Comparing the first nine months of the year, the median
price for a single-family home in Haverhill, Massachusetts declined about 10.75 percent
in 2008 compared to 2007, but home buyers taking advantage of bargains gave home
sales a boost.
Through September 30, 2008, single-family home sales increased about 2.75 percent compared to the first nine months of 2007. That’s after a 16 percent decline during the same period in 2007 compared to 2006.
The data comes from MLS Property Information Network, Inc., the multiple listing service used by local real estate professionals.
With single-family sales up, Haverhill may have reached or is getting close to a bottom in the real estate market. The economy and unemployment certainly will be factors going forward in the housing market, but more home buyers recently have decided to take advantage of lower prices and attractive mortgage interest rates. Time will tell.
The median price for a single-family house through September 30, 2008 was $270,000, compared to $302,500 for the same period in 2007. In 2005, the median price was $332,000. Home sales increased from 258 to 265 single-family sales. Through the first three quarters, 2006 saw 307 sales and 374 single-family homes sold in 2005.
The market has not been as kind to Haverhill’s condominium owners. Condo sales through the first three quarters are down 31 percent, and the median price has declined about 20.5 percent. Comparing the first nine months of 2005 to 2008, condominium sales have declined 54 percent.
It is taking homeowners longer to sell their homes. Looking at the first nine months of the year, the average number of days to sell a single-family home increased 16 percent, from 125 days in 2007 to 145 days this year.
The average number of days on the market for condos increased from 158 to 215, a 36 percent increase. Compared to an average of 68 days to sell a condo in Haverhill in 2005, the average number of days has increased more than 300 percent.
Despite the average days on the market, homes priced to sell are selling quickly. There are a lot of buyers that have been on the sidelines for a couple of years waiting to take advantage of a good deal. It’s not unusual to see some homes sell in far less than the average number of days.
The number of single-family and condominium homes on the market has decreased. On October 22, 2007 there were 294 single-family homes on the market in Haverhill compared to 217 on October 22, 2008. The number of condos for sale has dropped from 340 to 193 using the same dates. A decline in inventory will be a precursor to the housing market in Haverhill turning around.
Visit BuyHaverhill.com for the latest home listings in Haverhill, Massachusetts.
I just got off the telephone with a mortgage professional I respect and trust, and he tells me the news on the home loan front is not pretty.
Mortgage interest rates have spiked over the past few days. Consumers that could have locked in their rate last week at around 6.25 percent for a 30-year fixed rate loan (or paid a point and locked in for less than 6 percent) are now looking at a 30-year, fixed-rate interest rate of 7.25 percent.
Some of these consumers who decided to "wait and see" whether rates would go lower now may not even qualify for a loan.
I am happy to announce that the Massachusetts Home Buyer Guide (MassHomeBuyerGuide.com) was chosen by the editors of FHAMortgageCenter.com as the best blog in its recent real estate blog contest.
More than 100 blogs across the United States were entered into the real estate blog contest.
"For editor's choice, the prize goes to Rich Rosa of the Massachusetts Home Buyer Guide. We really like Rich's mix of analytical market related posts and local interest pieces," FHAMortgageCenter.com wrote on its blog June 4, 2008.
The New Jersey Real Report, which blogs about real estate, economics and politics in New Jersey, won the popular vote.
As I mentioned on my blog, I'll be donating the prize money ($500) to Rebuilding Together Greater Haverhill, Inc., which "helps revitalize homes and neighborhoods for low-income homeowners and communities in need, especially the elderly, the disabled and families, helping them to live in warmth, safety and independence."
Visit Rebuilding Together Greater Haverhill, Inc. online.
I am an exclusive buyer agent, 100% loyal to home buyers in Massachusetts. I help consumers buy homes in Essex, Suffolk and Middlesex counties. For more information: http://www.buyersbrokersonly.com
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