Across the region, winter snowfall and frigid temperatures significantly impacted the housing market. The RE/MAX of New England February Monthly Housing Report shows a drop in sales, year-over-year, in every state in New England except Vermont. On average, median prices throughout New England were up 1.3% in 2014 and pending sales rose to 28.3%. “This is an expected trend in the height of the winter months,” said Dan Breault, EVP/Regional Director of RE/MAX of New England. “The good news is that month-over-month pending sales are up 26.4%. This is an encouraging sign and I anticipate March and April to be even stronger months as we turn the corner from winter to spring.”
New England States Overview:
· In Connecticut, the number of total transactions is down -2.9% year-over-year, while the median price rose 2.1%. Pending sales were up 30.1% year-over-year.
· Massachusetts showed a decrease of -4.4% in total transactions year-over-year. The median price increased 5.6. Pending sales were up 40.4% over February of 2013 – again, the highest in the region.
· In New Hampshire, home transactions decreased -6.5% year-over-year, and median price rose 5.6%. Pending sales were up 6.0% year-over-year.
· In Rhode Island, home transactions fell -7.9%, while median price dipped slightly at -1.3%. Pending sales were up 2.7% year-over-year.
· Vermont experienced a boost in total transactions, up 18.2%, while median price decreased -6.4% year-over-year. Pending sales were up 12.9% year-over-year.
· MLS Data not available for Maine at this time.