The median price of a single-family home in Haverhill, Massachusetts increased 11.5 percent in the first quarter of 2015, according to data compiled by the Massachusetts Association Realtors.
On average Haverhill, MA home buyers paid 95.6 percent of the original list price from January through March, and they paid 96.6 percent of the original list price in March.
First quarter single-family home sales increased 12.3 percent to 64 from 57 home sales during the same three-month period in 2014. The number of sales declined by two in March from 26 in March 2014 to 24 homes sold. Pending sales – homes under agreement but not yet closed – declined 13.2 percent in March, but increased 4.8 percent during the first quarter.
Haverhill real estate inventory declined further. The number of single-family homes available decreased to 88 from 101 homes in March 2014, a 12.1 percent decline. The months supply of inventory declined 13.1 percent to 2.7 months from 3.1 months in March 2014. Approximately six months of real estate inventory in considered a balanced market between home buyers and sellers, so clearly it is a sellers market right now. New listings increased in March from 50 to 51.
On the other hand, condominium prices declined in March and during the first quarter. In the first quarter, the median condo price in Haverhill declined 3.3 percent to $162,450 from $168,000 during the first three months of 2014. In March the median price of a condominium decreased 2.9 percent to $165,000 from $170,000 in March 2014.
On average home buyers paid 95.3 percent of the original list price in March and 94.9 percent of the original list price during the first quarter.
The number of condo sales in March declined to 12 from 14 in March 2014. Over the first three months of 2015, the number of units sold declined 21.3 percent to 37 from 47 in Q1 2014. Pending condo sales increased 26.1 percent in March and 10.5 percent during the first quarter.
The inventory of condominiums in Haverhill declined 19.8 percent to 65 from 81 available units in March 2014. The months supply of inventory decreased 32.4 percent to 2.8 months from 4.1 months in March 2014. There were 31 new condominium listings in both March 2014 and March 2015, but new listings declined 11.8 percent from January through March.
The average number of days on the market for single-family homes increased 33.2 percent, indicating sellers may be pricing homes too high. The average number of days on the market decreased 6 percent for condominiums.