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.
Highlights
- Anthony’s initial predictions for the 2022 market proved true as we have seen a resurgence of competition in the market including bidding wars, cash offers, and homes flying off the market as available inventory remains historically low.
- Now more than ever, buyers need to be prepared and informed before entering the market and ready to strike in order to get the home they are after.
- Sellers, be mindful of how you are pricing your home and don’t be misled. Even though average price remains on the rise, if you’re home isn’t selling, usually the first factor to reassess is price.
- Buying and Selling at the same time in this market may seem impossible, but it CAN be done. Don’t take it from us, hear it from these recent Sell/Buy clients.
- Mortgage rates are at their highest level in over two years. The lower mortgage rates helped to keep homes more affordable, but now the increased rates will dimmish buying power, so Buyers should be looking to buy as soon as possible to get more house for less.
Massachusetts Home Sales Down 9.4%
Sales are down 9.4 percent year over year with January 2022 at 5,611 over 6,193 last January. Single family, condo and multi-family sales have all dropped year over year.
- Single families: 3,824 (2021) | 3,509 (2022)
- Condominiums: 1,686 (2021) | 1,442 (2022)
- Multi-families: 683 (2021) | 660 (2022)
Average prices have continued their rise with another year over year increase of 11.2%, now at $581,338. Prices increased in every category.
- Single families: $587,399 (2021) | $640,294 (2022)
- Condominiums: $384,302 (2021) | $464,030 (2022)
- Multi-families: $588,538 (2021) | $619,002 (2022)
Homes Listed for Sale
There were 17.8% fewer listings this year compared to last January 2021 which illustrates how the beginning of this years market is very competitive for buyers.
- 2022 – 4,641
- 2021 – 5,643
- 2020 – 6,134
Pending Home Sales:
The number of homes placed under contract is down by 17.8% when compared to January 2021. This indicates that sales next month may also be down as contracts accepted is correlated to future closed sales.
- 2022 – 4,893
- 2021 – 5,949
- 2020 – 5,904
Price Changes
Price changes decreased by 46.5% 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 marketed properly, the price is the first thing to consider adjusting.
- 2022 – 147
- 2021 – 275
- 2020 – 372
New Hampshire Home Sales Down 14%
Highlights
- So far in 2022, Anthony’s predictions have been accurate, and the market is a very competitive place for current and prospective homebuyers. Being informed and prepared in this market is going to be extremely beneficial for those looking to buy.
- Mortgage rates are expected to exceed 4% for the first time since the pandemic, and home prices continue their ascent, so buyers don’t hold off on getting into the market in order to get the best price possible.
Single family and condos sales have decreased by 15.7% and 16.9%, respectively. However, multi-family home sales have increased by 17.4% in NH when compared to January 2021.
- Single families: 1,025 (2021) | 864 (2022)
- Condominiums: 338 (2021) | 281 (2022)
- Multi-families: 86 (2021) | 101 (2022)
Prices overall will continue to increase, now up 20.7% to $449,625. However, there was a decrease of 6.6% in the price of multi-family homes in NH year over year.
- Single families: $396,914 (2021) | $483,856 (2022)
- Condominiums: $286,798 (2021) | $365,406 (2022)
- Multi-families: $418,539 (2021) | $391,104 (2022)
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.