As was the case in January, the condominium market also experienced a significant decrease in the number of units sold this February, with a 34.6 percent drop compared to the same time last year (from 1,264 units sold in 2007 to 827 units sold in 2008). On a month-to-month basis, condominium sales were down only 1.9 percent compared to 843 units sold this past January.

Condominium median selling prices in February went down 6.7 percent after 11 straight months of year-over-year increases (except for December 2007 which was flat) from $270,000 in 2007 to $252,000 in 2008. Compared to this past January, the median selling price of a condominium is down 9.2 percent (from $277,500).

“Over the past year, the market has favored the buyer, with good inventory of housing choices, moderating prices and historically low interest rates. As a result, for people who are ready to buy, they have a real opportunity to find the exact home they want, unlike at the height of the market when the increased competition could sometimes make finding the perfect house more difficult,” said Renfrew.

Inventory and Days on Market:
The inventory of residential properties (detached single-family homes and condos) on the market as of February 29, 2008 decreased 1.5 percent compared to the same time last year (from 45,193 listings in 2007 to 44,526 listings in 2008). At the current sales pace, this represents approximately 16.9 months of supply, an increase from 12.3 months of supply in February 2007. On a month-to-month basis, the average months of supply is up from 16.9 in January 2008.

The inventory of single-family homes stayed the same from February 2007 levels (30,067 listings in 2007 to 30,048 listings in 2008) which translates into 16.2 months of supply in February 2008. This is up from 12.5 months of supply last year and up from 15.4 months of supply in January 2008.

The condominium market saw February inventory go down 4.0 percent (15,126 listings in 2007 to 14,478 listings in 2008), which translates into 17.5 months of supply, up significantly from 12 months in February 2007 and up from 16.6 months this past January.

Detached single-family homes stayed on the market an average of 166 days in January 2008 compared to an average of 150 days in February 2007, while condos stayed on the market an average of 165 days, up from an average of 142 days in February 2007.

About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 22,500 members. The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.