The Lamacchia Housing Report presents overall home sale statistics and highlights the average sale prices for single families, condominiums, and multi-family homes in Massachusetts and Southern New Hampshire for January 2019 compared to January 2018. It also looks at other metrics in Massachusetts like Homes Listed for Sale, Homes Pending, and Price Adjustments made to active listings, as they are often the best indicators for predicting future trends in the market.
Massachusetts January Home Sales Down 10.95%
There were about 620 fewer homes sold this year compared to last year at this time, down almost 11%. Sales were down in all three categories; condos are down 13.43%, from 1,444 to 1,250, single families are down 10.3% now at 3,230 from 3,601, and multi-families are down 8.85% with 546 sales compared to 599 in January2018.
Prices are up 3.64% year over year, with increases in all three categories. Condos and Multi-families are up by 8.47% and 8.91% respectively and single families are up by .01%- $63 to be exact.
There was a 68.56% increase in price adjustments in Massachusetts year over year, with 538 in 2019 compared to 319 last year. With such a jump in inventory, sellers have to be careful with their list prices. Looking at last year’s comparable sales won’t necessarily tell the whole story. More homes on the market give buyers have more options, so sellers need to be aggressive with their pricing to build seller interest.
Southern New Hampshire January Home Sales Down 20.56%
New Hampshire experienced a decrease in sales and an increase in prices in January of 2019 compared to January2018. There were 788 sales last year compared to 626 this year, down in all three categories. Prices are up slightly, by just over 2%, now at $298,903 from $292,934. They would have been up by more, but multi-family prices decreased by almost 32% and that brought the average down. Prices were up by about 8% in singles and condos.