Open Houses Sunday December 3

Today’s Open Houses:

Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House

And these recent articles:
Why Mortgage Rates will fall in 2024
December Inventory shows little change, while mortgage rates fall
Conventional Mortgage Loan Limits increased for 2024<.a<
INFLATION and RECESSION UPDATE
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023 SALEM Q3 MARKET REPORT 2019-2023
ESSEX COUNTY Q3 2023 MARKET REPORT
(more…)

Open Houses December 2/3

This weekend’s Open Houses (an updated list for Sunday will be posted tomorrow at 8 a.m.*):

Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House

*due to the timing of the MLS feed many of Sunday’s OHs do not show up in today’s links until later today and will be in tomorrow’s post

And these recent articles:
Why Mortgage Rates will fall in 2024
December Inventory shows little change, while mortgage rates fall
Conventional Mortgage Loan Limits increased for 2024<.a<
INFLATION and RECESSION UPDATE
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023 SALEM Q3 MARKET REPORT 2019-2023
ESSEX COUNTY Q3 2023 MARKET REPORT
(more…)

New Listings at the beginning of December

Salem is seeing a decent number of New Listings:

Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings

And here are the latest inventory numbers:

December Inventory shows little change, while mortgage rates fall

And these recent articles:
Why Mortgage Rates will fall in 2024
Conventional Mortgage Loan Limits increased for 2024<.a<
INFLATION and RECESSION UPDATE
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023 SALEM Q3 MARKET REPORT 2019-2023
ESSEX COUNTY Q3 2023 MARKET REPORT
(more…)

December Inventory shows little change, while mortgage rates fall

Overall  in Essex County, while Inventory has been reasonably consistent in the last 3 years, it is running at around half 2019 levels for both Single Family Homes and Condos.

Single Family Homes (SFH)
In the early months of 2023 SFH was up 50% or more from the extremely low levels in 2022. By the summer, YOY inventory was down by around 1/3. October showed an increase of 1/3 from September 1. In December inventory was above 2021 levels- but that was in the early staages of the COVID-buying surge.


Condos
Condo inventory has increased sharply since the estremely low levels of August.

Mortgage rates
As inflation has slowed significantly this year (read Core Inflation Prices Barely Budged in August), the Federal Reserve finally stopped hiking rates. Meanwhile, the yield on the 10-year Treasury (10T) – which influences mortgage rates – soared in recent months, in part as the market has realised that there will be record sales of Treasuries at a time when the Federal Reserve has tuned seller, and foreign countries are not increasing their holdings and purchases of Treasuries. (more…)

Conventional Mortgage Loan Limits increased for 2024

Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, known as the “conforming loan limit” (CLL) value. Loans above this amount are known as jumbo loans.
Essex County is considered a high-cost area, and limits are higher than the base level set by the FHFA. For 2024, the CLL is $766,550 and for Essex County the limit is $862,500,

Which means that, with a 20% down payment, a property in a standard area costing just over $950,000 can be purchased with a conventional mortgage, and in Essex County that rises to well over $1 million.

And these recent articles:
Why Mortgage Rates will fall in 2024
Conventional Mortgage Loan Limits increased for 2024
INFLATION and RECESSION UPDATE
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023 SALEM Q3 MARKET REPORT 2019-2023
ESSEX COUNTY Q3 2023 MARKET REPORT
(more…)

New Listings after Thanksgiving

Very few New Listings after Thanksgiving, with none this week in Marblehead or Swampscott:

Click on these links for details:
Salem New Listings
Beverly New Listings

And here are the latest inventory numbers:

November Inventory down 60% from 2019

And these recent articles:
Why Mortgage Rates will fall in 2024
Conventional Mortgage Loan Limits increased for 2024
INFLATION and RECESSION UPDATE
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023 SALEM Q3 MARKET REPORT 2019-2023
ESSEX COUNTY Q3 2023 MARKET REPORT
(more…)

Open Houses Sunday November 26

Just a few Open Houses today:

Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House

*due to the timing of the MLS feed many of Sunday’s OHs do not show up in today’s links until later today and will be in tomorrow’s post

And these recent articles:
Why Mortgage Rates will fall in 2024
INFLATION and RECESSION UPDATE
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023
SALEM Q3 MARKET REPORT 2019-2023 (more…)

New Listings week ending November 24

Very few New Listings around Thanksgiving:

Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings

And here are the latest inventory numbers:

