While sales activity often slows at the beginning of the year, the number of closed sales accelerated from the previous
month. In February, roughly 8,800 homes and condos were sold throughout the region, increasing nearly 9% from
January. For the second consecutive month, condo sales outpaced single family homes, primarily due to the greater
availability of condos for sale and the lower price points that keep units affordable for some buyers. The volume of
condo sales increased by more than 11% from January. At the current sales pace, available condo inventory will last
less than two months while single family home inventory will be absorbed within five weeks.
