EagleTribune.com, North Andover, MA

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September 13, 2013

City home values jump 25 percentin the last year

Real estate observers: Low inventory behind rapid value gains

HAVERHILL — The local residential real estate market is warming at a rapid pace, but tight inventory is keeping it from catching fire, industry watchers and local agents said.

A study of local sales by the city assessor’s office found the median price for a single-family home in Haverhill jumped by 18 percent, from $216,000 to $254,000, in the first seven months this year compared to the first seven months last year.

Residential sales overall, including single-family homes, multifamily homes and condominiums, are up 25 percent for the median property over the same period. Those values increased from $180,000 to $225,000, according to the study.

Haverhill’s real estate gains compare favorably to its neighbors and better than most.

In the all residential sales values category, Haverhill’s 25 percent jump is at the top. Median residential values grew by 19 percent in Newburyport, by 21 percent in Amesbury and by 23 percent in Lawrence, according to the Haverhill study.

Newburyport set the pace in the single-family home category, with the price of the median property jumping by 34 percent, from $365,000 to 490,000, according to Haverhill’s seven-month study of real estate sales. Amesbury saw those values grow by 22 percent from $244,000 to $298,000. The median price of a single-family home in Lawrence rose by 19 percent, the study showed.

The median price of a single-family home rose by 12 percent in Methuen, 9 percent in Andover and 7 percent in North Andover, according to the Haverhill study.

Median residential real estate values overall, including all types of housing, grew by 10 percent in Methuen, 4 percent in Andover and 2 percent in North Andover, the study showed.

Industry watchers and local real estate agents told a similar story.

Data tracked by the Warren Group, publisher of Banker & Tradesmen, shows the price of a single-family home in Haverhill increased by 32 percent, from $196,500 to $259,000, in the last year.

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