Bizarre Open House activity
Last Sunday the temperature was in the single digits after the coldest night in 60 years. It was also the start of school vacation week in New England. And it was President’s Day weekend. And Valentine’s Day.
Being smart people, most real estate agents concluded that there was no point in holding an Open House.
But a bizarre thing happened. At one of the few Open Houses in Marblehead, 16 couples came through. At another there were 12. And both these houses were hosted by Harborside Sotheby’s International Realty (HSIR) agents.
There are two clear messages: buyers are out there, and HSIR agents really work hard for their clients – as well as having the best marketing plans. (more…)
When is the best time to buy or sell a home in Massachusetts?
We probably all “know” that the best time to sell a home is the spring or early summer, right? But is there evidence to back up that belief? This article provides the answer to the question: when is the best time to buy or sell a home in Massachusetts?
I looked at the median price of a Single Family Home (SFH) by quarter over the last 16 years. (Note that in all my reports, while sales numbers include all recorded MLS sales, median prices exclude distressed sales – foreclosures and short sales).
The highest price recorded each year is highlighted. This shows that in 14 of the 16 years the highest median price was recorded in Q3 – July to September. In the other two years the highest price was achieved in Q2, but in none of the years did Q1 or Q4 see the highest price.
The next table shows the same data but with the lowest quarterly price highlighted. Here we see that in 12 of the 16 years the lowest median price was seen in Q1 and in the other 4 years it occurred in Q4, but never in Q2 or Q3.
Let me summarize these in a table:
Conclusion
While the argument has always been made that the spring or summer is the best time to sell a house because that is when there are more buyers looking (hence, higher sales take place), the evidence here adds the additional information that the best prices are also achieved in the summer months.
Thus, as a seller one does indeed want to be ready to go to the market when the thermometer rises. Conversely, the best time to buy is :
In the bleak mid-winter
Frosty wind made moan,
Earth stood hard as iron,
Water like a stone;
Snow had fallen, snow on snow,
Snow on snow,
In the bleak mid-winter
Long ago.
Sounds a lot like today.
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 house?
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: “let’s be careful out there”
With the temperature likely to be in single digits today, I am reminded of the words of the desk sergeant in Hill Street Blues: “let’s be careful out there.” (more…)
Beverly 2015 Condo Market Review
This Beverly 2015 Condo Market review shows that sales jumped sharply in 2015 while the median price held steady.
Sales
Sales jumped 33% last year and were double the lows of 2009-2011, although still well below the highs of 2004 and 2007.
Beverly 2015 Housing Market Review
This Beverly 2015 Housing Review covers the Single Family Home (SFH) market. In 2015 sales increased 5% to tie the record level of 2004, while the median price improved 6% to a new record $403,000, topping the prior peak of $400,000 in 2004.
Sales
(more…)New listings go cold
New listings this week dropped with the temperature: (more…)
Massachusetts 2015 Condo Market Review
This Massachusetts 2015 Condo Market review shows that sales in 2015 were steady, while prices overall rose 3%. But – and it’s a big but – the inclusion of Boston in numbers for all 353 cities and towns in the State distort the result. In this report I break out Boston and show how the rest of the State fared in 2015.
Sales
Condo sales in Massachusetts have been steady for the last three years, but are still sharply down from the 2005 peak.
Median Price
It may appear surprising, at first blush, that the median price of a condo in Massachusetts should show a 20% increase over the 2005 level. There is a one word explanation: Boston.
The first chart shows just the overall condo market, while the second breaks out Boston and shows Massachusetts ex Boston. Removing Boston from the calculation reduces the increase since 2005 to 10%, while the median price in Boston has increased more than 50% in the same period.
Summary
The inclusion of Boston condos – the main market in the city – distorts the numbers for the State overall. Nevertheless, it is encouraging that the median condo price, excluding Boston, still reached a new paek level in 2015.
The Massachusetts economy remains strong – GE’s decision to relocate to Boston will only help – and mortgage rates are once again close to all-time lows.
Barring geopolitical disasters, the outlook for 2016 is for a gently improving market in Massachusetts.
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 should I hire 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
Lynn 2015 Housing Market Review
This Lynn 2015 Housing Market Review shows how far the market has recovered. In 2015 sales jumped 16% and the median price improved 9%, although both numbers remain below their 2005 peaks. The biggest improvement has been seen in distressed sales – foreclosures and short sales – which have plummeted from 34% of total sales as recently as 2011 to just 8% in 2015.
