“Housing Market Bubble Deflating”: really?
OK Marbleheaders, confess: you didn’t know you just lived through a housing bubble.
Maybe you got confused by the facts: only one house has sold this year for more than $1.8 million while there are 29 for sale at that price or higher; the median price for the first 9 months of the year was up 5% from 2012, but down 2% from 2011 and is still down 9% from the peak in 2005; after sales of SFHs of 22-30 each month from April to September, sales in October are likely to be around 10.
Fact, facts. (more…)
Jumbo mortgages on sale
A strange thing is happening in mortgage markets: jumbo loans (typically, those above $417,000) are being offered at the same rate as conventional loans and in some case for even less.
Conventional mortgages, below $417,000, are normally sold to Fannie Mae (FNM) or Freddie Mac (FRE). The originating bank has no continuing interest in the loan, it just receives a fee from selling the loan on. (more…)
How do home prices compare with the 2005 peak?
The stock market may have reached new highs this year but the housing market, despite occasional cries of alarm about “unsustainable” double digit price increases, remains in general well below peak levels reached in 2005.
But not everywhere.
The Boston Business Journal analyzed data from The Warren Group and published a list of 27 Eastern Massachusetts communities where median prices for the first nine months of 2013 exceeded those for 2005. Which, of course, got me wondering how Marblehead and other North Shore communities compared. (more…)
Marblehead Third Quarter housing market review
It’s a dreary Friday afternoon (except for the Red Sox who have just scored 5 runs in the bottom of the 4th) and I am doodling with ways to show the market.
First, here’s the state of the market at the beginning of October (L12M= Last 12 Months) :
Source: MLS, Oliver Reports
The story here is that there is very little supply under $500,000. That is significant because this segment of the market experienced the greatest pressure during the years from 2008 right up until late 2012. It really does seem that all that inventory has been cleared and now there is a great shortage. (more…)
Where can I find a house in my price range?
Many people look for a house in a certain town, but others are open to considering a number of towns based, in part at least, on price. This article shows the availability by price for a number of cities and towns. First the actual numbers:
Source: MLS, Oliver Reports
North Shore Housing Inventory: remains very tight at lower end
The overall market remains tight on the North Shore, with very little supply under $500,000 and plenty of availability over $2 million.
Here is the overall position at the beginning of October, starting with Single Family Homes (SFHs):
Source: MLS, Oliver Reports
While the market overall supply position is largely unchanged note that Ipswich, Manchester and Nahant have all tightened somewhat.
And now condos:
Source: MLS, Oliver Reports
Most markets have eased slightly. Note that the jump in supply in Swampscott was caused by the listing of 8 units this week in a new development.
Here is a more detailed breakdown for SFHs:
Source: MLS, Oliver Reports
and for condos:
Source: MLS, Oliver Reports
This next table shows the overall inventory by price and the percentage of the available market in each price range:
Source: MLS, Oliver Reports
If you are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 781.631.1223 or andrew@HarborsideRealty.com.
Andrew Oliver is a Realtor with Harborside Realty in Marblehead.
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