December 2016 Housing Report – MA and NH
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 December 2016 compared to December 2015. It also looks at other metrics like Homes Listed and Pending, as these are often great indicators of future trends in the market.
Massachusetts Home Sales Up 2%
December 2015 and December 2016 ended up being quite close in numbers, despite the robust two-digit growth we saw in November. December showed home sales only up 1.5% year-to-year overall.
The change was moderate when broken down into the housing categories, as well, with no category seeing more than a 3% change. Single families had the biggest increase (and biggest change) in home sales, rising from 4,913 sales in December 2015 to 5,035 in December 2016, a 3% increase. Multi-family homes was the only category in which home sales fell in MA, from 757 to 740, a decrease of 2%.
For average sale price the change was much less moderate. They rose a little over 5%, from $374,831 in December 2015 to $394,235 in December 2016.
Individually, multi-families stood out as the category with the largest change in price: they jumped 11% in price – a full $40,000 – from December 2015 to December 2016. Single families and condos were both in the 3% range for growth, with single families just a bit higher at almost 4%.
Homes Listed for Sale:
Homes listed for sale across Massachusetts fell 14%. There were 3,592 homes listed for sale in Massachusetts in December 2016 compared to 4,178 in December 2015. This is a big part of the reason that December Inventory was at its lowest level since 2000.
Pending Home Sales: There were 5,097 homes that went pending in December 2016 in MLSPIN compared to 5,430 in December 2015, which is a decrease of 6%. The was a direct reflection of homes listed being down 14%.
Southern New Hampshire Home Down 2%
Southern New Hampshire, unlike Massachusetts’ fairly steady month for number of sales, had big growth and decline across the housing categories. Overall, Southern New Hampshire fell 2.3% in home sales, from 1,088 sales in December 2015 to 1,063 in December 2016.
Condos had the largest decline, with 276 condos sold in December 2015, to 247 in December 2016, a decrease of 11%. Conversely, multi-families grew 10%, from 52 to 57.
The change in average sale price was all positive, however. Across Southern New Hampshire prices grew 13.33% – with multi-families standing out as a clear front-runner with an average price increase of 50% over December 2015 (that’s an increase from $233,970 to $350,123 – a jump of just over $116,000!). Condos, while not anywhere close to multi-families, saw some large growth as well, with the average price for a condo rising from $213,348 to $250,886, an increase of just under 18%.
The year finished strong! December marked the 10th month of the year that home sales were up! However, with pending sales being down in December it is highly likely that January home sales will be down compared to January of 2016. The good news is we doubt that will keep up since the buyers have been out in force since the first of the year and pending sales are back up. Anyone looking to sell their home should strongly consider listing it in the winter to beat the competition and sell for more money.
*Data provided by Warren Group & MLS PIN and compared to prior year.