Haverhill 2022 Market Review

Welcome to our comprehensive Haverhill, MA Area Market Review for the year 2022. As we delve into the data comparing 2022 with the previous year, 2021, we uncover fascinating trends and notable shifts that have shaped the local real estate market. Join us as we explore key metrics, gain insights into the changing landscape of Haverhill's housing market, and understand the implications for buyers and sellers in the region.

Listing Inventory:

The year-end listing inventory witnessed a significant increase in 2022, with 18 listing units compared to the previous year's 7 units. This marked a staggering 157.14% increase in available properties, indicating a more competitive market for buyers. However, this expansion also resulted in a 125.93% surge in the average days on market, suggesting that properties took longer to sell compared to the previous year.

Price Dynamics:

As the inventory grew, the average list price experienced a decline of 16.71%, with prices dropping from $720,413.57 in 2021 to $600,000.00 in 2022. This downward shift in prices may have presented favorable opportunities for buyers, making homeownership more accessible. Similarly, the average list price per square foot decreased by 9.48%, falling from $322.75 to $292.16. This affordability factor likely played a role in attracting potential buyers to the market.

Market Activity:

Examining the year-to-date data, we observe a decrease in listing units taken, with a decline of 20.80% from 524 units in 2021 to 415 units in 2022. This decline suggests a potential decrease in new listings entering the market. However, it is worth noting that the average original list price rose by 9.44% during this period, indicating an increase in property value and potentially reflecting strong demand for desirable properties.

The number of listings that went pending also experienced a decrease of 27.34%, dropping from 512 units in 2021 to 372 units in 2022. While this decline might indicate a slight slowdown in the market's pace, the average list price increased by 7.36% during the same period, suggesting continued demand and market resilience.

Sold Properties:

The number of closed units in 2022 decreased by 22.04%, with 375 properties sold compared to 481 in 2021. Although there was a slight increase in the average days on the market and days to offer, suggesting a slightly slower pace of transactions, the average sale price demonstrated growth. The average sale price rose by 8.44%, from $485,070.67 in 2021 to $526,027.35 in 2022, indicating a strong market performance and potentially reflecting the desirability of the area.

Furthermore, analyzing the average sale price as a percentage of the list price and the original list price provides valuable insights into the negotiation dynamics between buyers and sellers. The average sale price as a percentage of the list price showed a marginal decrease of 0.90%, indicating a relatively stable relationship between listing prices and final sale prices. Similarly, the average sale price as a percentage of the original list price decreased by 1.47%, suggesting some room for negotiation but still highlighting a relatively strong market.

Conclusion:

The Haverhill, MA Area housing market experienced notable changes in 2022, reflecting a dynamic environment for buyers and sellers. The increased listing inventory, coupled with a decline in average list prices, provided favorable conditions for buyers looking to enter the market. Additionally, the slight decrease in listings taken and properties that went pending suggests a potential shift in market dynamics, potentially leading to a more balanced market between buyers and sellers.

Despite these shifts, the market remained resilient, as evidenced by the increase in average sale prices. The 8.44% growth in the average sale price from 2021 to 2022 indicates a strong demand for properties in the Haverhill, MA Area. This rise in prices reflects the desirability of the region and suggests that sellers were able to fetch favorable offers for their properties.

It's important to note that real estate markets are influenced by various factors, including economic conditions, interest rates, and local developments. While the data presented here provides valuable insights, it's advisable to consult with real estate professionals and stay updated on current market conditions for a comprehensive understanding.

Looking ahead, it will be fascinating to see how the Haverhill, MA Area market evolves in the coming years. Will the increase in inventory lead to more balanced conditions between buyers and sellers? How will external factors, such as economic fluctuations or infrastructure developments, impact the local real estate landscape? These are important questions to consider for both buyers and sellers in the region.

Whether you're a prospective buyer, a homeowner, or an investor, staying informed about market trends and seeking guidance from experienced professionals can help you make informed decisions. The Haverhill, MA Area Market Review provides a snapshot of the market's performance in 2022, but it's crucial to regularly monitor the market and seek expert advice tailored to your specific goals and circumstances.

In conclusion, the Haverhill, MA Area market experienced significant changes in 2022, with an increase in inventory, a decline in average list prices, and a shift in market activity. Despite these shifts, the market remained resilient, showing growth in average sale prices. As the market continues to evolve, staying informed and seeking professional guidance will be key to navigating the Haverhill, MA real estate landscape successfully.