laer march 2016 housing report
DESCRIPTION
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.TRANSCRIPT
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