June 2016 Housing Report
June 2016 Housing Report
The Lamacchia Housing Report presents overall home sale statistics in Massachusetts and Southern New Hampshire for June 2016 compared to June 2015. The report highlights the average sale prices for single-family homes, condominiums, and multi-family homes. It also looks at other metrics for Massachusetts like Homes Listed and Homes Pending, as they can be the best indicators of future trends in the market.
Homes Listed for Sale:
Homes listed for sale across Massachusetts fell 8%. There were 11,858 homes listed for sale in Massachusetts in June 2016 compared to 12,769 in June 2015. In 2015, many sellers delayed listing their homes till the spring due to the massive amount of snowfall that year but this year they started earlier and since have been more spread out.
Pending Home Sales:
There were 10,751 homes that went pending in June 2016 in MLSPIN compared to 11,325 in June 2015, which represents a 5% decrease year-to-year. Though this isn’t a drastic decrease, these numbers insinuate that the total homes sold will begin to slow down in the months to come.
Massachusetts Home Sales up 11%
Home sales in MA were up once again across all categories, with this June seeing a 11% increase over June of last year. There were a total of 11,010 homes sold with an average sale price of $401,160 in June 2016, versus a total of 9,959 homes sold with an average price of $389,260 in June 2015. This marks what is now a full 13 months of consistent home sale growth in Massachusetts!
Single family homes saw the biggest increase in sales, rising 14% from 6,457 sales in June 2015 to 7,387 sales in June of 2016. Condos, with an increase of 1%, saw the smallest change in number sold, going from 2,794 to 2,828.
The category that won out for largest increase in average sale price in June was condos – prices were up 5% from 2015 – from $309,605 in June 2015 to $323,910 in June 2016. No category saw a decrease in average price, but with an increase of 1% multi-families saw the smallest change, they rose from $398,788 in June 2015 to $402,951 in June 2016.
Southern New Hampshire Home Sales up 13%
June was another solid month for southern New Hampshire, with total sales up 13% and total average sale price up 12%. The percent increase in number of sales was positive across all home types, with condos at a 23% increase, multi-families at a 21% increase and single families at a 9% increase.
Single families, condos, and multi-families also all saw increases in average sale price with condos showing the most change with an increase of 23%. In June 2015, the average was $207,705 and in 2016 the average was $266,255. Single families saw the smallest increase, with prices rising from $279,916 to $301,376, a change of just under 8%.
Anthony Lamacchia recently filmed a market update video where he explained how the market is currently performing. Surprisingly, the week of July 4th was a huge week which it typically hasn’t been in the past. Pending home sales were high at the beginning of the month but have since lowered. The tug of war between buyers and sellers continues but buyers are having an easier time finding homes now.
*Data provided by Warren Group & MLS PIN and compared to prior year.