The following is an excerpt from Banker & Tradesman:
“The Boston housing market has hit a bump in the road,” said Timothy M. Warren Jr., CEO of The Warren Group. “Sales dropped sharply in February and we could see that pattern continue through the spring months ahead. Because of the severe winter weather that kept home shopping to a minimum, the market has been slow to heat up. To make matters worse, in the second quarter, we will be comparing sales to the height of the homebuyer tax credit. We had booming sales last year so the comparison will be tough to beat.”
The report indicated that the median price for a single-family home also dropped to $255,000 from $270,000 in February 2010. The year-to-date median home price is down more than 6 percent – dropping to $263,000 from $280,000 last year.
In Massachusetts a total of 4,050 single-family home sales transactions were recorded in the first two months of the year, 2.5 percent decrease from 4,153 in the same months in 2010.
February condominium sales also decreased, marking the eighth consecutive month of year-over-year declines. There were 772 condo sales in February, down 18 percent from 943 sales during the same month last year. Year-to-date condo sales also dropped 10.5 percent to 1,731 from 1,943 last year.
The median price for condos sold statewide in February also fell more than 4 percent to $225,000 from $235,000 during the same month last year.
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Updated: 1st Q 2018