According to several recent housing reports, although home price increases in Greater Boston fell behind the national average in January, a boost in the total sales recorded indicates a strong start to the year for the overall residential market.
Reports show a robust February in real estate sales after a slower start in January. Single-family home sales across the commonwealth rose 30.8 percent in February.
Banker & Tradesman reported that single-family home sales across the Bay State rose 30.8% in February. The report also stated across the State, 2,868 homes were sold in February, compared to 2,192 a in 2015. The median sale price of a single-family home across the commonwealth was $299,000 in February, down 4.3 percent from a year prior.
For condominiums, meanwhile, the median price in February was $275,250 — down 3.9 percent from $286,500 in the year-ago period. According to Massachusetts Association of Realtors, Condos sales rose 12.7% in February. There were 996 closed condo transactions in February, the most in one month since 2007. With this large rise in sales, we see inventory down 17.5% from the same time last year at 3,777 condos. this is an approximate 2 month supply.
I manage many of the condominium properties in Winchester and understand the condo market very well from both the buyer and seller side. If you have any questions about buying or selling a condo, feel free to contact me.