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."

Despite the fact that the median price of a single-family home in Arlington, Massachusetts declined in March and the first quarter, condo prices continued their meteoric rise this year, according to data compiled by the Massachusetts Association of Realtors. 

In March, the median price of a condominium in Arlington, MA jumped 88.4 percent. The median price was $268,000 in March 2013, but increased to $505,000 in March 2014. During the first quarter, the median condo price stood at $435,750, a 38.9 percent increase from $313,750 in Q1 2013. Condominiums sold for 97.9 percent of original list price in March and 100.2 percent of the original list price during the first quarter, up 0.8 percent and 3.1 percent respectively. 

The median price of a single-family home in Needham, Massachusetts increased 24.6 percent during the first three months of the year, reaching $860,000, according to the Massachusetts Association of Realtors. 

The median price stood at $690,000 during the first quarter of 2013. The median price of a single-family home in March 2014 was $887,500, an increase of 39 percent from $638,525 in March 2013. Homes sold in March for 97.8 percent of the original listing price. 

Despite the median price of a single-family home in Westford, Massachusetts declining more than 15 percent in March, the median price was up 12.4 percent through the first three months of the year, according to data compiled by the Massachusetts Association of Realtors (MAR). 

The median price of a single-family home increased to $429,300 in Q1 2014 from $382,000 during the same period in 2013. In March, the median price in Westford, MA declined to $325,000 from $384,600 in March 2013. During the first quarter, all single-family homes sales combined sold for an average 95.1 percent of the original list price. This number does not account for any possible seller concessions.  

The number of single-family homes on the market in Shrewsbury, Massachusetts dropped 36.4 percent in March compared to March 2013, according to data compiled from the Massachusetts Association of Realtors (MAR). 

There were 110 single-family homes for sale as of March 31, 2013 in Shrewsbury, MA, but a year later inventory had declined to 70 homes for sale. The months supply of inventory declined 45.6 percent, from 4.2 months of supply in March 2013 to 2.3 months of supply in March 2014. There were 36 new listings in March, a decline of 21.7 percent compared to the 46 new listings in March 2013. 

After a 13.8 percent increase in median home prices in Haverhill, Massachusetts in 2013, single-family home sales and prices took a bit of a breather during the first quarter of 2014, according to data compiled from MLS Property Information Network (MLS PIN), the local real estate multiple listing service. The condominium market had a better first quarter. 

The tough winter may have played a role in the decline in single-family home sales and possibly home prices.