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 November 2018 compared to November 2017. 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 November Home Sales Down 0.4%
Massachusetts home sales decreased by barely half a percent in November, with 32 fewer sales this year than November 2017. Condos were the category that pulled the month down, with 7.48% fewer sales than last year, going from 2,152 to 1,991. Single and multi-families both increased by 2.11% and 2.96% respectively. Single family sales are up to 5,232 from 5,124 last year, and multi-families are up to 731 over last year’s 710.
Prices have continued to rise in all three categories despite the decrease in home sales. They are up 2.75% coming in at $438,070 from $426,359 last November. Although condos were the only decrease in the number of sales, they were the highest increase in prices. Their prices went up by 4% over November 2017, moving from $345,902 to $359,737 this year. Single families followed with a 3.15% increase in prices moving from $468,208 last November to $482,948. Multi-family prices stayed relatively consistent, increasing by only .12% now at $456,039 from $455,479. Last month’s decrease in pendings was a sign this decrease in overall sales could happen.
There were 659 price adjustments in Massachusetts in November of this year which is up by 11.32% from last November, which was at 592. This is down by almost half, however, from last month which exhibited 1,278 price changes. The homes listed in early fall which implemented their price adjustments have sold and motivated sellers who are new to the market are likely setting their prices at more attractive levels in order to sell during the holidays.
Homes Listed for Sale:
There’s a slight decrease in the number of homes that were listed, only down 0.52% from last year showing this market’s performance is relatively on par with last year’s market at this time. There were 6,359 listed in November 2018 compared to 6,392 last year. Though it is still lower than 2017, which has been pretty consistent for the cold months this year, we are almost neck and neck again.
Pending Home Sales:
Pending home sales are down by 8.43% over last year. 6,536 homes went Pending in November 2018 over 7,138 in November 2017. Last month’s decrease in pendings suggested a downward trend for this month’s home sales, so again, we may see a decrease in home sales in December, but it’s not always the case, as motivated buyers and sellers find a way to get the deal done during the holidays and before the first of the year.
Southern New Hampshire September Home Sales Down 14.04%
Home sales in Southern New Hampshire decreased to 1,029 from 1,197 – by 14.04% in November 2017 with decreases in all three categories. Condos decreased the most, by 16.04%, going from 318 to 267, followed by single families, which came in at 711 from 827 (a 14.03% decrease). Multi-families decreased by the least, by 1.92%, with one less sale this year, 51, than last.
Prices in Southern New Hampshire increased by 16.75%, with November 2018 closing in at $353,723 from $302,963 in November 2017. Prices increased in all three categories, with multi-families increasing by an astounding 50.68% coming in at $557,663 from last year’s $370,089. Single family prices increased by 11.05% moving from $315,600 to $350,460, and condos increased by 4.22% now at $268,556 from $257,690.
The number of home sales, homes listed, and homes that went pending are all down this month with prices and interest rates still higher than last year. Although we’ve seen a bit of a dip in interest rates by about a quarter of a point, interest rates are still high and sellers are going to have to be realistic about the list price of their homes to attract the right buyers as explained in Anthony Lamacchia’s recent Market Report video. Rates are expected to increase steadily over 2019, so buyers and sellers may have to readjust how much they think they can buy and sell for. Things tend to quiet down a bit in November and December but that doesn’t mean that things stop entirely. These are the months that buyers and sellers are the most serious to get a deal done.
Sellers planning to list should be prepping their homes for a winter sale in order to attract buyers who will be coming out after the first of the new year.