Haverhill MA Home Sales Stall in July 2016

The number of single-family homes sold in Haverhill, Massachusetts declined by more than 30 percent in July 2016 compared to the previous July, but home sales increased through the first seven months of 2016, according to data compiled by the Massachusetts Association of Realtors. 

Single-family home sales declined 30.8 percent in July to 45 houses sold compared to 65 sales in July 2015. Through July 267 single-family homes sold compared to 237 sales during the same seven-month period last year, a 12.7 percent increase in sales. Pending sales – homes under agreement that have yet to close – decreased by two sales to 41 houses in July.

The decrease in sales likely was due in part to dwindling real estate inventory in Haverhill. The number of single-family homes on the market declined 52.7 percent to 70 in July compared to 148 in July 2015. The months supply of inventory slipped to less than two months. There were 4.2 months supply of inventory in July 2015, but 1.7 months this past July, a 59.5 percent decline. About six months of inventory is considered a balanced market between buyers and sellers.  New listings were flat in July compared to July 2015, declining one to 62 homes. 

Scarce inventory boosted prices in July and during the first seven months of 2016. Single-family median home prices increased $5,000 year over year to $310,000 in July 2016. Through July the median home price increased 7.4 percent to $306,050 compared to $285,000 during the same seven-month period last year. In July homebuyers on average paid 100.6 percent of the original list price for single-family homes, and 97.6 percent of the original list price through July.

Condominium sales in Haverhill declined 43.2 percent in July to 21 compared to 37 units sold in July 2015. From January through July condo sales increased by 11 sales (7 percent) to 183 units sold. Pending condo sales decreased 19.4 percent in July.

Condominium inventory also declined in July. There were 112 available units in July 2015, but only 77 available condos this past July, a 31.3 percent decline. The months supply of inventory in July declined 40 percent to 2.7 months compared to 4.5 months in July 2015. The number of available condominiums likely won't increase by much, if at all, since new listings declined 35.3 percent in July. 

The median condo price increased 10.8 percent in July to $199,000, and homebuyers paid on average 99.5 percent of the original list price. Through July the median price of a condominium increased 2.6 percent to $189,000, and condo buyers paid on average 97.8 percent of the original list price.