August 2015 Housing Report
August 2015 Housing Report
August marks third month in a row of double digit increases in Massachusetts home sales!
Massachusetts Home Sales up 8%!
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 August 2015 compared to August 2014.
Overall home sales in Massachusetts were up 8% compared to August 2014 when sales were actually down compared to August of 2013. There were a total of 9,472 homes sold in August 2015 compared to 8,775 in 2014. This is the third month in a row of increased home sales. June home sales were up 12%, and July was the biggest month since August 2005 with an amazing 24% increase. The average price for all homes including Single Family, Condo’s and Multi’s increased over 5% since August of 2014 to $377,160 compared to $358,239 in August of 2014 and $352,987 in August 2013.
Southern New Hampshire Home Sales up 21%!
Cheshire, Rockingham and Hillsborough Counties also had a great August! There were 1,359 homes sold compared to 1,123 sales in August of 2014. Prices also increased compared to August 2014 with an average sale price for all homes including Single Family, Condo’s and Multi’s of $263,206 compared to $257,127 in 2014. This represents a little over a 2% increase in prices. The largest increase in sales was seen among Single Family homes, up 25% from August 2014. There were 992 Single Family home sales with an average sale price of $277,205, compared to 794 sales in August of 2014 with an average sale price of $253,496. The largest increase in price was seen in Condos, jumping from $199,432 in August 2014 to $234,711 in August 2015 – an 18% increase.
Homes Listed for Sale:
There were 9,391 homes listed for sale in Massachusetts in August 2015 compared to 8,222 in August 2014. This is a 14% increase and may be welcomed news for buyers but has slowed things down a little for sellers since inventory has swelled. However inventory is not as high as it was one year ago which is a good thing. As of now there are about 26,000 homes for sale in Massachusetts compared to over 27,000 a year ago. This is a very good sign considering the fact that more homes were listed this August than last. It shows that demand is pretty close to keeping up with supply. Last summer there was a noticeable lack of demand which caused inventory to swell and resulted in a slower market throughout the fall.
Pending Home Sales:
The best indicator of what is to come for home sales early this fall. There were 8,733 homes that went pending in August 2015 in MLSPIN compared to 7,527 in August 2014 which represents a 16% increase. Pending home sale being up 16% gives us no doubt that September home sales will be up too!
Rest of The year?
Although there are about 60% more homes on the market than there were in the spring demand is still strong. We feel even more strongly that our prediction of 2015 being a the biggest year since 2005 will be accurate. However home sellers need to be cautious and resist the temptation to overprice their homes. We explained this at length in our 5 Tips for Selling Your Home in the Fall blog last week.
Data provided by Warren Group & MLS PIN and compared to prior year.