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April 2016 Housing Report

Lamacchia Realty Housing ReportThis monthly report’s main purpose is to help Massachusetts and Southern New Hampshire residents understand the overall home sale statistics and trends in the real estate market, as well as a comparison of April 2016 to April 2015.  The information outlined shows home sales, average sale prices, homes listed and homes pending for Massachusetts and Southern New Hampshire. We provide you with not only single family home statistics but also multi-family and condo data. Homes listed and homes pending are usually the best indicators for predicting what the market is doing and where it is headed in the coming months.

Massachusetts Home Sales up 28%

Massachusetts signOverall home sales in Massachusetts in April 2016 were up 28% and prices up 2% compared to April 2015. There were a total of 6,568 homes sold in April 2016, and 5,134 in 2015. This brings us to 11 months of uninterrupted and increased growth in number of homes sold.

The category with the largest increase in number of sales was single-family homes, up 35% in sales from 2015, with 4,278 sold in 2016 compared to 3,171 in 2015. Condos had the lowest increase in number of sales for the second month in a row and were only up 15% from 2015 compared to 2016 (1,492 sold in 2015 to 1,722 sold in 2016).

The average price for all homes in Massachusetts in April was up 2% from 2015 ($389,223 to $397,502), though change was not positive in all three categories when examined individually. While single-family homes saw an 8% increase in price, rising from an average of $411,580 to $445,245, multi-family home prices fell 13%, from an average of $461,930 to $400,366.

Southern New Hampshire Home Sales up 60%

New Hampshire sign955 homes sold in Southern New Hampshire in April 2016, compared to 589 last year. The percentage increase in number of sales from April 2015 to 2016 was not strong across all three categories, however, with multi-families seeing a 6% decrease in homes sold (from 31 homes sold in 2015 to 29 homes sold in 2016). Single-families and condos both saw increases – of 63% and 76%, respectively.

Average prices stayed fairly level, increasing across the board just-over 3%, from $252,058 to $260,639, with little variance across individual categories. Single-families saw the greatest increase, 6%, going from $274,297 to $291,214 in 2016, and condos the least at 2%, going from $200,969 to $203,976 in 2016.

Homes Listed for Sale:

Homes listed for sale across Massachusetts fell 14%.  There were 11,789 homes listed for sale in Massachusetts in April 2016 compared to 13,681 in April 2015.  This may seem alarming at first glance but it makes perfect sense given the contrasting winter weather.  Last year during snowmaggedon you couldn’t drive never mind list your home so homeowners waited until April when the snow melted.  This year however the weather was much milder which allowed homeowners to start listing earlier.

Pending Home Sales:

There were 10,841 homes that went pending in April 2016 in MLSPIN compared to 10,135 in April 2015, which represents an increase just under 7%.  This tells us that the buyer demand is higher this year because more buyers are out looking for homes.

Looking Ahead:

More buyers and less inventory is what has made it a sellers’ market the last few months. The homes this year have been listed earlier than usual and the ones being listed are being gobbled up by the many buyers in the market. The tides are turning though buyers so please don’t worry! Read more about how this won’t last forever by clicking here: Buyer’s Don’t Worry…Nothing Lasts Forever

Sellers Market vs. Buyers Market graph

Watch Anthony’s Market Report Video from May 23rd where he further explains what kind of market we are currently in and why it is starting to swing in the buyers favor.

Market Report – May 23, 2016

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*Data provided by Warren Group & MLS PIN and compared to prior year.