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 April 2019 compared to April 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 April Home Sales Up 2.38%
Home sales and prices increased in April 2019 over April 2018 by just under two and a half percent with sales at 6,894 total for all three categories.
Home prices increased by 3.32% for all three categories, with prices moving from $435,296 to $449,733.
Homes Listed for Sale:
The number of homes that were listed for sale in April was down over last year by 1.21% as April 2019 saw 11,660 compared to 11,801 in April 2018.
Pending Home Sales:
The number of homes that went pending (accepted an offer) in April 2019 compared to April 2018 is up by 3.52%. This is due to increased buyer activity with the rise in inventory that naturally occurs during the spring, as explained in our recent blog on the balance in the market.
Price Changes:
There was a 3.02% decrease in price adjustments in Massachusetts year over year which amounted to about 30 less than 2018. We will likely see more of an increase soon as the past 5 years trends have shown that the most changes occur from June to October.
Southern New Hampshire April Home Sales Up by 2.12%
Like Massachusetts, Southern New Hampshire exhibited an increase in sales and an increase in prices. Sales are up by 2.12% for New Hampshire, and prices increased by 7.72%.
What’s Ahead?
We are still in a seller’s market where there are more buyers than there are homes for sale. Bidding wars are a natural part of the buying process in spring, so buyers need to be ready to strike when they find the home they want in order to outbid other sellers. But don’t worry buyers, this won’t last forever as the market will swing into a more balanced state as summer begins to hit. Anthony explained it in his recent market update video, click here to watch. Sellers also need to keep their eyes on the prize, yes, it’s important to make as much profit on the sale of a home as possible, but overpricing will make your home invisible to many qualified and motivated buyers. Pricing a home requires finesse and an expert Realtor who knows the market, your neighborhood, as well as the buyer that is likely to want the home. If the home is sitting longer than it should, then it may be time to consider a price adjustment to attract more buyers.
As for what’s to come this summer we do not see the market slowing down in the late summer to the extent that it did last year because interest rates are not rising and the economy seems to be going along strong. But as mentioned there will be a typical seasonal adjustment in the summer into a more balanced market which is great for buyers.