Today’s Open Houses
Today’s Open Houses : (more…)
Marblehead sets record for sales over $3 million
After lagging for some time Marblehead set record sales over $3 million, in terms of offers received, in 2015. Indeed, with a further accepted offer this week, we have now seen 6 consecutive months with a sale of a property listed at over $3 million.
I have written several times about the puzzlement that many real estate agents have felt about slow pace of sales at the top end. Last September I wrote Time to buy that Oceanfront property? and included the comment: “Both the stock market and Boston condos have enjoyed a great run in prices in the last few years. One area that has not participated in the recent upturn, however, has been oceanfront property on the North Shore. Maybe Boston condo owners should be asking whether now is time to buy that oceanfront property.”
Since that article was published last September 5 houses in Marblehead on the water have received offers, so I guess at least some Boston condo owners have decided that the answer to my question is YES. (more…)
Home sales soar – or do they?
Last month, when commenting on the National Association of Realtors (NAR) report on existing homes sales which generated headlines relating to a sales “plunge” I posted Home sales plunge – or do they?, referring to the fact that delays in closings occurred in November after the implementation of new mortgage disclosure rules, the effect of which was to push some sales into December.
So what happened in December? Existing-home sales “soared 14.7 percent” to a seasonally adjusted annual rate of 5.46 million in December from 4.76 million in November.
What really happened?
Let’s ignore the fluctuations late in the year and look at 2015 as a whole:
– sales of SFHs were up 7% YOY and the median price increased 8%
– sales of condos increased 12% YOY and the median price was up 5% (more…)
Post storm, pre Patriots: a perfect day for Open Houses
The day after a storm often brings brilliant sunshine and sparkling light and today promises exactly that. The Patriots kick off is 3:05 p.m. so there is plenty of time to visit these Open Houses: (more…)
This week’s new listings
A small number of new listings this week but there is plenty of activity taking place in the market right now. (more…)
GE is coming: beat the rush
Last weekend, after the announcement that GE is moving its corporate HQ to Boston, the first GE executives were spotted house-hunting in Marblehead.
For the real estate market in and around Boston the significance is not just the arrival of 800 GE employees but also the fact that GE is expected to be a draw for other technology companies, particularly those in the “Internet of Things”.
Why is GE moving to Boston?
“GE aspires to be the most competitive company in the world,” said GE Chairman and CEO Jeff Immelt. “We want to be at the center of an ecosystem that shares our aspirations. Greater Boston is home to 55 colleges and universities. Massachusetts spends more on research & development than any other region in the world, and Boston attracts a diverse, technologically-fluent workforce focused on solving challenges for the world. We are excited to bring our headquarters to this dynamic and creative city.” (more…)
Salem 2015 Condo Market Review
Sales of condos in Salem in 2015 jumped 22% while the median price gained 9%, although both sales and the median price remain below their 2005 peak levels. The median condo sold for 18% above its Assessed Value in 2015. (more…)
Research identifies site of Salem’s witch hangings
The City of Salem has confirmed that researchers have identified the site of Salem’s witch hangings as Proctor’s Ledge, a wooded site overlooking Walgreen’s on Boston Street, and not Gallows Hill. Salem plans to mark the spot with a memorial.
This CBS Boston Actual site of Salem witch hangings discovered article includes a video of their reporter visiting the “scene of the crime”.
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. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Open Houses thanks to the Patriots
I still think the Patriots should have run the ball when they got it back with 7:28 to go in the fourth quarter – they passed three times taking only a minute off the clock, in case for some extraordinary reason you were not watching – but Bill Belichick – yet again – has not called me for advice. (more…)
The key to successful home restoration: good wine
Those of us who have restored homes – and understand the difference between restoring and rehabbing – will enjoy this Why old is good as gold interview in the Boston Globe with HGTV’s Nicole Curtis.
Some of Nicole’s comments about the reasons old houses should be restored include the fact we don’t have either the materials or the tradespeople to build houses like these today, and that there are many wonderful ways to add modern amenities to an old home and technology keeps increasing the options.
Perhaps her best advice, however, was her response to being asked about must-have products when restoring an old home: “definitely a case of really great wine….to celebrate successes”. Oh, and a quality tool kit.
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.
Read Which broker will actually sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Beverly 2015 Housing Market Summary
This Beverly 2015 Housing Market Summary post shows just the numbers for 2015. When I publish my detailed reviews I will add a link here.
One way I measure prices is by the ratio (ASR) of Assessed Value (AV) to Sales Price (SP). The ASR is the AV divided by the SP: if the SP is rising (prices going up), the ASR will fall.
Properties selling above their AV will have an ASR below 100%. What this means is that in a period of rising prices the ASR is likely to be falling. So what we, as homeowners, want is an ASR below 100% and falling.
Remember that AVs are a lagging indicator: the tax bills that have just been sent out for FY2016 are based on actual sales in 2014. Thus the 2015 sales data, reported in this review, will be the basis for FY2017 assessments.
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.
Read How should I choose the broker to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Salem 2015 Housing Market Summary
This report shows “just the numbers”. A detailed review of the SFH market can be read here.
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.
Read How should I choose the broker to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Salem 2015 Housing Market review
This 2015 Salem housing market review focuses on the Single Family Home (SFH) market. I shall publish a separate report on the condo market. I have also published a one page Summary of the main numbers for both the SFH and condo markets.
Sales of SFHs were over 200 for the third consecutive year, while the median price was slightly higher at $349,000, equaling the previous peak reached in 2005. In contrast, sales of condos were up 21% and the median price increased by 9%, although both are still below their earlier peaks.
Median price
The median price was consistent in the two halves of the year:
As usual, however, there were quarterly fluctuations, with Q1 and Q4 lower than Q2 and Q3:
Sales
Although not quite a record, sales were over 200 for the third year in a row:
ASR*
The ratio of AV to Sale Price (see below for an explanation) increased only to 85.5%, meaning that the median sales prices was 17% (100/85.5) above the Assessed Value:
Comment
It seems like an appropriate reflection of the change in Salem that September saw the visit 0f a cruise ship, just before the last of the stacks of the old Power Plant came down. These acts followed the opening of the new train station garage late in 2014, and all help contribute to the development of Salem as an exciting and dynamic town which continues to attract new residents.
* One way I measure prices is by the ratio (ASR) of Assessed Value (AV) to Sales Price (SP). The ASR is the AV divided by the SP: if the SP is rising (prices going up), the ASR will fall.
Properties selling above their AV will have an ASR below 100%. What this means is that in a period of rising prices the ASR is likely to be falling. So what we, as homeowners, want is an ASR below 100% and falling.
Remember that AVs are a lagging indicator: the tax bills that have just been sent out for FY2016 are based on actual sales in 2014. Thus the 2015 sales data, reported in this review, will be the basis for FY2017 assessments.
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.
Read http://wp.me/p2SYWq-1sj
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
New listings mostly under $500,000
Definitions of affordable and inexpensive vary from area to area, but the most noticeable feature of this week’s new listings is that, but for 1 in Salem and 2 in Swampscott, they are all under $500,000.
New listings total 1 in Marblehead, 7 in Beverly, 17 in Salem and 6 in Swampscott.
Marblehead new listing
Beverly new listings
Salem new listings
Swampscott new listings
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.
Read Which broker shouuld I choose to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
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