Is the housing market recovery really slowing down?
There have been a number of headlines this week highlighting the drop in mortgage applications and new home sales. What, if anything, does that mean for us here in Marblehead and Essex County? While national trends can have significance in framing market sentiment, it is important not to get confused by data from specific areas. We are not Las Vegas, and as the saying goes, “what happens in Vegas should stay in Vegas.” (more…)
Boston Strong: Happy Easter and Chag Sameach!
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty in Marblehead
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Harborside joins the Sotheby’s International network
Some weeks I have to give quite a lot of thought as to the subject matter for my posts. This is not one of them.
“After five years of continued success, we are excited to announce our affiliation with Sotheby’s International Realty. We now offer all the advantages of a locally owned real estate brokerage combined with the vision, power and focus of Sotheby’s International Realty.”
As an Englishman I am very familiar with Sotheby’s and the huge impact they have had on real estate sales worldwide. As the owner of a waterfront property for sale I am very excited about the increased visibility I will get from Sotheby’s national and international marketing through 700 offices in 52 countries.
If you have a property which you believe would benefit from active marketing to a wider audience please contact me.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
More signs of buyers at top end in Marblehead
A couple of weeks after I reported a sale over $4 million on Bartlett Street, a house on Ocean Avenue, listed at $4.5 million, has received an accepted offer just 5 days after coming back on the market. This house was on the market last year for 6 months at the same price.
Over the last year I have reported that the higher end was slower in Marblehead and throughout Essex County than it was closer in to Boston, and I speculated that this might be a timing issue. Like the ripple from a pebble thrown into a pond, it takes time for increased demand to move outwards from the epicentre of Boston.
But there is increasing evidence that it is now happening. The table below shows sales (and pending sales) by price range:
Note the sale on Bartlett Street was a private sale and is not included in the above table.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Marblehead to vote on new flood map
At Town Meeting on May 5, Marblehead voters will be asked to approve new flood maps.
Becky Curran, Town Planner, has put together this FAQ about the proposal. Note that this action is to approve the maps. The FAQ clearly explains the separate provisions, which affect flood insurance, in the new Act passed recently to overhaul Biggert-Waters.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Housing market: buyers moving up the price chain
In addition to looking at total sales and median prices I like to look at the breakdown of sales at different price levels. At this stage in the housing market recovery one would expect to see buyers trading up and increasing demand for prices at higher levels.
Although the first quarter in Massachusetts typically sees low sales, the breakdown of them does suggest a trend that I will be watching carefully as we move into the spring and summer.
First, sales in Marblehead. Note the drop in sales under $500,000 and the big jump in sales over $1 million.
Beware first quarter housing market reports
Another one for the “Lies, Damned Lies and Statistics” file. (And I hope another reason to read my blog regularly to avoid being mislead.)
You may well see a report saying that the median price in Marblehead increased 19% from last year, which is the MLS figure including all sales. My numbers, which always exclude distressed sales, show a 17% increase. But it is important to know that quarterly numbers vary greatly.
Look at these numbers for Marblehead since 2010. They clearly show that Q1 2013 was well below the rest of the year. I am not saying that the Q1 number is not significant (see Buyers moving up the price chain). Just beware that Q1 a year ago was generally a low quarter.
Nahant: the highest median home price in Massachusetts?
Here’s one for the “Lies, Damned Lies and Statistics” category.
The median SFH price in Nahant in the first quarter of 2014 was….. $2,620,000. Wow!
No I didn’t write this on April Fool’s Day, because it is actually true. But…..there were just 2 sales in Nahant in the quarter (note to my about to graduate daughter: don’t plan a career selling real estate just in Nahant). One was for $340,000 and the other was $4,900,000 (note to daughter: unless you think you can get the $4.9 million sales).
This is an extreme example, of course, but it illustrates why I am very careful about the statistics I publish and try to explain whether or not they are significant. As a general rule, the larger the sample the more reliable the statistic. And if I quote a statistic it is because I believe it to be meaningful.
If you – or somebody you know – 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
Housing inventory remains tight heading into Spring
With Spring rumoured to be coming soon (please!) here’s a look at the inventory awaiting buyers.
First Single Family Homes (SFHs). Although supply is a little higher than a year ago in actual numbers, it is slightly lower in terms of months of supply because the rate of sales increased over the last year. For the whole of Essex County supply is just under 3 months, or half the level regarded as a market in equilibrium between buyers and sellers.
The cold winter not only kept buyers indoors but also made it more difficult for sellers to get their houses ready for sale. The economy is improving, albeit still slowly, economic confidence seems to be improving, the stock market is at a high, and the likelihood is that mortgage rates will increase. Coupled with growing awareness that home prices are improving, I believe that 2014 could be a strong year for home prices on the North Shore. (more…)
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