September Home Sales up over 25%!
September 2015 Housing Report
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 September 2015 compared to September 2014. This large increase in home sales in September does not come as a big surprise since summer activity was so strong. This past summer was unusually busy with a surplus of buyers out and about making offers on homes in June, July and August which was illustrated in our infographic that showed how summer pending home sales were up 16%.
Overall home sales in Massachusetts were up over 25% compared to September 2014 when sales were actually down compared to September of 2013. There were a total of 8,234 homes sold in September 2015 compared to 6,569 in 2014. This is the fourth month in a row of increased home sales. June home sales were up 12%, and July was the biggest month since August 2005, and August 2015 was up 8% from 2014. The average price for all homes including Single Family, Condo’s and Multi’s increased 2% since September of 2014 to $382,194 compared to $373,122 in September of 2014 and $363,112 in September 2013.
Southern New Hampshire Home Sales up 24%!
Cheshire, Rockingham and Hillsborough Counties had a great September! There were 1,259 homes sold compared to 1,012 sales in September of 2014 which represents a 24% increase. Prices also increased compared to September 2014 with an average sale price for all homes including Single Family, Condo’s and Multi’s of $271,445 compared to $246,827 in 2014. This represents a 10% increase in prices. In number of sales, largest increase was seen among multifamily homes, up 54%. There were 57 multifamily home sold with an average sale price of $283,790, compared to 37 sales in September of 2014.
Homes Listed for Sale:
There were 11,023 homes listed for sale in Massachusetts in September 2015 compared to 10,146 in September 2014. This is a just-under 9% increase which has slowed things down for sellers since inventory has swelled. Inventory of homes for sale peaked in earlier October and has since come down a bit but remains on the high side. This has created a much more balanced market as opposed to the strong sellers’ market that we saw for six months straight from March to September. This is by far the best time of the entire year for buyers to get out and buy homes as explained in our recent blog on The Biggest Reason to Buy Now and not wait until Spring.
Pending Home Sales:
There were 8,645 homes that went pending in September 2015 in MLSPIN compared to 7,678 in September 2014 which represents a 13% increase.
Rest of The year?
Demand for homes was strong up until the end of September but as inventory peaked in early October the market slowed down and it has remained slow. We do typically see a mid-October lull in activity and are undoubtedly experiencing that right now. Pending sales were down the last two weeks. We expect things to pick up a bit by November when we usually see the last rush of buyers who want to buy before the end of the year begin to make offers on the homes that are priced correctly. Even though the market has slowed down we do still feel that our prediction about 2015 being the Biggest year for home sales since 2005 will be accurate.
Data provided by Warren Group & MLS PIN and compared to prior year.