November Inventory down 60% from 2019

And these recent articles:
Why Mortgage Rates will fall in 2024
INFLATION and RECESSION UPDATE
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023 SALEM Q3 MARKET REPORT 2019-2023
ESSEX COUNTY Q3 2023 MARKET REPORT
(more…)

Open Houses after Thanksgiving

Just a handful of Open Houses this weekend (an updated list for Sunday will be posted tomorrow at 8 a.m.*):

Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House

*due to the timing of the MLS feed many of Sunday’s OHs do not show up in today’s links until later today and will be in tomorrow’s post

And these recent articles:
Why Mortgage Rates will fall in 2024
INFLATION and RECESSION UPDATE
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023
SALEM Q3 MARKET REPORT 2019-2023 (more…)

New Listings before Thanksgiving

Just a few New Listings before Thanksgiving:

Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings

And here are the latest inventory numbers:

November Inventory down 60% from 2019

And these recent articles:
Why Mortgage Rates will fall in 2024
INFLATION and RECESSION UPDATE
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023 SALEM Q3 MARKET REPORT 2019-2023
ESSEX COUNTY Q3 2023 MARKET REPORT
(more…)

Open Houses Sunday November 19

Here are today’s Open Houses:

Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House

And these recent articles:
Why Mortgage Rates will fall in 2024
INFLATION and RECESSION UPDATE
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023
SALEM Q3 MARKET REPORT 2019-2023
ESSEX COUNTY Q3 2023 MARKET REPORT
(more…)

INFLATION and RECESSION UPDATE

This time last year, stocks were still in the gutter, inflation was in the stratosphere and Fed interest rates were going up, up, up. Today the S&P 500 has risen 17% since Jan. 1, the much-anticipated recession has yet to arrive, unemployment remains below 4% and consumers are still spending–Walmart, Target, and Gap all beat expectations this week.
Inflation has dropped to around 3%, not too far off the Fed’s 2% target. Walmart CEO Doug McMillon was talking about deflation in the coming months. Oil prices are below $75 a barrel, Airfares are significantly cheaper this year than they were for the holidays last year. Bond yields are dropping, too, as traders start to price in Fed rate cuts next year. The 10-year yield has dropped back to around 4.4% from as high as 5% in October. (Barrons)

On Thursday, Walmart CEO Doug McMillon said deflation could be coming as general merchandise and key grocery items, such as eggs, chicken and seafood get cheaper.
He said the retailer expects some of the stickier higher prices, such as the ones for pantry staples, to “start to deflate in the coming weeks and months,” too.
“In the U.S., we may be managing through a period of deflation in the months to come,” he said on the company’s Thursday earnings call. “And while that would put more unit pressure on us, we welcome it, because it’s better for our customers.”

“I think the most important observation we’ve made is that the worst of the inflationary environment is behind us,” Hone Depot, Chief Financial Officer Richard McPhail

The question now is whether the Federal Reserve, having been extremely slow to start raising rates and reversing Quantative Easing, will be similarly late in easing. The Fed claims to be data dependent, but data tells us what happened in the past – and the Fed’s actions impact the future.

“The Fed must lower rates to cause money suply to grow by 5% per year, consistent with the 2% inflation target.If the Fed waits until core inflation is 2% we could have a recession.”(Jeremy Siegel, Wharton) (more…)

New Listings week ending November 17

Here are the latest New Listings:

Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings

And here are the latest inventory numbers:

November Inventory down 60% from 2019

And these recent articles:
Why Mortgage Rates will fall in 2024
INFLATION and RECESSION UPDATE
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023 SALEM Q3 MARKET REPORT 2019-2023
ESSEX COUNTY Q3 2023 MARKET REPORT
(more…)

Open Houses weekend November 18/19

Here are this weekend’s Open Houses (an updated list for Sunday will be posted tomorrow at 8 a.m.*):

Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House

*due to the timing of the MLS feed many of Sunday’s OHs do not show up in today’s links until later today and will be in tomorrow’s post

And these recent articles:
Why Mortgage Rates will fall in 2024
INFLATION and RECESSION UPDATE
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023
SALEM Q3 MARKET REPORT 2019-2023 (more…)

New Listings mid-week November 15

Here are the latest New Listings:

Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings

And here are the latest inventory numbers:

November Inventory down 60% from 2019

And these recent articles:
Why Mortgage Rates will fall in 2024
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023 SALEM Q3 MARKET REPORT 2019-2023
ESSEX COUNTY Q3 2023 MARKET REPORT
(more…)