Home Sales Prices in Mass. and New Hampshire: January 2015
The Lamacchia Realty Housing Report shows you overall home sales statistics and average sales price for single-family homes, condominiums, and multi-family homes for Massachusetts and New Hampshire from January 2015 compared to January 2014.
Massachusetts Home Sales Down, Prices Up Slightly in January
Overall home sales including single-family, multi-family and condos across Massachusetts saw a 3.16% decrease in the number of sales in January. Conversely, their selling price increased on average by 0.53%. We found this to be mainly fueled by the selling price increase for multi-family homes. The decline in number of existing homes sold in MA outpaced the national average, which experienced a drop of 4.9% nationwide. This can be attributed to the decrease in available inventory, which we reported on in our article: home inventory levels being at their lowest point in 11 years.
Massachusetts single-family home sales decreased by 1.53% in January 2015 compared to January 2014, with 41 fewer homes selling in the state than the previous year. The average price for a single-family home decreased 4.43% to $401,330 from the previous year’s $419,114 average. The fall market was slower than expected with much less buyer activity than the prior year. This was a contributing factor to January sales lagging in price and in overall sales due to the fact that many of the sales were negotiated back in the fall.
Condominiums in the state saw a 10% reduction in the volume of units sold, but interestingly saw a 3.44% increase in the average price they sold for, increasing to $301,258 on average as compared to 2014’s January average of $290,905.
Multi-family homes were the only category with increases in both the number of homes sold and average selling price. There was a 5.97% increase in the number sold and a big price jump of 9.89% in their average price to $403,474 in January 2015 versus $363,566 in January 2014. Multi-families have been doing well due in part to very strong rental demand. In fact, up until late last year rents had been increasing every month for quite a while.
New Hampshire Home Sales and Prices Up Significantly
Overall, New Hampshire had a 11.19% increase in the number of homes sold in January 2015 compared to January 2014, with an average price increase of 15.78% to $294,004 from the previous year’s January average of $247,499. This speaks well to the desirability of owning a home in New Hampshire and the strength of the market for prospective home sellers.
New Hampshire home sales of single-family homes increased 12.89% in January of 2015 as compared to January 2014, with a jump of 6.04% in their average price to $298,165 from the previous year’s $280,169 and a total of 380 homes sold – 49 more than in January 2014.
Condominiums in the state had a gigantic jump in the average sale value, increasing an amazing 36.97% in value year-over-year to a January average price of $290,195 over the January 2014 value of $182,905! There were also 3.68% more units sold last month than in the same period last year.
Multi-family homes in New Hampshire also saw a nice bump in price of 7.77%, with the average price moving to $270,398 from the previous year’s $249,383. The number of multi-family homes sold also increased 31.03% to 29 homes sold compared to 20 in the previous year.
For detailed town-by-town breakdowns of recent prices, visit our Housing Report Page