Now is The Time to buy a Luxury Home
The inventory of homes for sale in the luxury market far exceeds those searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer, or can be found at a discount.
With homes at lower price levels selling like hotcakes, this could be a great time to trade up and Buy a Luxury Home, as argued in Looking to move up to a Luxury Home.
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
Housing inventory: a town by town guide
The number of SFHs for sale in Essex County is down 16% from a year ago, while there are 28% fewer Condos for sale. In Massachusetts overall those numbers are declines of 24% and 19% respectively.
Here is a breakdown for each city and town in Essex County;
Single Family Homes (SFH)
Condos
Comment
The law of supply and demand is quite straight forward: if demand exceeds supply prices rise. With mortgage rates also expected to rise this year, buyers are demonstrating urgency. With so little supply, sellers are also able to ask higher prices.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Housing Inventory plummets – no April Fool
Inventory is sharply down compared with a year ago. In Essex County the number of Single Family Homes (SFH) for sale has dropped by 25%, while the number of condos available is down 28%. In Massachusetts as a whole the declines are 24% for SFHs and 19% for condos.
As to be expected, the biggest declines are at the lower ends but we are seeing shrinking inventory in most price brackets.
This report breaks down inventory by price for 5 North Shore towns, plus Essex County and Massachusetts.
Marblehead and Swampscott
The cheapest SFH for sale in Marblehead is $534,900 and in Swampscott $474,900. There are just 15 SFHs for sale in Marblehead under $750,000 and 10 in Swampscott. Thee are just 5 Condos for sale under $500,000 in Marblehead and 6 in Swampscott.
Salem, Beverly and Lynn
There is a pretty consistent drop in inventory. The increase in Beverly SFHs in the $750,000 – $1 million range reflects new construction. There has also been a pick up in Salem condos in the $350-500,000 range.
Essex County and Massachusetts
And so also in both Essex County and Massachusetts: the decline in inventory has now reached up to higher price points.
Comment
As I keep saying: low inventory + strong demand + an improving economy is a recipe for higher prices. Now is a great time to sell and also to buy – if you can find a house that meets your needs.
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
@OliverReports
New listings week of March 31
As the pace of new listings starts to pick up I am publishing new listings twice a week – on Wednesdays (most new listings come on the market on Tuesdays) and Saturdays at 8 a.m. Note that in this market, with multiple buyers of houses, buyers are advised to try to see houses during the week rather than wait for the weekend’s Open Houses as offers are often being received before the weekend.
Marblehead new listings
Swampscott new listings
Salem new listings
Beverly new listings
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you planning to sell? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
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