The Lamacchia Monthly Housing Report highlights home sale statistics, average sales prices, the number of homes listed and pending as well as price changes for single-families, condos, and multi-family homes in Massachusetts. For New Hampshire it presents home sale statistics and average sales prices. These factors, when compared year over year, are all indicators for predicting future trends in the market. 2019 will be examined in some areas to highlight the lingering impact of COVID in real estate.
Highlights:
- Sales are down year over year as the intensity of November 2020’s market was artificially increased due to the delays Covid caused earlier that year. Therefore last year outperformed the momentum in the same time frame this year.
- Buyers were able to take advantage of a good fall market where rates were still low, despite some fall increases, and competition eased slightly compared to earlier in the year.
- The decrease in the number of homes pending shows that inventory is lingering a bit longer than last year.
- Homes still do sell over the holidays so motivated sellers can still take advantage of the serious pool of buyers who are out there looking.
- The decrease in sales can also be attributed to the growing number of off-market sales happening which means the home wasn’t listed on the open market and the sale isn’t necessarily included in this data.
Massachusetts Home Sales Down 3.7%
Sales are down 3.7 percent year over year with November 2021 at 8,300 over 8,620 last November. Single family sales have dropped year over year as well as condo sales, but only slightly. Multi-family sales continue to rise, especially as lingering COVID-19 legislation ends and landlords now have less risk of delayed or non-payment by tenants. Sales are up in every category, however, when we compare November 2021 to the same timeframe in 2019- a market not impacted by the pandemic.
- Single families: 5,773 (2020) | 5,366 (2021)
- Condominiums: 2,115 (2020) | 2,114 (2021)
- Multi-families: 732 (2020) | 820 (2021).
Average prices have continued their rise with another year-over-year increase of 14.6%, now at $589,506. Prices increased in every category. Just like sales, 2021 prices are up higher when compared to 2019 as well by 24.2% with increases in every category.
- Single families: $578,955 (2020) | $635,922 (2021)
- Condominiums: $417,367 (2020) | $461,956 (2021)
- Multi-families: $517,884 (2020) | $683,035 (2021)
Homes Listed For Sale:
There were 5.3% fewer listings this year compared to last November 2020 but listings are up 9% over this time in 2019.
- 2021 – 6,025
- 2020 – 6,361
- 2019 – 5,528
Homes Placed Under Agreement (Pending Home Sales):
The number of homes placed under contract is down by 1.5% when compared to November 2020 but up by 7% over the November 2019.
- 2021 – 7,523
- 2020 – 7,640
- 2019 – 7,033
Price Changes:
Price changes decreased by 15.6% year over year. Sellers are still able to name their price relatively speaking. If you are a seller who hasn’t been able to sell within a few weeks and it is being marketing properly, the price is the first thing to consider adjusting.
- 2021 – 418
- 2020 – 495
- 2019 – 451
New Hampshire Home Sales Down 8.7%
Highlights:
- Just like Massachusetts, November 2020 was still a fast-paced market due to the Covid delays, but this year fall has calmed things down a bit and thus the decrease.
- Buyers have been able to take advantage of less intense competition over the past fall.
- Prices are rising continually, and rates are expected to do the same over the next year, so buy now to get the best price possible.
- Homes do sell over the holidays, so any truly motivated seller should get their home listed to reach the motivated buyers who are still out there looking.
- Prices will continue to rise as will mortgage rates, so as always now is better than later to make your offers.
Sales decreased by 12.6% for single-families but increased by 3.5%, and 0.7% for condos, and multi-families in NH, respectively, when compared to November 2020.
- Single families: 1,798 (2020) | 1,572 (2021)
- Condominiums: 458 (2020) | 474 (2021)
- Multi-families: 147 (2020) | 148 (2021)
Prices will continued to increase, now up 11.7% to $433,162.
- Single families: $419,388 (2020) | $460,931 (2021)
- Condominiums: $289,643 (2020) | $348,408 (2021)
- Multi-families: $306,872 (2020) | $409,652 (2021)
As you can see the market is trying to catch up to where it would have been had COVID not put a massive wrench in the works, but it’s not quite there yet.
Data provided by Warren Group & MLS PIN for MA, and by NEREN for NH then compared to the prior year.