MAY 2016


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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.

www.laerrealty.com • 1-844-687-5237 [email protected]

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]