The Massachusetts realtors have their February numbers out; the monthly data at the link are PDF files. " After two consecutive years of record-breaking sales in 2004 and 2005, activity in the detached single-family home market has started to return to more normal levels, with the 2,254 homes sold in February 2006 nearly identical to the 2,255 detached homes sold in February 2003."

"The decrease in sales activity this February marks the fifth consecutive month detached single-family homes sales have declined in Massachusetts from the comparable month one year earlier. A more encouraging sign is the fact that the 1.7 percent drop in sales between February 2006 and last February is the smallest year-to-year decline in sales to occur in the five month period of sliding sales. The sales decline of 3.7 percent that took place between January and February is largely seasonal in nature."

"The supply of detached single-family homes on the market rose for a twelfth consecutive month in February, climbing 40.5 percent over the past year from 25,558 homes for sale in February 2005 to 35,907 this February. Inventory, as stated in months of supply, also rose steadily from 11.1 months last February to 15.9 months of supply in February 2006. With the spring approaching listings are up from January as well, when there was 33,627 listings and 14.3 months of supply. The state's inventory of unsold homes rose for the 20th consecutive month."

"In Massachusetts, the market is at equilibrium for buyers and sellers when 7.5-8.5 months of housing supply exists, thus a strong buyers market has emerged over the past two months due to surging supply levels and more moderate demand."

"The 1,168 (condo) units sold in February set a new state record for the month, eclipsing the prior record of 1,133 condos sold in February 2005. Condo sales have improved for 25 consecutive months vs. the same month a year earlier. The number of condos for sale has increased 60.7 percent in the past year, from 11,584 units last February to 18,613 in February 2006. Inventory, as stated in months of supply, also has risen in the past year, climbing to 15.9 months of supply this past February from 10.2 months of supply in February 2005."

"Similar to the detached home market, condo listings have increased 6 percent from January when there were 17,495 condo units on the market and 14.1 months of supply."

"Predictions of steep price declines in home values made this past fall remain largely unfounded. While the current median price is 9.5 percent below the record high monthly median of $375,000 set in July and August 2005, today’s prices largely reflect healthier inventory levels, which has eased upward pressure on prices, rather than plunging property values."

"Condo prices also have begun to moderate, with the statewide median selling price rising 2.2 percent in February from year-ago levels. This marks the tenth consecutive month of single-digit annual price appreciation in the condo market, and the 86th consecutive month selling prices have risen vs. the same month the prior year (dating back to Dec. 1998). The median price of $275,000 is down 4.5 percent from the record high median selling price of $287,900 set in July 2005.'"

"The decline marks the first time since June 1996 that prices have fallen for any 12-month period as a whole.""

"'Today's improved supply levels have brought much needed stability to home prices,' said MAR President David Wluka in Sharon. 'The days of bidding wars and double-digit price appreciation are over. This spring, we expect to have a strong buyer's market for the first time in more than a decade,' said Wluka'"

"'There's definitely some bargain shopping going on right now,' said Brenda Beaudoin, a realtor based in Dracut."

"There are 'too many' Dorchester condos on the market due to a spree of three-family conversions by investors and developers, said Lee Robinson, an agent in Milton. 'People are sitting with their hands in their pockets waiting to see if the bubble's going to happen' so they can 'get a better deal,' said Robinson, who specializes in luxury homes in Dorchester. 'My voice mail is full of sellers' brokers making price adjustments,' including one house price that was slashed 11 percent, to $1.15 million."