Swampscott Mid-Year Review: Prices hit new high
Reflecting the low level of inventory, sales of Single family Homes (SFHs) dropped sharply in the first half of 2017, but the median price increased by 10% to a new high for the first half of the year of $539,900 and is on track – finally – to surpass the 2005 peak of $517,300 for the full year.
For most of the year the number of condos for sale has been 5 or fewer and the number has only “jumped” to 9 because of the new Avery development. The median price in the first half increased 16% to a new high of $295,750, but in a small market with wide variation in prices the median price can reflect the type of condo sold in a particular time period. Nevertheless, 15 of the 37 Condo sales in the first half of the year took place above the list price, an indication of strong demand.
Single Family Homes (SFH)
Here is the chart of half-yearly median prices since 2012, followed by a table showing quarterly numbers.
In a seasonal (think winter) market with a limited number of sales, quarterly fluctuations can and frequently do occur (which is why I place greater emphasis on semi-annual and annual numbers)
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Sales
The shortage of inventory has caught up with sales.
SFH Sales by price
This table shows that the percentage of houses selling below $500,000 has declined in the last three years from 59% to 51% and now just 32%. Since the median price is that at which 50% of sales are higher and 50% lower, as the percentage dropped from above 50% to below it, so the median price has moved from under $500,000 to above it.
Current SFH Inventory
There are currently 5 SFHs for sale under $500,000 and a total of just 18 under $1 million. The biggest change compared with last year is the drop from 20 to 10 in the number for sale between $600,000 and $1 million.
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Condo Market
The condo market in Swampscott is small and varies from modestly priced developments around Vinnin Square to luxury oceanfront units. Those two factors can – and frequently – do cause swings in the recorded median price. The larger the sample the more reliable the number (the law of large numbers) so I place some confidence in the half-yearly number and most in the full year’s figure. Note also the breakdown in sales by price shown after the pricing information.
This table shows that the percentage of condos selling below $250,000 has declined in the last three years from 59% to 43% and now just 25%. Since the median price is that at which 50% of sales are higher and 50% lower, as the percentage dropped from above 50% to below it, so the median price has moved from under $250,000 to above it.
15 of the 37 Condo sales in the first half of the year took place above the list price, an indication of strong demand.
Current Condo Inventory
5 of the 9 condos currently for sale have just come on to the market at the new Avery development, which will add 42 units to the market.
COMMENT
It is no surprise that the combination of very low inventory, strong demand and low mortgage rates has finally pushed the median price of SFHs selling in Swampscott to a new high, with 20 of the 54 SFH sales taking place above list price. While the factors cited last, there is no reason to expect a change in the upward movement of 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
Open Houses July 16
What a glorious day to visit these Open Houses:
Here are the details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open Houses
Lynn Open Houses
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
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Marblehead house sells for $100,000 over list price
A consistent theme of this blog over the last two years has been that the combination of strong demand, shrinking inventory and low mortgage rates would inevitably lead to higher prices. And equally inevitably, if these conditions persisted while the local economy continued to be strong, bidding wars would break out from time to time.
To see how this pressure has been building in Marblehead, where a mantra of the market for years has been “no boom, no bust”, I looked at all MLS sales of Single Family Homes over the last 18 months, as shown in this table:
Over the last 18 months, 62 homes in Marblehead have sold above list price. Homes generally sell above list price when there is more than one buyer, so another way to put this is that there have been 62 unofficial auctions in the last 18 months. I have no doubt that at some point official auctions will become an accepted part of the local landscape as they are in so many other places.
Finally, back to the house which sold this week (and so is not included in my table) for $819,000 after being listed at $719,000. I imagine that most people when reading this will assume that the bidding wars have occurred at lower priced points in general. While that is true, I did come across one house which sold for $100,000 above its $1.3 million list price and another sold for $50,000 above its $1.4 million list price.
Read Marblehead Mid_Year Report: Onwards and Upwards for more details of the market in the first half of 2017.
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
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Live the Marblehead Dream in this House on the Beach: Price Reduction and Open House
Summer and it’s beach time. But if you live here you will already be ON THE BEACH. Price REDUCED $80,000 and Open House Sunday 12:00-1:30 at 46 Gallison Avenue, or call for a private showing. The website includes a video of the property – and of the views.
Can you imagine living here and waking up to this?
followed by this
and then this
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
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
New listings in Marblehead, Swampscott, Salem, Beverly and Lynn
The week’s new listings and current inventory:
Marblehead new listings
Swampscott new listings
Salem new listings
Beverly new listings
Lynn 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 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
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
$80,000 reduction on Marblehead House on the Beach
$80,000 Price Reduction on this wonderful Marblehead house on the beach.
It’s Summer and it’s beach time. But if you live here you will already be ON THE BEACH. The website 46Gallison.com includes a video of the property – and the views. Call me today on 617.834.8205 to schedule a private showing!
