By Mia Ping-Chieh Chen
BU News Service
BOSTON — The number of single-family homes sold in Greater Boston this past February was almost 22% higher than the number of single-family homes sold in February 2018, and the median sales price of these homes was $577,500, a record high for the month of February, according to the most recent housing market data compiled by the Greater Boston Association of Realtors.
There were 586 detached single-family homes sold in Greater Boston this past February, a 21.8% increase from the 481 homes sold in the previous February, according to housing market data updated through March 10 by the Greater Boston realtors’ association. In Boston, there were 53 single-family homes sold this past February, an 82.8% increase from the 29 homes sold in February 2018.
The Greater Boston single-family home and condo market includes 64 communities within the realtors’ association’s jurisdictional area, which includes the Metro Boston region, the Central Middlesex region and three other regions. Please click here to see a map of the association’s jurisdictional area.
There also were 528 condo units sold in Greater Boston this past February, a 13.1% increase from the 467 units sold in February 2018. In Boston, there were 223 condo units sold this past February, a 13.8% increase from the 196 units sold in February 2018.
Because of healthy buyer demand, the median sales price for single-family homes sold this past February was $577,500, a new record high for the month of February. However, in the condo market, the median sales price for this past February declined on an annual basis for the first time since September 2017, dropping 2.9% to $530,000.
Jim Major, president of the realtors’ association and an agent with real estate agency Century 21 North East in Woburn, Massachusetts, said in a March 27 press release that home buyers can expect to see less upward pressure on home prices as the supply of homes for sale continues to rise.
An indicator of the supply of homes for sale is the number of active listings, which is the number of properties available for sale at the end of the month. In the single-family home market, the number of active listings increased from 2,007 in February 2018 to 2,056 for this past February, a 2.4% year-over-year increase. Active condo listings jumped from 1,448 units in February 2018 to 1,780 for this past February, a 22.9% year-over-year increase.
For information on the number of single-family homes and condos sold in Greater Boston this past February and the median sales price in each of these markets, please mouse over the infographic at the top of the page. Please click here to view the realtors’ association’s Greater Boston housing market data for this past February.
