Massachusetts Home Buyer Guide

The number of single-family homes sold in Haverhill, Massachusetts declined 32.4 percent in April compared to April 2013, according to data compiled by the Massachusetts Association of Realtors. 

There were 25 single-family homes sold in April, down from 37 homes sold in April 2013. From January through April, there were 82 homes sold, down 16.3 percent compared to 98 sales during the first four months of 2013. Pending sales did increase in April. There were 45 pending home sales in April, a 7.1 percent increase compared to 42 pending sales in April 2013. The first four months of the year had 134 pending home sales, up 3.9 percent from 129 pending sales in January through April 2013. 

The median price of a single-family home in Mansfield, Massachusetts declined 0.4 percent in April 2014 compared to April 2013, according to data compiled by the Massachusetts Association of Realtors.

The median home price in April was $372,000, down from $373,500 in April 2013. Mansfield, MA single-family home prices increased 1.9 percent over the first four months of the year compared to the same period in April 2013. The median price through April was $360,000, up from $353,375 through the first four months of 2013. 

Conventional wisdom among many real estate professionals is that Massachusetts home sales have declined for the past few months because of the lack of inventory, but some home buyers may just be fed up with the bidding wars in some communities. 

More home buyers are just refusing to make offers at or significantly over list price when too many list prices already appear overpriced. Home buyers are seeking alternatives, such as buying condominiums over single-family homes and considering cities and towns that have not been swept up in the bidding war hysteria. Home buyers may just be tired of hearing, "All offers due Tuesday by noon."

The median price for Massachusetts single-family homes sold in March increased 8.6 percent to $315,000 compared to $290,000 in March 2013, The Warren Group, publisher of Banker & Tradesman, reported April 23, 2014. 

March marked the 18th consecutive month that monthly median home prices increased year-over-year. The median price in the first quarter increased 7 percent, from $285,000 in Q1 2013 to $305,000 during the first three months of 2014. The Warren Group collects sales and price information from the state's registries of deeds. 

The number of single-family homes sold in Chelmsford, Massachusetts declined in the first two months of 2014 compared to last year.

Through January and February of 2014, there were 34 single-family home sales, a 6.7 percent decrease from the same period in 2013 when there were 37 home sales, according to data compiled by the Massachusetts Association of Realtors.

The median price for a single-family home also declined through February 2014. Through February the median price for a Chelmsford, MA single-family home stood at $325,750, down 6 percent from $346,950 during the same two months in 2013. For the month of February, the median home price was $317,500, a 9.3 percent decrease in price from $350,000 in February of 2013.

Hingham, Massachusetts single-family home sales declined 25 percent from 12 sales in February 2013 to nine home sales in February 2014, according to the data compiled by the Massachusetts Association of Realtors (MAR).

Single-family home sales increased 42.9 percent, from 21 sales in January and February 2013 to 30 home sales through the first two months of this year. There were 262 Hingham, MA single-family home sales in 2013 compared to 256 home sales in 2012. Pending sales – properties with signed purchase and sale agreements but that haven't closed yet – were up 50 percent in February to 21 pending sales from 14 in February 2013.  

Massachusetts single-family home sales declined 5.9 percent in February compared to February 2013, the Massachusetts Association of Realtors (MAR) reported March 25, 2014, citing a lack of inventory as the cause of the slowdown in home sales.

On the other hand, the lack of inventory has put pressure on home prices. The median price for single-family homes sold in February was $294,950, an increase of 7.3 percent from $275,000 in February 2013. February marked the 17th straight monthly year-over-year increase in median price in the Bay State. On a month-to-month basis, February's median price declined 7.8 percent from $320,000 in January 2014.

Massachusetts median home prices increased 9.2 percent in 2013, much more in some sought-after city and towns, but it appears price growth may be slowing in 2014, as higher interest rates and home prices have lessened affordability.