Haverhill, MA Home Sales Up, Prices Dip in September 2017

Haverhill, Massachusetts single-family home sales surged in September, but home sales declined slightly through the first nine months of 2017, according to data compiled by the Massachusetts Association of Realtors. 

Single-family home sales increased 55.9 percent to 53 sales from 34 houses sold in September 2016. Pending sales – homes with a signed purchase and sale agreement that have yet to close – increased by one to 49. Through September single-family home sales declined 1.7 percent to 351 from 357 houses sold through the first nine months of 2016. 

The median price of a single-family home declined 1.4 percent in September to $309,000 from $313,250 in September 2016. From January through September, the median price increased 3.3 percent to $315,000 from $305,050 during the same period in 2016. Homebuyers on average paid 96.9 percent of the original list price in September and 98.7 percent of the original list price for single-family homes during the first nine months of 2017.

Over six years, the median home price has increased 37.8 percent. The median price of a single-family home in Haverhill through the first nine months of 2011 was $239,000 compared to $315,000 through the first three quarters of 2017. 

The lack of real estate inventory has driven prices higher. Single-family home inventory in Haverhill declined 26.7 percent in September to 66 houses available compared to 90 in September 2016. There were 192 single-family homes on the market on September 30, 2011. The number of months supply of inventory dropped 27.3 percent in September to 1.6 months compared to 2.2 months in September 2016. About six months of inventory is considered a balanced market for homebuyers and sellers. New listings in September declined 18.6 percent, so the single-family home inventory situation is not likely to improve in the near term. 

Condominium sales in Haverhill decreased 15.6 percent in September to 27 compared to 32 units sold in September 2016. Pending sales increased 19 percent to 25 compared to 21 in September 2016. Through September condo sales were strong, increasing 17.3 percent to 305 units sold. 

The median condo price increased 9.5 percent in September to $230,000. Homebuyers paid on average 99.2 percent of the original list price in September.

From January through September, condominium prices jumped 14.2 percent to $222,700 from $195,000 during the same timeframe in 2016. The median condo price in Haverhill during the first nine months of 2011 was $149,900.

Condominium inventory plunged 39.3 percent to 51 units available for sale. The number of months supply of inventory dropped 44.8 percent to 1.6 months compared to 2.9 months in September 2016. New listings increased 25.7 percent to 44 units in September.