Vermont was by far the fastest growing state in New England for homes sales in March, up more than 20 percent. The state was also up significantly over the same time last year. Home prices were also up but at a more modest 2.6%.Meanwhile, the better-late-then-never arrival ofspring inspired an uptick in home salesthroughout New England. Month-over-month, homesales reflected the spring market with an increase of29% over February’s numbers. Year-over-year, homesales increased by 1% in the region with 10,311 recordedsales.Across New England, median prices were on the incline. Almost every state in the region revealedmodest price appreciation over March 2014’s figures. On average, home prices rose 3.7% year-overyear.
Vermont also had the longest DOM (Days on Market)perhaps again reflecting the late start to the selling season due to the weather. How the next two months play out should determine if this surge is just pent-up demand or a real turnaround in home sales. Observers should look for ashorter DOM, increasing median prices and, of course, continued vigorous sales.
Also notably, this is the second consecutive month New Hampshire experienced a 10.3% increaseover 2014’s numbers. Pending sales across New England were up 9.2% year-over-year and 43.1% overFebruary 2015’s numbers.
“This past winter was a challenge for the region’s housing market. However, we can expect to seestronger numbers each month as we get into the traditionally busy housing market season. It isencouraging that pending sales are climbing across New England.”
Dan Breault, EVP/Regional Directorof RE/MAX INTEGRA, New England.Year-over-year sales increased by 1.0% according to TheRE/MAX INTEGRA, New England March Monthly Housing Report. Pending sales were up 9.2% over March 2014 and up 43.1% over February 2015.
- Vermont home transactions were up 20.8% year-over-year, while median price increased 2.6% year-over-year. Pending sales were up 4.2% year-over-year.
- In Connecticut, the number of total transactions were up 3.8% year-over-year and median price is up 4.8%. Pending sales were up 23.3% year-over-year.
- Massachusetts showed a decrease of -3.6% in total transactions year-over-year. The median price increased 1.4%. Pending sales were down -4.0% over March 2014.
- Maine showed a decrease of -0.6%in total transactions year-over-year. The median price increased 5.4% and pending sales were up 18.2%.
- In New Hampshire, home transactions increased 3.4% year-over-year, and median price increased 10.3%. Pending sales were up 5.2% year-over-year.
- Rhode Island home transactions increased 1.4% year-over-year, while median price decreased -0.4%. Pending sales were up 21.0% year-over-year, the highest in New England.
Transactions are the total number of closed residential (Single Family and Condo) transactions during the given month.Median Sales Price is the median price of all specified properties sold during the specified time period.MLS data is provided by contracted data aggregators, RE/MAX brokerages and regional offices. While MLS data is believed to be accurate, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. All raw data remains the intellectual property of each local MLS organization.
Source: RE/MAX INTEGRA, New England 4.16.2015