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.
Source: MLS, Oliver Reports
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.
Source: MLS, Oliver Reports
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:
Source:MLS, Oliver Reports
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
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
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