October 2019 Housing Report
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 New Hampshire for October 2019 compared to October 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 Home Sales Up 1.5%
Massachusetts home sales increased this October over last by 121 sales and prices increased by $7,105 overall. Though sales and prices increased in single families and condos, they dropped in multi-families. Prices in September increased by over $20,000, so the $7,105 increase this month reflects fall’s more aggressive pricing strategies.
Homes Listed for Sale:
The number of homes listed decreased in October 2019 compared to October 2018 by 3.6%. There were 352 fewer homes placed on the market in the past month compared to last October.
Pending Home Sales:
There was a 3.7% increase – 319 more – homes placed under agreement year over year which goes to show, the market is still active despite the freezing temperatures and the myth that the real estate market comes to a screeching halt during the holidays.
Price Changes Down 4.2%:
Price changes are down year over year by 53 adjustments. Pending sales are up, so as long as homes keep being put under agreement, price changes aren’t as necessary, but as soon as we see a standstill, sellers may have to reevaluate their list price.
New Hampshire October Home Sales Up 22.4%
Like Massachusetts, Southern New Hampshire exhibited an increase in sales, though very slight, by only 2 homes which is because sales actually decreased in single families and multi-families but condo sales were up enough to bring the average up. Pricing increased by 6.2%, $21,849 year over year.
The holidays are upon us and though the holidays suggest winter, it’s still November of the best fall to buy since 2014. With Thanksgiving and the Winter Holidays rapidly approaching, people are even more motivated to buy and sell before the end of the year so if you’re interested in trading up or down before the New Year, now is as good a time as any to get going. Homes absolutely do sell during the holidays, as explained in detail in this blog and as well in Anthony’s recent Market Video, so don’t let your perfect house pass you by nor should you wait and lose that perfectly motivated buyer.