The median home price and sales of single-family houses in Haverhill, Massachusetts increased during the first quarter of 2017, according to data compiled by the Massachusetts Association of Realtors.
Home sales rose 12.6 percent in the first quarter to 98 houses sold compared to 87 sales during the first three months of 2016. The number of single-family homes sold in March increased 54.5 percent to 34 from 22 homes sold in March 2016.
The median home price increased 8.3 percent from January through March to $299,950 compared to $277,000 during the same three-month period last year. The median price in March was $306,450, an increase of 2.2 percent compared to $300,000 in March 2016. On average, homebuyers paid 97.9 percent of the original list price during the first quarter and 95.9 percent of the original list price in March.
Condominium sales jumped 46.8 percent in the first quarter to 91 compared to 62 units sold during the same period in 2016. Condo sales increased 53.8 percent in March to 40 compared to 26 sales in March 2016.
The median condo price in Haverhill increased 16.1 percent during the first three months of 2017 to $219,000 compared to $188,550 from January through March in 2016. In March, the median price increased 10.1 percent to $213,000. On average, homebuyers paid 97.9 percent of the original list price during the first quarter and 99.4 percent in March.
An ever-decreasing real estate inventory environment is the cause of the rapid increase in Haverhill home prices. The number of single-family homes on the market in March declined 55.6 percent to 40 houses compared to 90 available properties in March 2017. The number of available condos decreased 53.8 percent to 33 from 72 available units in March 2016.
Six months of real estate inventory is considered a balanced market between home buyers and home sellers. There was less than one month of single-family home inventory and only 1.1 months supply of condominiums in March.