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January 20, 2015

Millennials to lead N. England's '15 sales

Homebuyers 35 and younger will pace New England’s 2015 housing sales market, which will continue to see inventory shortages in desirable areas, Re/Max of New England forecasts.

Re/Max-New England said Monday that steady 2014 single-family and condominium home transactions throughout the region were essentially a repeat of what happened in 2013.

The first quarter of 2014 saw lower-than-anticipated sales throughout New England, but as interest rates and oil prices ticked down, and the weather heated up, pending sales throughout the region hit double-digit increases year-over-year.

Price increases coupled with inventory shortages helped to motivate buyers from the sidelines resulting in a busy spring and summer market. Investors took a backseat in 2014, as fewer distressed or under-valued properties entered the market.

According to the report, Connecticut sales were similar to the 2013 market, with approximately 40 fewer homes sold in 2014, citing Realtors’ listings and sales data. The average median price of a single-family home was $190,000, condominium sales rose 3.2 percent, and the average median price of a condo was $78,700, according to multiple listings data.

In the Greater Fairfield County area, single-family home sales decreased 5.9% while condominium sales rose 1.5%. The average median price of a single-family home in Greater Fairfield County was $400,000.

The average median sales price of a single-family home in Massachusetts increased 3.4 percent from $320,000 to $332,000 in 2014 according to MLSPIN. Single-family home sales decreased 3 peercent and condo transactions decreased 0.6 percent year-over-year.

At $227,900, the average median sales price of a single-family home in New Hampshire was up 3.6 percent over 2013 figures. Single-family home transactions decreased 1.6 percent year-over-year, while condominium transactions decreased 0.5 percent and prices rose 4.3 percent.

In Rhode Island, single-family home sales decreased 1.3% year-over-year. Condo sales fell 7 percent. Average median price for single-family homes increased 3.8 percent compared to 2013, reaching $218,000.

Single-family home transactions were flat in Vermont, while the median price decreased 3.8 percent. Condominium transactions rose 9.5% with the average median price rising 3.3 percent.

Image credit: freedigitalphotos.net

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