Can you imagine living here and waking up to this
followed by this
and then this
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
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
New Listings picking up
We are seeing a slight pick-up in new listings this week:
Marblehead new listings
Swampscott new listings
Salem new listings
Beverly new listings
Lynn new listings
Are you thinking of selling your home? If so 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.
Not sure which broker to use to sell your home? Read Which broker should I choose to sell my house?
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
Marblehead Mid-Year Report: Onwards and Upwards
Despite the low level of inventory all year, sales of Single family Homes (SFHs) were very similar to those of the previous 5 years, but the median price increased by more than 5% to a new high for the first half of the year of $628,000.
The condo market saw a slight increase in sales, while the median price, which declined 9% to $340,000, reflected a sharp increase in sales in the $250-350,000 range compared with 2016. Nevertheless, 10 of the 27 Condo sales in the first half of the year took place above the list price, an indication of strong demand.
Single Family Homes (SFH)
Here is the chart of half-yearly median prices since 2012, followed by a table showing quarterly numbers. Note that the median price has been higher in the second half of the year in each year recently. In fact, the second half has seen a higher median price in every year since 2000 except for 2010 and 2011.
In a seasonal (think winter) market with a limited number of sales, quarterly fluctuations can and frequently do occur (which is why I place greater emphasis on semi-annual and annual numbers).
Sales
With inventory being in short supply all year, it is perhaps surprising that sales have come in very close to the levels of the last few years:
SFH Sales by price
This table shows that the percentage of houses selling below $600,000 has declined in the last three years from 53% to 51% and now 44%. Since the median price is that at which 50% of sales are higher and 50% lower, as the percentage dropped from above 50% to below it, so the median price has moved from under $600,000 to above it.
Note also that the number of sales over $1 million dropped from 17 in both 2015 and 2016 to just 8 in 2017. There are, however, 20 SFHs currently under agreement with list prices over $1 million, so it appears that activity at the higher end has been picking up of late. We have already had the record MLS sale at $5.8 million and another house, listed at just under $6 million, has recently gone under agreement.
Current SFH Inventory
For the first time that I recall, inventory is lower in 2017 than it was last year in all price ranges. Hitherto, the feature of inventory has been the divergence between available houses under around $750,000 and supply above that price range.
The drop in supply is most acute in the $500,000-$1 million range. Between $500,000 and $750,000 there are just 12 houses for sale, down from 23 a year ago; and from $750,000 to $1 million, the number for sale has dropped from 19 to just 9.
Condo Market
The condo market in Marblehead is small and varies from old 2-3 family conversions to purpose-built oceanfront units. Those two factors can – and frequently – do cause wide swings in the recorded median price. The larger the sample the more reliable the number (the law of large numbers) so I place some confidence in the half-yearly number and most in the full year’s figure. Note also the breakdown in sales by price shown after the pricing information.
Last year almost 60% of sales were above $350,000, while this year 60% occurred below $350,000.
Current Condo Inventory
The main change in inventory is the sharp drop under $250,000.
COMMENT
While the median price of a SFH increased by nearly 6% in the first half to a new high of $628,000, there are signs that the median price increase may be accelerating. As of today there are just 8 SFHs for sale under $600,000. Furthermore, the median list price of the 53 SFHs sold so far in July (4) or pending (49) is $765,000.
The first half saw some dramatic bidding wars for houses, with 20 of the SFH sales taking place above list price.
For years I have reported that the market in Marblehead has shown steady, but unspectacular progress. The market here did not get carried away during the boom of the early 2000s nor did it collapse in the Great Recession. It will be interesting to see if the fervour moderates as we head into a traditionally slower selling seasons after July 4th.
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
Open Houses Sunday July 9
A glorious day coming up, perfect for visiting these Open Houses:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open Houses
Lynn Open Houses
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
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
New Listings week of July 7
Here are the week’s new listings:
Marblehead new listings
Swampscott new listings
Salem new listings
Beverly new listings
Lynn 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 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
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Housing Inventory really has fallen sharply
We know, in general, that housing inventory has dropped sharply in recent years. The following 4 charts show the detail: the first two for Marblehead, Swampscott, Salem, Beverly and Lynn; and the last 2 for Essex County and Massachusetts as a whole, for both SFHs and Condos.
Marblehead, Swampscott, Salem, Beverly and Lynn
(more…)
Yes Virginia, there are Open Houses today
The number of Open Houses may be quite small, but if you are interested in any of these houses you may face less competition than usual this weekend: (more…)
New Listings heading into the Fourth
Not for the first time this year, a quiet week for new listings: (more…)
Five Beach Towns where you can afford to buy a house
Sand and surf doesn’t have to cost seven figures. Here is a short MarketWatch video showing five beach towns where you can actually afford to buy a house:
Five Beach Towns where you can afford to buy a house.
(more…)
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