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Warmer Winter Heats Up The Q1 Real Estate Market

March 2016 Housing ReportLamacchia Realty Housing Report

This Lamacchia Housing Report presents overall Massachusetts and Southern New Hampshire home sale statistics for March 2016 compared to March 2015 and for the entire first quarter. It highlights the average sale prices for single-family homes, condominiums, and multi-family homes. It also looks at other metrics like Homes Listed and Pending, as they are often the best indicators for predicting future trends in the market. Since March marks the end of the first quarter, included is the comparison of Q1-2015 to Q1-2016 for both states.

Massachusetts Home Sales Up 30%

Massachusetts signOverall, home sales in Massachusetts in March 2016 were up over 30% and prices up 5% compared to March 2015. There were a total of 5,761 homes sold in March 2016 compared to 4,419 in 2015. This is the tenth month in a row of increased home sales, following a strong January and February.
The category with the largest increase in quantity of sales was multi-family homes, up 50% from 2015.  There were 583 sold in 2016 compared to 390 in 2015. Condo’s had the lowest change in number of sales, but was still very high – the number sold in March 2016 was 20% higher than in 2015.

The average price in March for all homes in Massachusetts was up 5% from 2015, and was positive across all three categories. Condos saw the greatest increase in price, going from $282,731 in 2015 to $316,111 in 2016, close to a 12% increase. Single-families and multi-families brought that percentage down with increases of only 1% and 3%, respectively.

Homes Listed For Sale:

Homes listed for sale across Massachusetts were up 26%.  There were 11,603 homes listed for sale in Massachusetts in March 2016 compared to 9,192 in March 2015.

Pending Home Sales:

There were 9,684 homes that went pending in March 2016 in MLSPIN compared to 7,820 in March 2015, which represents just-over a 24% increase.  This is a strong indicator that April and May sales will be up as well.

Southern New Hampshire Home Sales Up 35%

New Hampshire signSouthern New Hampshire had 864 homes sold in March 2016, compared to 640 last year. The percent increase in number of sales from March 2015 to 2016 across all three categories was very strong, with single-families increasing 32%, condos 45%, and multi-families 38%.
Average prices were the opposite, falling 6% overall and varying widely from category to category. Condos saw the only increase at 7% with prices rising from $187,908 in 2015 to $200,673 in 2016. Single-families and multi-families both fell, with singles dropping 7% (from $277,097 in 2015 to $256,871 in 2016) and multi-families dropping 25% (from 306,004 in 2015 to $231,058 in 2016).

1st Quarter Year Over Year Comparison:

The results clearly show that the market has significantly improved from Q1 of 2015 to Q1 of 2016. The increase in home sales is the result of many factors including but not limited to:

  • Mild winter this year compared to a record breaking winter last year
  • Mortgage guidelines have eased up
  • Interest rates are low giving buyers more purchasing power
  • Home equity increased giving sellers more reason to sell
  • Overall the local economy has been strong