Spring Market Picking Up in the Boston Area
For the eighth consecutive month sales of single-family homes rose in February, increasing 32.7% over the same time last year. This is the largest percentage increase in year-over-year sales since June 2010, the final month of eligibility for the federal home buyer tax credit, when sales improved 23% from the same month from one year earlier. Additionally, the 471 single-family homes sold in February is the highest sales volume for the month in five years, dating back to February 2007 when 552 homes sold. The median selling price for single family homes also climbed on an annual basis, increasing 4.2% to $395,000, which reflects increased optimism in the housing market.
The condominium market also saw a 10.5% increase in sales in February compared to last year, marking the seventh time in eight months that condo sales have improved on an annual basis. Also, after three consecutive months of declines in the monthly median selling price, the median selling price rebounded in February, climbing to 4.2% on an annual basis to $362,500.
To access monthly data by community, check out our Local Market Update reports, and our Monthly Market Indicator Reports. For comprehensive regional and statewide housing market data, visit the MAR Housing Data page.