All signs point to a competitive spring market, according to the latest data from the Greater Boston Association of REALTORS®.

The median sales price for a single-family home in Greater Boston fell 4% year –over year to $852,500 in February. The number of homes sold decreased by a notable 9.1%. Inventory took a hit as well, dropping to 922 — a 13.8% decrease from last year.

“As Greater Boston begins to move into the busy season for home sales, there is still not enough inventory to satisfy demand,” said GBAR president Joselin Malkhasian. “We expect the next few months to be very competitive for homebuyers, especially for well-priced homes that typically sell fast in these months. Buying and selling behaviors have become more balanced, but well-priced and professionally marketed properties are still selling fast and for over asking.”

Condo prices dipped 6.6% year-over year, hitting a median of $687,500, while sales and inventory dropped by 7.4% and 11.7%, respectively. Condos camped out on the market 10% longer than they did last year at 66 days.

“As the warm weather approaches, we expect more single-family homes and condominiums to hit the market,” Malkhasian said. “The housing market over the holidays is typically slower, which is reflective of a lower median sale price for sales that closed in February. We don’t expect that trend to continue due to the current low supply and high demand.”