The average condo in Boston costs more than an average single-family home in the area, according to the latest numbers from the Greater Boston Association of Realtors.

Sales for both single-family homes and condos softened in February, a factor attributed to low inventory, rising mortgage rates and an increase in home prices, said the Greater Boston Association of Realtors, or GBAR, in its monthly report released Tuesday.  While single-family sales slid by 14 percent last month, condo sales fell by a more modest 3.8 percent. There were 504 detached homes sold last month, compared to 455 condos.

But the biggest surprise in the recent report is the rise in median sales price for condos, which jumped by 14.7 percent over last year to $515,000, a record high, GBAR said. The median sales price of a single-family home was $505,000, a drop of 2.4 percent over February 2016 numbers.

So, why are condos more expensive than single-family homes? Inventory is low throughout the Boston market, but there were 200 less condos on the market than single-family homes in February, signaling greater competition for the available condos. Plus, buyers were more focused on mid-level homes, GBAR said.

“With prices at or near record levels, and mortgage rates ticking up, we saw an increase in the volume of entry and mid-level homes sold last month which led to the lower median sales price,” GBAR President Melody Skye Roloff said in a press release. “Also, with the median price of a condo nearly equal to that for detached homes, first time buyers are turning their focus to the single-family home market, making for strong activity in the starter home sector.”

Soaring home prices effected by low inventory

Though sales figures were down for February, the numbers are not dire for Boston’s real estate market. February’s home sales figures were the 10th highest on record (2007’s mark of 665 homes sold remains the monthly record). Similarly, condo sales in February totaled the ninth highest on record, with February 2007 also coming in at the top, according to GBAR.

Active listings have shown a precipitous drop, however.

The single-family market had 1,891 active listings, a drop of 35.2 percent from last February, GBAR said. There were 1,273 active listings of condos, good for a 27.6 percent drop over last year.

“Sales could have been much stronger had the inventory been up. Unfortunately, we’ve noticed that potential sellers have become more reluctant to list their homes because they are apprehensive that they may not be able to find another home themselves,” Roloff said. “Our local housing market is seasonal though, and it is our expectation that as we get into the spring market, more homes will be available and our market will hit its stride again.”