MAY 2016
HOUSING MARKET ANALYSIS Although Summer Solstice is on our doorstep, the spring market is just heating up in real estate. Average prices are up in almost every market, with the exception of a few pockets throughout the region, such as Suffolk County where average single family prices have declined 11% year-over-year. In most counties throughout the Commonwealth, average prices are up between 1- 9% year-over-year. It's going to be an interesting summer especially due to the fact that early numbers are showing that there is still a massive shortage of inventory across the state. In most counties, we are seeing double-digit declines in the number of units coming on the market year-over-year. The combination of inventory shortage, low interest rates, and high demand means that we are likely in store for some very large price increases in the average single family and condo home prices.
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MAY 2015 vs 2016 MA COUNTIES
UNITS
DOM
AVG PRICE
2016
450
82
$305,631
2015
352
101
$295,093
2016
82
97
$210,754
2015
65
83
$211,768
2016
533
66
$454,516
2015
481
75
$431,933
2016
243
74
$293,808
2015
228
74
$288,265
2016
366
86
$216,532
2015
310
102
$211,131
2016
37
110
$161,641
2015
47
103
$173,604
2016
1,003
53
$616,004
2015
830
58
$622,208
2016
609
47
$463,929
2015
477
47
$432,733
UNITS
AVG PRICE
27.8%
3.6%
26.2%
-0.50%
10.8%
5.2%
6.6%
1.9%
18.1%
2.6%
-21.3%
-6.9%
20.8%
-1.0%
27.7%
7.20%
BRISTOL COUNTY SINGLE FAMILIES
CONDOS
ESSEX COUNTY SINGLE FAMILIES
CONDOS
HAMPDEN COUNTY SINGLE FAMILIES
CONDOS
MIDDLESEX COUNTY SINGLE FAMILIES
CONDOS
MAY 2015 vs 2016 MA COUNTIES (CONT.)
UNITS
DOM
AVG PRICE
2016
542
62
615,811
2015
475
63
606,129
2016
210
51
$483,444
2015
227
48
$445,042
2016
X
X
X
2015
X
X
X
2016
X
X
X
2015
X
X
X
2016
115
47
$549,533
2015
87
50
$618,022
2016
461
42
$750,345
2015
440
38
$683,964
2016
659
87
$274,953
2015
592
97
$280,360
2016
165
70
$213,166
2015
143
83
$227,737
UNITS
AVG PRICE
14.1%
1.6%
-7.5%
8.6%
X
X
X
X
32.2%
-11.1%
4.8%
9.7%
11.3%
-1.9%
15.4%
-6.4%
NORFOLK COUNTY SINGLE FAMILIES
CONDOS
PLYMOUTH COUNTY SINGLE FAMILIES
CONDOS
SUFFOLK COUNTY SINGLE FAMILIES
CONDOS
WORCESTER COUNTY SINGLE FAMILIES
CONDOS
MAY 2015 vs 2016
CAPE COD & MARTHA’S VINEYARD UNITS
DOM
AVG PRICE
2016
437
163
$372,000
2015
383
183
$375,000
2016
75
170
$275,000
2015
94
127
$224,950
2016
34
186
$774,750
2015
28
254
$1,284,971
UNITS
AVG PRICE
14.1%
-0.8%
-20.2%
22.2%
21.4%
-165.80%
BARNSTABLE COUNTY SINGLE FAMILIES
CONDOS
MARTHA’S VINEYARD PROPERTIES
ABOUT LAER REALTY PARTNERS
Created 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 MLS data is provided directly from by contracted data aggregators. Data is pulled from MLS PIN for all counties, except Cape Cod which was aggregated from Cape Cod and Island MLS, and Martha’s Vineyard which was generated by Link MLS. 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. All raw data remains the intellectual property of each local MLS organization. © Copyright 2016 LAER Realty Partners™
www.laerrealty.com • 1-844-687-5237 •
[email protected]