Here’s February 2017’s Monthly Indicators report from the Greater Boston Association of Realtors® showing Boston real estate market trends.
February 2017 Greater Boston Real Estate Market Trends
Amid a short supply of inventory, rising mortgage rates and higher prices in the condominium market, sales of single-family homes and condos softened in February in Greater Boston, according to data issued from the Greater Boston Association of REALTORS® (GBAR).
Sales of single-family detached homes saw a year-over-year decline of 14.4 percent in February as 504 homes were sold compared to the 589 homes sold in February 2016. This year’s sales total the tenth highest figure on record, with the month’s record high of 665 homes sold coming in 2007. The condo market experienced a more modest decline in sales, falling 3.8 percent from 473 in February 2016 to 455 February 2017. This February’s condo sales total is the ninth highest on record, with the record-high of 642 also coming in 2007. In addition, both markets fell short of their historical monthly sales averages of 535 (single family) and 467 (condos).
- February condo sales DOWN -3.8%
- Median prices UP +14.7% ($515,000)
- Active Listings DOWN -27.6% to 1,272
- Listings added to the market DOWN -8.5% over last year (860 from 940 in 2016)
- February single-family home sales DOWN -14.4%
- Median prices DOWN -2.4% ($505,000)
- Active Listings DOWN -35.2% to 1,891
- Listings added to the market DOWN -6.8% over last year (1,057 from 1,134 in 2016)