WALTHAM, MA--(Marketwired - Jan 28, 2016) - Massachusetts saw the highest number of home sales last year than in any other year since 2006. That's what the 2015 Massachusetts Housing Report, as released by Boston-area real estate firm Lamacchia Realty found. In the year 2015, the commonwealth of Massachusetts saw a total of 83,961 homes sold -- up nine percent from 2014.
"The last time we saw greater sales in a given year was in 2006 with 88,820 homes sold across Massachusetts," the report reads. "This noteworthy increase in home sales is a result of several contributing factors such as: mortgage guidelines loosening throughout the year; interest rates remained low which continued to give buyers more purchasing power; home equity increased giving sellers more flexibility to sell; and the overall local economy was strong. There is no longer any doubt that the housing recovery is in high gear."
Key takeaways from the 2015 Massachusetts Housing Report include:
- 2015 got off to a slow start, with home sales down January, and March through May. But that was quick to shift; every other month saw an increase in sales.
- The average sale price of all three home types (Single, Multi-Family, Condominiums) in 2015 was $381,841 -- up 3.6 percent from 2014.
- The year began with the lowest inventory levels in 11 years.
Lamacchia Realty expects January 2016 home sales to exceed those from this time last year, and seems hopeful about what this could mean for the year overall: "This is certainly a bright sign of what is to come in the months ahead."
Read the full 2015 Massachusetts Housing Report from Lamacchia Realty.
About Lamacchia Realty Inc.
Lamacchia Realty is a full service Real Estate Brokerage serving Massachusetts and Southern New Hampshire. The company has highly skilled and very successful agents living in towns across their service area. Their headquarters is in Waltham MA and they have a second office in Westford MA. For more information, please visit www.lamacchiarealty.com.
