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 September 2019 compared to September 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 1.32%
Massachusetts home sales increased this September over last by 100 sales and prices increased in all three categories by $22,530 overall. Though sales increased in single families and condos, they dropped in multi-families.
Homes Listed for Sale:
There was a slight .8% increase in the number of homes listed in September 2019 over September 2018. There were 85 fewer homes placed on the market last September compared to the past month, which is no surprise given the level of activity this fall.
Pending Home Sales:
There was an almost 9% increase – 698 more – of homes placed under agreement year over year. As Anthony mentioned in his Market Update Video, this fall has been much more active and ultimately better than last fall.
Price changes are down year over year by 111 adjustments. With the higher fall activity year over year it’s no surprise. But that activity shows that buyers are in fact out there, so if your home isn’t moving, a pricing issue may likely be the culprit.
Southern New Hampshire September Home Sales Up .2%
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 7.2%, $21,849 year over year.
If you’re a seller and your home isn’t selling, price is likely the issue. There are buyers out there, so if your home isn’t receiving a lot of interest, drop it into another bracket to attract a whole additional pool of buyers.
Buyers should take advantage of the next couple weeks before the final rush to purchase hits. Due to typical fall market behavior, sometimes homes take longer than the rest of the year to sell- buyers should be careful not to dismiss one that fits all their desired criteria just because it’s been on the market for a while. And be aware that the final rush of buyers who want to secure a home before next year will happen around November, so beat them to it and get the home you want now.