Bad weather wasn’t enough to put off buyers, with pending sales for both single-family homes and condos rising in February, according to the Massachusetts Association of Realtors (MAR).
"The snow and cold of last month didn’t dampen buyer demand as pending sales increased again in February," 2014 MAR President Peter Ruffini said in a statement. "With the economy improving and interest rates still favorable, qualified buyers made enough accepted offers to make this February the most active since February 2004."
The number of single-family homes put under agreement in February was up 20.4 percent compared with the same time last year (3,587 homes in 2014 from 2,980 homes in 2013). This is the 12th straight month of year-over-year increases. This is the most homes put under agreement in February since 2004 when there were 3,612 homes. On a month-to-month basis, single-family homes put under agreement went up 13.8 percent compared with 3,151 homes put under agreement in January.
"Sellers should be encouraged by the continued strong buyer demand," said Ruffini. "This trend will hopefully, help increase the inventory of homes for sale in the coming spring market. With values on the rise, it’s a good time to sell for more homeowners now than at any time in the past five years."
The median sales price of single-family homes put under agreement in February was $295,600, which was up 7.5 percent from $275,000 in 2013. On a month-to-month basis, under agreement median prices were down 7.7 percent from $320,000 in January.
The number of condos put under agreement in February was up 17 percent compared with February 2013 (1,533 units in 2014 from 1,310 units in 2013). This is the largest number of condos put under agreement in February since 2007, when 1,777 units were put under agreement. On a month-to-month basis, condos put under agreement went up 7.9 percent from 1,421 units in January.
The median sales price of a condo put under agreement in February was $282,500 which was up 8.9 percent from $259,450 in 2013. On a month-to-month basis, under agreement median prices were down 5.9 percent from $300,000 in January.
