January 2017 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 January 2017 compared to January 2016. 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.
Massachusetts Home Sales Up 7%
Massachusetts had a good month this January, with sales up in all three categories, and up overall 7.4%. The total number of homes sold in Massachusetts increased from 5,292 in January 2016 to 5,683 in January 2017.
Condos saw an increase of 10.5% in number of sales and an 11% growth in the average price since 2016. Number of homes sold increased from 1,330 in January 2016 to 1,469 in January 2017, and average prices rose from $310,065 to $343,463.
Overall Massachusetts had an increase of just over 4% in average price. The single-family homes category was the only one without a significant change in average price.
Homes Listed for Sale:
There was a 2% increase in number of homes listed in Massachusetts. There were 6,288 homes listed for sale in January 2017 compared to 6,151 in January 2016.
Pending Home Sales:
The number of homes that went pending changed very little from January 2016 to January 2017. There were 5,928 homes that went pending in January 2017 in MLSPIN compared to 5,962 in January 2016, which represents a decrease of 1%.
Southern New Hampshire Home Sales Up 9%
Southern New Hampshire sales, unlike Massachusetts, varied widely from category to category. Overall, home sales were up 9%, from 691 in January 2016 to 754 in January 2017. Individually, condos had the highest increase in sales, at 27%, while the number of multi-families sold fell 36% (it is important to note here that the number of multi-families sold fell from 50 to 32 — making it a small market and therefore harder to use to judge over-arching market trends). Single families landed in the middle of the other categories, with an increase in sales of just under 8%.
Though change in sales varied widely across the three different home categories, the change in average price was comparatively very steady. Single family homes had the largest change in average price with a 15% increase from $258,775 to $297,358, when comparing January 2016 to January 2017. Over the same period, multi-families saw the smallest increase with a 4% climb.
With home sales, up by 10% in 2016, it is a positive sign for 2017 to start off as strong as it did with sales being up in January. We recently discussed how such a low inventory of homes on the market makes it a perfect time to list your home for sale, and with the activity we saw in January, it’s clear buyers are out there. The percentage of homes listed to homes that went pending each week was up every week the entire month. Looking forward, as long as sellers continue to put their homes on the market, sales should continue to be up. The mild winter is assisting with this. If it was a bad winter, inventory would be even lower. Sellers should begin to take advantage of the active buyer market and capitalize on less competition due to the typically lower winter inventory we are currently experiencing.