last year.

Condominium sales accounted for 834 of the total sales in February, virtually unchanged from the 837 sales in January and 21.0 percent higher than the 689 condos sold in February of 2011.

The median sales price for a condo in February was $222,500, which was 10.2 percent lower than the sales price of $247,750 in January and 2.8 percent lower than the sales price of $229,000 for a condo in February of last year.

The number of detached single-family homes available for sale in February declined 5.3 percent compared to last year, falling from 26,571 listings to 25,152 listings, which left a 7.5 months supply of homes on the market, down from an 8.0 months supply a year ago. Detached single-family homes typically took an average of 130 days to sell in February, about the same as last year.

Listings for condos fell 16.3 percent in February, from 10,501 in February of last year to 8,790 listings this year. That left a 6.6 months supply available for sale, down from a 7.9 months supply a year ago. Condos typically took an average of 124 days to sell in February compared to an average of 130 days in February of last year.

Tags: existing homes, condos, sales, median home prices, Massachusetts

Source:
Massachusetts Association of Realtors®