Feb. pending home sales highest since ‘04
Pending single-family home sales rose for the 12th consecutive month in February, according to the state’s Realtors’ group.
The Massachusetts Association of Realtors (MAR) reported that the number of homes placed under agreement –that is, likely to be sold three months – rose 20.4 percent from 2,980 homes in February 2013 to 3,587 last month.
Meanwhile, the number of condominiums placed under agreement increased 17 percent, from 1,310 units in February of last year to 1,533. This marks the most homes placed under agreement in any February since 2004 and the highest number of pending condo sales in February since 2007.
“The snow and cold of last month didn’t dampen buyer demands,” MAR president Peter Ruffini said in a statement. “This trend will hopefully help increase the inventory of homes for sale in the coming spring market.”
Ruffini cautioned against the “over-improvement” of homes, saying homeowners likely won’t be able to recoup their investments while the activity removes affordable homes from the stock that are available to first-time buyers.
The median February sales price for a single-family home decreased 7.7 percent over the past month to $295,600, while the median condo price fell 5.9 percent to $259,450.
(Image credit: freedigitalphotos.net)
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