November 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 November 2015 compared to November 2014. Despite National home sales being down over 10% in November we were up in Massachusetts and New Hampshire. Many believe sales were down due to the Know Before you Owe guidelines which took effect on October 3rd. Due to this change, mortgage companies pushed Realtors to add additional time to closing dates to allow enough time for them to be in compliance. Therefore, most of the offers that were negotiated in early October scheduled December closing dates instead of November.
Massachusetts Home Sales Up 5%
Overall home sales in Massachusetts were up 5% compared to November 2014. There were a total of 6,142 homes sold in November 2015 compared to 5,876 in 2014 which was not a good month after a very slow early fall in 2014. November marks the sixth month in a row of increased home sales. June home sales were up 12%, and July was the biggest month since August 2005, August 2015 was up 24% from 2014, September sales were up over 25%, and October was up over 14%. The average price for all homes including Single Families, Condos and Multi-family homes increased 3% since November of 2014 to $391,688 compared to $381,912 in November of 2014 and $355,348 in November 2013.
The largest price increase was seen in Multi-family homes, increasing 19% from 2014, with price at $447,912 in November 2015 and at $375,182 in November 2014. Multi families was also the only category to see a decrease in number of homes sold, going from 590 in 2014 to 548 in 2015, which is a drop of 7%.
The largest increase in number of sales was in Condos, with 1,408 sold in November 2014 to 1,583 sold in November 2015, a 12% increase.
Southern New Hampshire Home Sales Up 25%
There were 950 homes sold compared to 763 sales in November of 2014. Prices of Single Families and Condos increased compared to 2014, going up 13% and 34% respectively, while prices of Multi-family homes fell 13%.
In number of sales, the largest increase was seen among Single Family homes, up 29%. There were 658 Single Family homes sold with an average sale price of $298,993, compared to 511 sales in November of 2014 and 538 in September of 2013.
Homes Listed for Sale:
There were 6,059 homes listed for sale in Massachusetts in November 2015 compared to 5,183 in November 2014. This is a just-under 7% increase.
Pending Home Sales:
There were 6,787 homes that went pending in November 2015 in MLSPIN compared to 6,000 in November 2014 which represents a 13% increase.
Rest of The Year?
In January we put out a blog showing 9 Reasons 2015 will be the Biggest Year for Home Sales since 2005. Given total sales as of the end of November it looks like our prediction may be correct but it is too soon to tell. However, it does not appear that December 2015 will be much bigger than last December for closed sales because most of the sales that were negotiated in November opted for January closing dates whereas in years past most would have closed by years end. This was caused by everyone’s paranoia about the new TRID Know Before You Owe changes as we mentioned above.
Data provided by Warren Group, MLS PIN and National Association of Realtors.