Year-over-year sales increased by 2.1% according to the RE/MAX of New England February Monthly Housing Report

The effects of record-snowfalls during the first two months of 2015 reverberated throughout New England’s housing market in February. Month-over-month, home sales again reflected the inclement weather with a decrease of 13.5% over January’s numbers. Year-over-year, home sales increased by 2.1% in the region with 7,817 recorded sales.

Across New England, median prices were on the incline with every state in the region showing modest price appreciation over February 2014’s figures. On average, home prices rose 5.6% year-over-year.

Most notably, in Connecticut, the number of total transactions is up 6.4% year-over-year and median price is up 2.7%. Pending sales were up 23.7% year-over-year – the highest in New England. Throughout the region, pending sales were up 4.5% year-over-year and 3.3% over January 2015’s numbers. Across the region, homes are staying on the market an average of two days less than this time last year and pricing remains flat.

“The continued, sustained snowfall has been an incredible challenge for the region’s housing market,” said Dan Breault, EVP/Regional Director of RE/MAX of New England. “With parking bans, power losses and dangerous road conditions, many consumers have sidelined their home search, content to wait for warmer weather. Fortunately, spring is just around the corner and with low inventory and rising prices, we anticipate a busy spring season.”

Pamela Fink

RE/MAX of New England

pamela@quinnandhary.com

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