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Massachusetts Home Sales Down 7% in March

The number of Massachusetts home sales in March (for single-family, condos, and multi-family homes) were down this year compared to home sales in March of last year.

According to data provided by the Warren Group, there were 4,509 home sales in Massachusetts in March, down 7% compared to March 2013, when there were 4,829 home sales. This can be attributed to a drop in sales of both single-family and multi-family homes, which were down 11% and 17% respectively.

This is the second month in a row that home sales are down and it’s due to two main factors: housing inventory levels are already low, and the bitter cold and multiple snowstorms we experienced this past winter prevented many sellers from listing their homes. This caused inventory levels to drop even lower than levels we saw in the winter of 2013, so even though there were plenty of buyers there simply were not enough homes for them to buy.

The number of condo sales in Massachusetts, however, are up 10%. Last March 1,211 condos sold in Massachusetts compared to 1,328 this March.

With higher demand and fewer homes for sale, home prices continue to go up across Massachusetts for all types of homes. The average price for a single-family home in Massachusetts in March was $398,035, up 12% over last year when it was $355,861.

The same was true in Southern New Hampshire, where single-family homes sold for an average of $268,316, up 14% over last March when the average price was $236,342.

Average home prices increased in all Massachusetts counties except for Dukes County. The largest average price increase—28%– was in Berkshire County, where the average sale price for a home was $319,072 compared to last March when it was $248,926. Essex County came in second, with an increase of 14% in average prices compared to March of 2013.

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All but 3 counties in Massachusetts showed a decrease in the number of home sales for all types of homes: Berkshire County, which showed a 20% increase in home sales; Essex County, which had an increase of 1% and Franklin County, which stayed same as last year.

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In Southern New Hampshire*, the number of home sales dropped 1.2% compared to last year. There were 656 home sales in Southern New Hampshire in March compared to 664 in March 2013. Condo sales in Southern New Hampshire rose 12% in March 2013 compared to March 2014.

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*Cheshire, Hillsborough, and Rockingham Counties