December 2015 Housing Report- Massachusetts and Southern New Hampshire
The Lamacchia Housing Report presents overall home sale statistics and highlights the average sale prices for single-family homes, condominiums, and multi-family homes in Massachusetts and Southern New Hampshire for December 2015 compared to December 2014. It also looks at other metrics like Homes Listed and Pending, as they are often the best indicators for predicting future trends in the market.
Homes Listed for Sale:
There were 4,178 homes listed for sale in Massachusetts in December 2015 compared to 3,715 in December 2014. This is a just-under 13% increase.
Pending Home Sales:
The increase in homes listed was quickly eaten up by buyers who were very active in the month of December. There were 5,430 homes that went pending in December 2015 in MLSPIN compared to 4,784 in December 2014, which represents a 14% increase. This caused the inventory of homes for sale in early January to be the lowest it’s been in any January since 2003.
Massachusetts Home Sales up 18%
Overall home sales in Massachusetts were up just under 18% compared to December 2014. There were a total of 7,618 homes sold in December 2015 compared to 6,461 in 2014. This is the seventh month in a row of increased home sales; June home sales were up 12%, July was the biggest month since August 2005, August 2015 was up 24% from 2014, September sales were up over 25%, October was up over 14%, and November was up 5%. The average price for all homes including single-families, condos and multis increased 4%, to $374,831 in 2015 compared to $359,858 in December of 2014.
The largest price increase was seen in condos, increasing 5% from 2014, with an average price of $308,369 in December 2015 and $292,605 in December 2014. Condos was also the category with the largest increase in number of sales: 1,948 sold in December 2015 up from 1,587 sold in December 2014, a just-under 23% increase.
Southern New Hampshire Home Sales up 21%
There were 1,088 homes sold compared to 899 sales in December of 2014. Prices of single-families, condos, and multi-families all rose, going up 8%, 18%, and 10% respectively.
In number of sales, the largest increase was seen among multi-family homes, up 33%. There were 52 multi-family homes sold with an average sale price of $233,970, compared to 39 sales in December of 2014 and 33 in December of 2013.
End of the Year
Although this was a good end to the year it actually would have been even stronger if the Trid Know Before you owe Guidelines that became effective on October 3rd didn’t cause many brokers to schedule longer closing dates. In early November there was an unordinary amount of transactions that came together with January closing dates instead of December as we typically see in November every year. This was explained in our November Housing Report from last month.
Data provided by Warren Group & MLS PIN and compared to prior year.