Issue link: https://viewer.e-digitaledition.com/i/1375150
As prices continue to rise, the number of new listings drop in line with 2021's trend thus far� T HE MASSACHUSETTS ASSOCIATION of REALTORS (MAR) reported a steady rise in closed sales for the month of February. Closed sales on single-family homes rose a total of 8.1% while condominiums also increased 6.0% compared to February of 2020. Inventory is again hitting record lows as single-family homes are down 68.4% over February 2020 and condo inventory is down 33.6%, a remarkable jump from January 2021's 64.0% and 26.1%, respectively. Home prices have been on a steady rise in recent months, with February's data staying on trend. The median price for single-family homes was $462,500, an increase of 17.1% and condominium prices rose by 5.1% to $425,750, when compared to February 2020. Prices are being driven again by high demand, low supply and interest rates continuing to hit record lows. " W hi le interest rates did increa se in Febr ua r y compa red to January, they remain lower than previous years, and this is contrib- uting to the strong buyer demand. This is not something I believe will majorly impact home sales, though it is important to take this shift into consideration when thinking about buying or selling a home, as interest rates contribute to the overall affordability index," said Steve Medeiros, 2021 President of MAR and REALTOR® at Keller Williams Realty. n FEBRUARY 2021 DATA February 2021 Closed Sales February 2020 Closed Sales February 2021 Median Price % Change Closed Sales (year over year) January 2021 Closed Sales Single-Family 2,748 2,541 $462,500 +8.1% 3,623 Condominium 1,276 1,204 $425,750 +6.0% 1,488 February median prices for single-family homes and condos in MA continue to surge past previous years, inventory reaching new record lows 5 4 | BOSTON.BUILDERARCHITECT.COM Builder+Architect GREATER BOSTON, CAPE COD AND THE ISLANDS