Massachusetts Home Buyer Guide

After a cold winter the weather turned warm in June, but the Haverhill, Massachusetts real estate market was very hot. 

The median price of a single-family house in Haverhill, MA jumped 15.9 percent in June 2014 to $296,750 compared to $256,000 in June 2013, according to data compiled by the Massachusetts Association of Realtors. Through the first half of 2014, the median price for a single-family home increased 3 percent to $265,000 compared to $257,250 during the first six months of 2013. 

Home buyers were out in full force in June. Single-family home sales in June spiked 16.7 percent compared to June 2013. There were 42 single-family sales in June compared to 36 sales in June 2013. From January through June there were 166 closed sales, down just two sales from 168 single-family home sales during the same period in 2013. 

Pending sales – properties under agreement but have not yet closed – also were up in June, indicating that single-family home sales may increase in Haverhill, MA in coming months. There were 45 pending sales in June, a 32.4 percent increase from 34 pending sales in June 2013. Through June, pending sales increased 1.9 percent. 

Despite the price increases, which are usually an indication of a low number of available properties, inventory in Haverhill wasn't nearly as tight as many communities closer to Boston. That's good news for home buyers. Single-family inventory increased 20 percent in June. There were 144 homes on the real estate market compared to 120 single-family listings in June 2013. There was 4.4 months of inventory on the market in June, a 6.6 percent increase from 4.1 months in June 2013. 

The inventory situation should continue to improve for home buyers, as the number of new listings in June increased 62.2 percent. There were 73 new single-family listings in June compared to 45 new listings in June 2013. 

With the increase in inventory, the average number of days on the market also increased by 37.2 percent. Home buyers paid on average 97.5 percent of the original listing price for single-family homes.

The median price of Haverhill condos increased 5.8 percent in June to $179,900, from $170,000 in June 2013. Through the first half of the year, condominium prices increased 9.8 percent to $175,000. The median condo price during the same period in 2013 was $159,450.  On average, home buyers paid 95.3 percent of the original list price for condominiums.  

Condo sales increased 36.4 percent in June to 30 sold units, an increase from 22 units sold in June 2013. There were 126 condominiums sold through the first half of the year, an increase of 26 percent. There were 100 condos sold during the same period in 2013. Pending sales increased 52.6 percent in June to 29. There were 19 pending condo sales in June 2013. From January through June, pending sales were up 39.4 percent. 

The condo inventory in Haverhill slipped 5.9 percent to 95 units on the market, down from 101 condos for sale in June 2013; however, new condo listings spiked 119 percent in June. There were 21 new units listed in June 2013 while June 2014 had 46 new condo listings. There was 4.5 months of supply in June, a 22.8 percent decrease from 5.5 months in June 2013. 

The average number of days on the market for condominiums increased 35.1 percent.