The median price of a single-family home in Haverhill, Massachusetts increased 1.7 percent in January 2014 and increased 13.8 percent in 2013, according to data compiled by the Massachusetts Association of Realtors (MAR).
There were 16 single-family home sales in January 2014 compared to 22 home sales in January 2013, a 27.3 percent decline. In 2013, home sales increased 10.6 percent to 396 home sales compared to 358 homes sold in 2012.
Similar to many cities and towns throughout Massachusetts, Haverhill has seen a dramatic decline in real estate inventory. Single-family home inventory declined 38.3 percent in January from 120 homes on the market in January 2013 to 74 in January 2014. New listings did increase slightly in January to 36 from 34 new home listings. The number of homes on the market in January translated to just 2.3 months of supply, a 42.3 ercent drop from 3.9 months of supply in January 2013.
The number of condominiums sold in January declined 19 percent, according to MAR. There were 22 condo sales in January 2013 and 16 condos sold in January 2014. Condo sales increased 11.1 percent in 2013 compared to 2012. There were 230 condos sold in Haverhill in 2013, up from 207 condos sold in 2012.
The median price of a condo increased in January 29.8 percent, an increase from a median price of $132,500 in January 2013 to a median price of $172,000. For 2013, condominium prices increased 5 percent. The median price of a condo was $150,000 in 2012 and $157,500 in 2013.
Condo inventory also declined. There were 61 condos on the market in January and 73 on the market in January 2013, a decline of 16.4 percent. Months of supply declined 17.9 percent to 3.2 months of supply compared to 3.9 months of supply in January 2013. New listings were flat, with 21 new listings in January 2014 and January 2013.
The low inventory resulted in properties selling more quickly. The number of days on the market for single-family homes declined 22.6 percent in January 2014 and 19.8 percent for all of 2013. Condos sold 12.5 percent faster in January 2014 and 29.3 percent faster in all of 2013.