October 2016 Housing Report
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 2016 compared to October 2015. 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 Down 3%
Massachusetts had a very interesting month this October. Sales fell in almost all categories, leading to an overall decrease in sales in MA from last October, while prices rose across the board, contributing to an overall increase in average prices.
The only category that saw some growth in number of sales this October was multi-families, rising from 721 homes sold in October 2015 to 730 homes in October 2016, an increase of only 9 homes, or 1%. Both single families and condos saw a decrease in their number of sales, with single families falling the most with a decrease of 4% (1,942 in October 2015 to 1,886 in October 2016).
While sales were down in October 2016, prices rose – the MA average price increased, as well as average prices in each individual category. For Massachusetts as a whole, average price rose from $389,061 in October 2015 to $400,620 in October 2016, an increase of 3%. Condos saw the greatest jump in average price, rising 8%, from $307,333 to $331,504.
Southern New Hampshire Home Sales Up 4%
Southern New Hampshire had a steady month in October in terms of number of homes sold. Home sales saw a 4% bump, from 1,191 homes sold in October 2015 to 1,239 homes sold in October 2016. This was very consistent across all three categories we examine: single families increased just under 4%, condos 5%, and multi-families just over 2%.
Average price, however, was a different story. Though the total average of home prices was up 2% (from $265,707 in October 2015 to $271,543 in October 2016), the change in average price varied widely across individual categories.
Multi-families saw the biggest increase as well as the biggest change: they went from an average price of $241,154 in October 2015 to $294,795 in 2016 – an increase of 22%. Contrasted to that, condos saw a huge decrease, falling almost 14% (from $230,636 to $199,210).
Homes Listed for Sale:
Homes listed for sale across Massachusetts fell 11%. There were 8,221 homes listed for sale in Massachusetts in October 2016 compared to 9,190 in October 2015.
Pending Home Sales:
There were 8,442 homes that went pending in October 2016 in MLSPIN compared to 8,732 in October 2015, which is a decrease of 3%. Market activity was slower in October as it typically is but it was interesting to see the total number of pending properties come in lower considering that the rate of pending’s per week was higher. October 2016 rate of pending sales per week was 9.83% compared to 8.04% last year. The reason being that inventory of homes for sale was about 20% lower throughout the month so there were less homes to sell. Pending sales were up about 10% in the first 15 days of November so the year should end fairly strong.
October was undeniably a slower month for the market and closed sales. This is why we gave buyers 4 Reasons to buy now and not wait until Spring. The market has picked up since the beginning of November so although home sales may be flat or down slightly in November, they should be up in December. If you are a home seller who is serious about selling your home, you should not take your home off the market. We recently put out a myth busting blog that talks about how homes do sell during the holidays. So far the rapid increase in mortgage rates since the election have not slowed down the market and buyers seem to be unphased. However, if they were to continue to increase, it would eventually slow down the market. It will be interesting to see what takes place as we close out 2016! Stay Tuned!
To watch Anthony’s most recent Market update video from Monday click here: Anthony Lamacchia November 2016 Market update
Data provided by Warren Group & MLS PIN and compared to prior year.
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