Home Sales up for the 5th month in a row!
October 2015 Housing Report
Massachusetts Home Sales up 14%!
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 October 2015 compared to October 2014.
There were a total of 7,791 homes sold in October 2015 compared to 6,798 in 2014. This is the fifth month in a row of increased home sales. June home sales were up 12%, July home sales were up 24% and it was the biggest single month of overall home sales since August 2005, August 2015 was up 8% from 2014, and
September sales were up over 25%. The average price for all homes including Single Families, Condos and Multis increased 6% since October of 2014 to $389,061 compared to $368,673 in October of 2014 and $361,344 in October 2013.
The largest price gain was seen in Condos, increasing 9% from 2014, with the average price at $307,333 in October 2015 and at $281,380 in October 2014.
The largest increase in the number of home sales was in Multi-family homes, going from 595 homes sold in October 2014 to 721 homes sold in October 2015, which represents a 21% increase.
Southern New Hampshire Home Sales up 14%
There were 1,191 homes sold compared to 1,049 sales in October of 2014. Prices also increased compared to October 2014 with an average sale price for all homes including Single Families, Condos and Multis of $265,707 compared to $257,918 in 2014. This represents a 3% increase in prices. In number of sales, the largest increase was seen among Single Family homes, up 25%, and with prices up 5%. There were 853 Single Family homes sold with an average sale price of $285,651, compared to 682 sales in October of 2014 and 648 in September of 2013.
Both Condos and Multis, however, saw a drop in both price and number of homes sold, with 9% fewer condos and 2% fewer Multis sold this year as compared to October 2014. Prices dropped also, 1% and 5% respectively.
Homes Listed for Sale:
There were 9,202 homes listed for sale in Massachusetts in October 2015 compared to 8,716 in October 2014. This is a just-under 6% increase.
Pending Home Sales:
There were 8,761 homes that went pending in October 2015 in MLSPIN compared to 7,857 in October 2014 which represents a just-under 12% increase. This increase will likely create gains in home sales in November December and January.
Rest of the Year?
It is clear that this has been a more active fall than last fall when the market was much slower. As a result November home sales are expected to be much higher as well. However with the TRID Know Before You Owe changes that took effect on October 3rd we are seeing more 60 day closings scheduled than normal. Therefore we do not expect December sales to be up as much as these past months but we do expect January home sales to be bigger than normal because the market is currently busy and that is why we are recommending that serious sellers not take their homes off the market for the winter.
Data provided by Warren Group & MLS PIN and compared to prior year.