April Home Sales Crushed from Winter Snow
April 2015 Housing Report
Massachusetts Home Sales down 7% & New Hampshire down 24%!
The Lamacchia Realty Housing Report displays overall home sales statistics and average sales prices for single-family homes, condominiums, and multi-family homes for Massachusetts and New Hampshire from April 2015 compared to April 2014.
Overall home sales in Massachusetts were down 7% compared to April of 2014. There were a total of 5,134 homes sold in April 2015 compared to 5,513 in 2014. This decrease is entirely due to all of the February snow that caused the market to stand still for four weeks. This not only slowed down pending sales at that time but delayed home sellers from listing their homes. A typical real estate transaction takes 4-8 weeks to close from the time a contract is signed so that is why there is a delayed impact in home sales. The snow also caused housing inventory in early March to be at its lowest level since 2002. Low inventory has caused a tremendous amount of bidding wars. The average price among all sales was $389,223, an increase of just over 6% from $367,951 in April of last year. March home sales were also down with decrease of 2% due to the snow.
Southern New Hampshire Home Sales down 24%
Overall home sales in Cheshire, Rockingham and Hillsborough Counties were down 24% in April compared to April of 2014. There were a total of 589 homes sold in Southern New Hampshire compared to 769 in April of 2014. Home sales in Southern New Hampshire were down in March and February as well.
Homes listed for sale
There were 13,688 homes listed for sale in Massachusetts MLSPIN for sale in April 2015 compared to 12,450 in April 2014. This represents an increase of 10%. These additional homes coming on the market for sale was much needed considering how low inventory has been.
Pending Home Sales:
The strongest sign of what is to come with home sales is always pending sales which were up over 10% in April. There were 10,177 homes that went pending in April 2015 in MLSPIN compared to 9,160 in April 2014. This is a clear sign that the market is catching up and will very likely make up for the setback caused by the snow.
Remainder of the year
Overall we still feel very good about the market and 2015. In January we listed 9 Reasons 2015 will be the biggest year for home sales in 10 Years! Although the snow caused a big setback, we are very confident that the market will catch up and exceed any other year since 2005. We fully expect June and July home sales to increase dramatically.
Data provided by Warren Group & MLS PIN.