McGeough Lamacchia Realty Releases Midyear Housing Report for 2014

McGeough Lamacchia release a report that examines home sales and average selling prices in Massachusetts for the first six months of 2014.

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All that pent up demand for homes caused home sales to increase in June.

Waltham, MA (PRWEB) July 31, 2014

McGeough Lamacchia Realty ran a report that showed a surge in Massachusetts home sales in June allowed midyear home sales totals to fall less than 1 percent compared to the first six months of 2013.

According to data provided by The Warren Group, there were 33,665 home sales for all types of homes (single-family, condo, and multi-family) in Massachusetts from January 1 to June 30 this year, compared to 33,861 home sales for the same period last year, a difference of just 0.6 percent.

John McGeough and Anthony Lamacchia, co-owners and brokers of McGeough Lamacchia Realty, say although there was decrease in the number of home sales in the spring of 2014, last month’s numbers were large enough to help overall totals approach sales numbers for the same time period last year.

Massachusetts home sales in June rose 6 percent this year compared to June of 2013. There were 8,846 homes of all types in June compared to 8,363 homes sold in June of 2013.

Earlier this year because of the extended bad weather, some sellers delayed putting their homes on the market which affected housing inventory. By the end of March numbers began to improve, and housing inventory numbers began to top last year’s inventory numbers.

"All that pent up demand for homes caused home sales to increase in June," says Anthony Lamacchia, "in the early spring we saw a lot of bidding wars, which helped push average selling prices up."

Prices for homes in Massachusetts have been steadily increasing for the past six months. The average selling price hit $387,818 in June, an increase of 6 percent compared to June of 2013, and the highest monthly average selling price this year

The condo market continues to be a strong factor in the housing market. In June, condo sales increased 11 percent, making it the sixth month in a row condo sales increased compared to the same month in 2013.

"The demand for condos is high, particularly in the Greater Boston area," says John McGeough. "Many first-time home buyers choose condo living because of proximity to work, shops, and cultural attractions. More empty nesters are downsizing and moving into condos because of the convenience and low-maintenance. We expect this trend to continue through 2014."

For New Hampshire counties Cheshire, Hillsborough, and Rockingham, there were 4,434 home sales for the first six months of this year compared to 4,574 during the same period last year, a decrease of 3 percent.

As in Massachusetts, June home sales for Southern New Hampshire showed the highest increase of the year: 1,088 homes sold in Southern New Hampshire last month, an increase of 3 percent.

The average price for these New Hampshire counties hit $242,888 in June, the highest monthly average price this year, which is a 1 percent increase over June of 2012.

McGeough Lamacchia say home selling prices will most likely stay flat but the number of home sales should increase because pending home sales are up. Based on data provide by MLS Property Infomation Network, pending home sales from June 1st to mid-July this year are 5 percent higher than the same period last year. There are currently 13,122 homes pending in MLS compared to 12,546 homes during the same time last year.

For more information view the full Midyear Housing Report here: http://www.mlrealtyne.com/midyear-housing-report-2014/

Sources:
mlrealtyne.com/wp-content/uploads/2014/07/Midyear-Housing-Statistics-MA-NH.pdf

About McGeough Lamacchia

John McGeough and Anthony Lamacchia were named one of the Top 100 Real Estate Teams by the Wall Street Journal. They are a full service real estate agency serving home buyers and sellers in Massachusetts and New Hampshire.

MLRealtyNE.com