Massachusetts single-family home sales declined 6.6 percent in August compared to August 2013, The Warren Group, publisher of Banker & Tradesman, reported September 23, 2014. August was the sixth month in 2014 that single-family home sales decreased on a year-over-year basis.
A total of 5,417 single-family homes sold in Massachusetts in August, down from 5,797 sales in August 2013. August was the third month in 2014 with more than 5,000 in sales. Through August, sales were down 3.1 percent at 32,382, compared with 33,399 during the same eight-month period last year.
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Massachusetts foreclosure petitions jumped 72.5 percent in July compared to July 2013, The Warren Group, publisher of Banker & Tradesman, reported September 2, 2014.
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As Massachusetts home prices continue to rise, homeowners are waking up to the opportunity of selling their homes for a good price.
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Through the first half of 2014, Massachusetts single-family home sales declined 1.8 percent, according to The Warren Group, publisher of Banker & Tradesman; however, the median price through June 2014 increased 4.7 percent.
From January through June 2014, the number of single-family homes sold statewide declined to 21,272 single-family home sales compared to 21,662 homes sold during the same six-month period last year. Second quarter home sales totaled 13,707, a 1.5 percent decrease from the 13,917 properties sold in the second quarter of 2013. Low inventory, especially earlier in the year, contributed to the decrease in home sales.
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We announced in this blog in July 2013 (Massachusetts Foreclosure Crisis Over, Foreclosure Petitions Down 86%) and again in April 2014 (Safe to Say the Massachusetts Foreclosure Crisis is Over?) that the foreclosure crisis in Massachusets was over, dead, done with, kaput, and the crisis is definitely history; however, something surprising, if not completely unexpected, has happened in recent months.
Foreclosure petitions – the first step in the Massachusetts foreclosure process – have risen on a month-over-month basis for a couple months. By no means are we back in foreclosure crisis mode, not even close, but as lenders get the last of the foreclosures off their books there may be an opportunities for some home buyers and investors.
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Massachusetts single-family home sales declined for the fourth straight month on a year-over-year basis in May 2014, a 7 percent drop, The Warren Group, publisher of Banker & Tradesman, reported June 25, 2014.
In May, a total of 4,482 single-family homes were sold compared with 4,820 in May 2013. Through the first five months of the year, home sales also declined by 3.8 percent with 15,467 homes sold compared with 16,073 sold during the same period last year.
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For home buyers who missed the chance to purchase a foreclosure a few years ago when Massachusetts foreclosures and short sales were plentiful, a very small window of opportunity may be opening, according to data released June 5, 2014 by The Warren Group, publisher of Banker & Tradesman.
The number of foreclosure petitions in Massachusetts increased 126.3 percent in April compared to April 2013. April's increase follows a 133.2 percent year-over-year increase in March. A foreclosure petition is the first step in the Massachusetts foreclosure process. Not every foreclosure petition filed will result in a completed foreclosure. In fact, with the increase in home prices over the last two years, some homeowners facing foreclosure may simply sell their homes to avoid foreclosure.
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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."
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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.
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Massachusetts home buyers know – some all too well – that real estate inventory in the Bay State in 2013 was very low, making it difficult for even those willing to pay top dollar to land a home. It was an especially difficult market for first-time home buyers, who had to compete with many cash-strong investors and move-up buyers.
Will Massachusetts home buyers face a less frenzied real estate market in 2014? Maybe.
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Real Estate Market,
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The Warren Group
Despite the number of Massachusetts home buyers scrambling to purchase a home before interest rates increase further, the state's lack of real estate inventory, combined with price increases, has finally slowed down the pace of single-family home sales.
Massachusetts single-family home sales declined 2 percent in November, the first time year-over-year homes sales decreased since April 2013, The Warren Group, publisher of Banker & Tradesman, reported December 30, 2013.
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The Massachusetts real estate recovery continued in October.
Single-family home sales rose again in October, increasing nearly 19 percent from October 2012, The Warren Group, publisher of Banker & Tradesman, reported November 26, 2013.
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Real Estate Market,
Massachusetts Home Prices,
Massachusetts Association of Realtors,
The Warren Group
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