After starting the year at the fastest pace in almost a decade, existing-home sales slid in February but remained above year ago levels both nationally and in all major regions, according to the National Association of Realtors®
existing-home sales retreated 3.7 percent to a seasonally adjusted annual rate of 5.48 million in February from 5.69 million in January. Despite last month's decline, February's sales pace is still 5.4 percent above a year ago.
Lawrence Yun, NAR chief economist, says closings retreated in February as too few properties for sale and weakening affordability conditions stifled buyers in most of the country. "Realtors® are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that's pushing up price growth and pressuring the budgets of prospective buyers," he said.
"Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market."
The good news is that more and more homes are coming on the market every day, especially over the past week or so. The bad news is that many don't even last a week before they are sold...well it's not bad news if you're the seller! And many of those houses are selling at or above the asking price! It continues to be a seller's market.
In February, the lack of inventory and higher prices finally slowed down sales. Closed sales were either flat or down from January's levels throughout MetroWest. One exception was Sudbury, where sales increased at the same time prices went up 24% to a region-high, median price of $754K!
Houses were on the market anywhere from 45 days in Framingham to 102 days in Hopkinton. Although that is the overall average, some price points ($450-$550K) are moving even faster than that. It is very difficult for first-time buyers right now!
Whether you are looking to buy or sell, the Ferrini4Homes team has the local knowledge and experience to help you achieve your real estate goals. And we are ALWAYS grateful for referrals!!
Please click the link for your town below to see the detailed picture of your local housing market.
This Month's Real Estate Tip
Selling: The Final Inspection
If you vacate your house prior to the close, the buyers may ask your permission to start fixing the house up before closing. After all, painting or waxing floors, for example, is much easier and faster if the house is empty. Don't do it! READ MORE>>