Sales
Distressed sales
The big drop in distressed sales means that non-distressed sales have almost doubled – from 257 in 2011 to 504 in 2015.
Median Price
The increase of 9% in 2015 took the median price back to within 7% of the 2005 peak.
2012 was unusual in that the highest price occurred in Q4 (it is normally in Q2 or Q3), this was an indication of an improving market.
ASR
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.
In Lynn in 2015 the ASR dropped from 83.2% to 81.7%. Although this is a small drop, it means that the median SFH sold at a 22% premium to its Assessed Value.
Summary
The dramatic increase in non-distressed sales over the last four years, coupled with improved prices, indicate that the Lynn market is well on its way to recovery.
The announcement that GE is relocating its corporate HQ to Boston is a reminder that GE built the first jet engine in Lynn., while as this post Lynn, Lynn, city of……. revitalization records there are plans for Lynn’s development.
All in all, the outlook is for continued improvement in the housing market in Lynn.
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 should 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
Massachusetts 2015 Housing Market Review
The Single Family (SFH) market in Massachusetts in 2015 saw a 10% increase in sales and a 3% increase in the median price, returning the latter to within 1% of the 2004 peak.
Sales
The 10% increase in 2015, all of which came in the second half of the year, took sales just above the prior peak in 2004.
Median Price
The median price increased a modest 3%, taking it to within 1% of the 2005 peak.
As is quite normal, the highest prices were achieved in Q2 and Q3.
Summary
While it is hard to draw meaningful conclusions from numbers covering 353 cities and towns, the overall picture is of a market that has largely returned to normal.
The Massachusetts economy remains strong – GE’s decision to relocate to Boston will only help – and mortgage rates are once again close to all-time lows.
Barring geopolitical disasters, the outlook for 2016 is for a gently improving market in Massachusetts.
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 should I hire 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
The Ice Dam cometh
With the temperature forecast to drop towards zero this weekend it might be a good idea to re-read This Old House’s article on Preventing Ice Dams to ensure that the Ice Dam cometh not to your house.
The article suggests 8 things to do – some are less complicated than others.
The good news is that after this weekend the forecast is for temperatures warming into the 40s. If you want a meteorologist’s explanation of this weekend’s cold snap (and no, it has nothing to do with the dreaded Polar Vortex), read David Epstein’s article Coldest air of the entire winter.
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 house?
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
Today’s Open Houses
A glorious day in New England to visit these Open Houses and take advantage of mortgage rates under 4% again.
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open Houses
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 should 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
What matters more – the number of sales or the price?
I read a report recently listing the 25 “hottest” real estate markets in Massachusetts, ranked by the percentage increase in sales. This raises the question: what matters more – the number of sales or the price?
One argument is that a big increase in home sales is a strong indicator that it is “becoming a sought-after location for homeowners”—in other words, a “hot” market.
So let’s look at 2015 and compare the hottest 25 with the State overall (note these numbers include SFHs, condos and multi-families, and are the median numbers):
There is always a wide range of price and sales increases or decreases, but I note that only 1 of the 25 hottest towns had an increase in double figures, while 5 recorded decreases in the median price.
Overall, the 25 hottest towns did somewhat better than the State, which is good news – especially for the real estate agents selling those extra properties.
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 should 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
New Listings this week
Here are this week’s new listings:
Marblehead new listings
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 should 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
Essex County 2015 Housing Market Review
The SFH market in Essex County continued its recovery in 2015, with the median price increasing by 3% and sales by 10%. Both numbers are just below their prior peaks.
Median Price
The median price increased 3% in 2015 and is now just 1% below the 2005 peak.
There are always quarterly fluctuations, but for the seventh year in a row the highest median price was recorded in Q3.
Sales
Sales have bounced almost 50% from their great recession lows and were almost back to the 2004 peak.
Summary
2015 was another solid year in the recovery of the housing market in Essex County. With the Massachusetts economy strong – and the pending move of GE to Boston can only help – and mortgage rates still below 4%, the outlook for 2016 is for another year of increasing prices, which will very likely reach a new high.
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 should 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
Recent Comments