laer march 2016 housing report

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MARCH 2016 HOUSING REPORT The Massachusetts housing market heated up earlier than usual this year with an unseasonably warm first quar- ter. Across the market we are seeing bidding wars and lack of inventory as Under Agreement properties are up by double digit percentages in every county we studied in this report. Based on early market results, 2016 will be an uncharacteristically busy year if there’s inventory to sell. As is always the case, sellers will typically sell when the price is right, however those same sellers will feel the wrath of this fast paced sellers market if they choose to buy another home as is typically the case. The sharp increase in numbers year over year in this study is very much a byproduct of the very bad winter in 2015 where the unprecedented snow slowed the market, followed by this year, with the spring weather that started in January. This year will be less dependent on election squabbles and more reliant on seller preferences. If sellers are ready to move, there are buyers standing in line for their properties.

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This report covers the Massachusetts Housing Market for the first quarter of 2016 with year over year comparison of data. Our bonus Boston Luxury Condo Report is also included.

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MARCH 2016HOUSING REPORTThe Massachusetts housing market heated up earlier than usual this year with an unseasonably warm first quar-ter. Across the market we are seeing bidding wars and lack of inventory as Under Agreement properties are up by double digit percentages in every county we studied in this report. Based on early market results, 2016 will be an uncharacteristically busy year if there’s inventory to sell. As is always the case, sellers will typically sell when the price is right, however those same sellers will feel the wrath of this fast paced sellers market if they choose to buy another home as is typically the case. The sharp increase in numbers year over year in this study is very much a byproduct of the very bad winter in 2015 where the unprecedented snow slowed the market, followed by this year, with the spring weather that started in January. This year will be less dependent on election squabbles and more reliant on seller preferences. If sellers are ready to move, there are buyers standing in line for their properties.

MARCH 2015 vs 2016MA COUNTIES

ESSEX COUNTYSINGLE FAMILIES

CONDOS

20162015

372305

160141

5567

5567

$447,917$432,146 22% 3.6%

$271,092$262,986

20162015

HAMPDEN COUNTYSINGLE FAMILIES

CONDOS

20162015

20162015

MIDDLESEX COUNTYSINGLE FAMILIES

CONDOS

20162015

20162015

NORFOLK COUNTYSINGLE FAMILIES

CONDOS

20162015

20162015

UNITS DOM UNITS AVG PRICEAVG PRICE

13.5% 3.1%

280193

4242

6482

6482

$191,736$191,522 45.1% 0.1%

$146,264$142,578 0% 2.8%

622543

414280

5565

3.5(m)4.2(m)

$577,109$577,727 14.5% -0.1%

$463,220$417,115 47.9% 11.1%

344315

147143

5983

4458

$588,827$565,883 9.2% 4.1%

$435,800$416,176 2.8% 4.7%

MARCH 2015 vs 2016MA COUNTIES (CONT.)

PLYMOUTH COUNTYSINGLE FAMILIES

CONDOS

20162015

20162015

SUFFOLK COUNTYSINGLE FAMILIES

CONDOS

20162015

20162015

WORCESTER COUNTYSINGLE FAMILIES

CONDOS

20162015

20162015

404300

6956

73107

8396

$354,235$354,225 34.7% 0%

$269,521$271,933

UNITS DOM UNITS AVG PRICEAVG PRICE

23.2% -0.9%

7764

326271

7053

4345

$583,425$378,542 20.3% 54.1%

$689,474$635,167 20.3% 8.6%

506431

10585

86111

77116

$281,443$257,842 17.4% 9.2%

$215,435$202,885 23.5% 6.2%

MARCH 2015 vs 2016CAPE COD & MARTHA’S VINEYARD

BARNSTABLE COUNTYSINGLE FAMILIES

CONDOS

20162015

428540

3755

199134

86162

$300,000$300,000 -20.7% 0%

$159,000$208,250

20162015

INVENT. DOM INVENT. MEDIAN PRICEMEDIAN PRICE

-32.7% -23.6%

MARTHA’S VINEYARDPROPERTIES

20162015

3536

315214

$600,000$700,000 -2.7% -14.3%

UNITS DOM UNITS AVG PRICEAVG PRICE

MARCH 2015 vs 2016BOSTON LUXURY, SUFFOLK

SUFFOLK COUNTY$1M-$3M

$3M AND UP

20162015

20162015

4323

53

4662

14055

$1,609,186$1,898,543

$4,230,450$3,500,000

87% -15.2%

UNITS DOM UNITS AVG PRICEAVG PRICE

20.9% 66.7%

MLS data is provided directly from various Multiple Listing Services. Transactions are the total number of closed residential (Single Family and Condo) transactions during the given month. Median Sales Price is the median price of all specified properties sold during the given time period.

ABOUT LAER REALTY PARTNERSCreated in 2014, LAER Realty Partners is the third largest real estate company in Massachusetts, with more than 400 agents in 22 locations throughout the state. LAER Realty Partners provides residential and commercial services, with specialized short sale and relocation divisions. LAER Realty Partners is led by Owners Stacey Alcorn and Andrew Armata, who have more than 30 years of professional experience in the industry. For more information about LAER Realty Partners, visit the LAER Realty Partners website at www.laerrealty.com

DEFINITIONS