In February, the sale of single-family detached homes improved for the ninth consecutive month, increasing 10.3 percent on the February 2015 totals of 535 home sold up to 590. This is the highest total of closed home sales in Greater Boston since the 665 homes sold in 2007, according to data released by the Greater Boston Association of Realtors (GBAR).
“The combination of low mortgage rates, rising home values, and lack of snow this winter have led to above normal demand over the first few months of the year,” says GBAR President Andrew Sarno, Broker Associate with RE/MAX Andrew Realty Services in Medford. “As busy as we’ve been so far this year, sales could have been even stronger had there been a larger inventory of homes to sell.”
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In the 64 communities surrounding Boston that GBAR analyzed, single family median sale prices rose from $470,000 in 2015 to $520,000 last month, which is a 10.6 increase. But it’s important to note that the rest of the state hasn’t had the same luck as the communities within the GBAR jurisdiction. The median price of closed home sales throughout the entire state for the month of February 2016 was $309,000, a 4 percent decrease from this time last year when the median was $316,000, according to the Massachusetts Association of Realtors.
2015’s housing market in Greater Boston was significantly affected by the constant onslaught of snow. But with 2016’s mild winter temps, realtors are expecting the spring and early summer sales market to move at rapid speed. New listings already skyrocketed last month, with 1129 new listings of single-family homes within GBAR’s jurisdiction, a 75.3 percent increase from the 644 homes listed at that time in February of 2015.
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“Those looking to sell their homes should take advantage of this opportunity as we approach the spring and early summer market when activity is at its peak and buyers are likely to have more options,” Sarno adds.