August 2016 Housing Report Sales & Prices Are Up!
August 2016 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 August 2016 compared to August 2015. It also looks at other metrics like Massachusetts Homes Listed and Pending, as they are often the best indicators for predicting future trends in the market.
Massachusetts Home Sales Up 11%
As a complete change from last month’s double-digit downs, this month we saw increases in both number of sales and average sale price across all categories – single families, condos, and multi-families.
Overall Massachusetts home sales were up 11% in August – 9,472 homes sold in August 2015 and 10,540 sold in August 2016 – and there were double digit increases in all categories when compared to last year. Condos had the biggest growth, with 2,433 units sold August 2015 and 2,792 sold August 2016, which is a 15% increase.
The clear front-runner in change in average price was also condos, with an increase of 13% (next to multi-families’ 8% and single families’ 4%). In August 2015 the average price for a condo was $302,354, rising to $340,374 in August 2016.
Southern New Hampshire Home Sales Up 11%
Just like Massachusetts, Southern New Hampshire had growth in all categories in August, the opposite of what we saw in July. Like Massachusetts, Southern NH saw a total number of sales rise 11% in August 2016 over August 2015, with multi-family homes experiencing the most growth. In August 2015 there were 47 multi-families sold, while in 2016 there were 66 – an increase of 40%.
The change in average price from August 2015 to August 2016 was also all positive, rising 8% across all categories (from $263,206 to $284,583, respectively). Here, single families saw the largest increase, with average price rising from $277,205 to $310,937 in August 2016 – this is a 12% increase. Condos had the smallest change of all the groups, increasing just 0.4% over August 2015.
Homes Listed for Sale:
Homes listed for sale across Massachusetts fell 5%. There were 8,927 homes listed for sale in Massachusetts in August 2016 compared to 9,405 in August 2015.
Pending Home Sales:
There were 9,095 homes that went pending in August 2016 in MLSPIN compared to 8,700 in August 2015, which is a 5% increase year-over-year. This is a definite indicator that home sales will be up in September and likely for months to come.
It’s interesting to note that MA and NH home sales are both up 11% and that MA listed and pending homes both show a 5% change, positive and negative respectively. August was a solid month of round numbers and one that implies our fall is going to be a busy one! Now that we are into fall and inventory is rising each week, as it typically does in September, Home Sellers need to be especially careful about how they price their homes. Just last week we put out a blog on What to Consider When Pricing Your Home which helps sellers make informed decisions when approaching this step in the listing process.
*Data provided by Warren Group & MLS PIN and compared to prior year.