January 2016 Housing Report - Massachusetts and Southern New Hampshire

January starts the year strong!

January 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 January 2016 compared to January 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 up 28%

Overall home sales in Massachusetts were up over 28% compared to January 2015. There were a total of 5,292 homes sold in January 2016 compared to 4,120 in 2015. This is the eighth month in a row of increased home sales and the second month in a row of a double digit increase after December was up 18%. Many of these January sales would have closed in December if not for the new TRID Know Before You Owe guidelines that went into effect on October 3rd. This has caused many brokers to schedule longer closing dates and it is something we noticed in early November when most closings were being scheduled for January as opposed to December.

The average price for all homes, including single-families, condos, and multi-families, increased 6%, from $370,303 in 2015 to $392,833 in 2015. The largest average price increase was seen in the single family home category – rising just over 12% from $401,330 in January of 2015 to $449,707 in 2016.

The category with the largest increase in number of sales was also the only category to have a decrease in average price: multi-family homes. Sales were up 34%, rising from 402 in 2015 to 540 in 2016, while average price was down 6%, falling from $403,474 to $378,303. We do not see this as an upcoming trend for multi-families it is likely just a fluke since it is only a comparison of one month.

For the rest of the report visit our website here!