May Sales Down Thanks to Late Start to Spring Market
June 23, 2015
May 2015 Housing Report
Massachusetts Home Sales down 4% & New Hampshire down 16%!
The Lamacchia Realty 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 New Hampshire for May 2015 compared to May 2014.
Overall home sales in Massachusetts were down 4% compared to May 2014. There were a total of 6,900 homes sold in May 2015 compared to 7,179 in 2014. This decrease is attributable to the extreme weather and substantial snowfall in February which significantly delayed the spring selling season. Many home owners postponed listing their homes which caused a delay for many buyers since housing inventory was very low. Since there is a lag between when properties are listed and actually close, this delay has impacted overall sale totals for the last three months. Home sale totals for April 2015 and March 2015 were also down. The average price among all home sales was $377,796, which is an increase of 2% from $370,066 in May 2014.
Southern New Hampshire Home Sales down 16%
Overall home sales in Cheshire, Rockingham and Hillsborough Counties were down 16% in May 2015 compared to May 2014. There were a total of 769 homes sold in Southern New Hampshire compared to 919 in May of 2014. Home sales in Southern New Hampshire were down in April, March and February as well.
Homes Listed for Sale
There were 14,045 homes listed for sale in Massachusetts MLSPIN in May 2015 compared to 12,920 in May 2014. This is a 9% increase and is welcomed news for buyers as they now have more homes to choose from.
Pending Home Sales:
The best indicator of what is to come for home sales is pending statistics. There were 10,987 homes that went pending in May 2015 in MLSPIN compared to 9,812 in May 2014 which is a 12% increase. This indicates the market is slowly making up for lost ground from this past winter.
It is evident home sales will increase dramatically this June and July compared to June and July of 2014. Demand among buyers continues to be steady and we expect the entire summer to be very strong for home sales. Data provided by Warren Group & MLS PIN.