New Listings mid-week January 29
These are the most recent new listings: (more…)
Twenty Questions with Marblehead’s Assessor
The FY2020 (July 1, 2019 – June 30, 2020) tax rate has been set at $10.39, down from $10.74 in FY2019. While the median single family (SFH) assessment increased 7.0%, or $44,000, to $674,000, the median SFH tax bill increased by half that – 3.5% – or $236, to $7,003. The commercial rate has once again been set at the same level as the residential rate.
Note that the tax rate includes the cost of debt exclusions (mainly for school construction and items like the new transfer station) voted by residents. Debt service accounts for $0.98 of the 2020 tax rate, down from $1.02 in 2019. Excluding the cost of debt service, the tax rate fell from $9.72 to $9.41.
Marblehead’s 2020 tax rate will again be the second lowest of the 34 cities and towns in Essex County. The highest rate in Essex County belongs to Wenham at $18.94; the lowest Rockport at $10.10; and the median is $13.68.
Approximately 75% of Marblehead’s revenue comes from property taxes. (more…)
Open Houses Sunday January 26
Sunny and mild – perfect weather to visit these open Houses: (more…)
8 Kitchen and Bathroom Trends for 2020
Dark colors, transitional style and personalization were featured at Design & Construction Week, held in Las Vegas this week.
[houzz=https://www.houzz.com/ideabooks/130559031/list/8-kitchen-and-bathroom-trends-from-kbis-and-ibs-2020 w=380]
Will house prices continue to rise in 2020?
Are You Thinking of Selling in 2020?
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Open Houses weekend January 25/26
Here are the currently posted Open Houses for this weekend. Remember to check back tomorrow at 8 a.m. for an updated list for Sunday. (more…)
Will house prices continue to rise in 2020?
Many years ago, during my investment banking career, I hired a young analyst to write a report on a very successful company, which had grown earnings for 12 years in a row. This analyst wanted to downgrade the shares because: “they have been growing for 12 years and cannot continue to grow.”
Needless to say (I hope) I changed the conclusion on the report.
Why is that relevant to the housing market outlook for 2020? The market has seen annual increases since 2010, so it has risen for the last 9 years. So it can’t continue, right?
Well, why not?
I have often written about the law of supply and demand.
According to the National Association of realtors (NAR): “Total housing inventory at the end of December totaled 1.40 million units, down 14.6% from November and 8.5% from one year ago (1.53 million). Unsold inventory sits at a 3.0-month supply at the current sales pace, down from the 3.7-month figure recorded in both November and December 2018. Unsold inventory totals have dropped for seven consecutive months from year-ago levels, taking a toll on home sales.”
Meanwhile: the median existing-home price for all housing types in December was up 7.8% from December 2018, as prices rose in every region. November’s price increase marks 94 straight months of year-over-year gains. “Price appreciation has rapidly accelerated, and areas that are relatively unaffordable or declining in affordability are starting to experience slower job growth,” Yun said. “The hope is for price appreciation to slow in line with wage growth, which is about 3%.”
In Essex County, the inventory of Single Family Homes (SFH) for sale, after declining for several years, increased Year-on-Year from August 2018 to June 2019. But since then inventory has declined and that declined has accelerated:
And the supply makes availability nationally seem like an abundance:
Recently, one of my sons was badly injured in a fall while hiking in Nepal. My younger son flew out to be with him. Each day we got medical updates which were full of information. My younger son would ask what his condition was and was told still critical. “That’s all that matters,” he said, “the rest is just noise.”
At the end of 2018 in an article entitled Is a recession coming soon? I concluded by saying this:
“At the moment it (consumer confidence) is intact. As long as that remains so the likelihood for 2019 is a slowing, but still growing, economy and a stable housing market.”
And earlier: “While the increase in the Fed Funds rate has been getting a lot of publicity very recently, the Fed has actually been raising rates – and indicating that it planned to continue to do so – for 3 years, with the first increase coming in December 2015.It could be argued that the more rapid increase in rates this year has been in response to the major stimulus from the tax cuts earlier in the year. It could further be argued that, on the evidence so far, the Fed has been successful in helping to slow growth to a sustainable level, thereby curbing inflationary pressures which would necessitate even higher interest rates.”
There has been a lot of noise over the last year. A lot. But the economy remains strong: not super strong but chugging along quite nicely. With low unemployment, low mortgage rates and low inventory, the law of supply and demand will continue to apply and suggest that house prices, which grew faster than I had expected in the second half of 2019 as supply dwindled again, will continue on the upward path of the last 9 years.
Read Are You Thinking of Selling in 2020?
Andrew Oliver
Realtor, Sagan Harborside
Sotheby’s International Realty
www.OliverReports.com
www.andrewJoliver.com
Tel: 617.834.8205
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
New Listings week ending January 24
Here are the New Listings over the last week:
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
and click Other towns to check new listings in any Massachusetts town.
Andrew Oliver
Realtor, Sagan Harborside
Sotheby’s International Realty
www.andrewJoliver.com
www.OliverReports.com
Tel: 617.834.8205
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
New Listings mid-week January 22
These are the most recent New Listings:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
and click Other towns to search any town in Massachusetts.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Can a 97-Year-Old Still Get a 30-Year Mortgage?
Older Americans may not realize that they can still qualify for a mortgage, as the Equal Credit Opportunity Act forbids discrimination in the mortgage market on the basis of age. According to this NAR article 97-year-olds older borrowers are eligible to get loans that will expire even up to their 130th birthdays.
According to the Federal Housing Finance Agency, borrowers over the age of 65 comprise about 10% of all mortgages that are originated each year, and
more lenders are trying to promote to retirees that they can still qualify with special lending programs geared to them.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Lynn 2019 Housing Market Summary
[Click here to download a PDF of this report.]
Single Family Homes (SFH)
The median SFH price increased 9.2% to $385,000 in 2019, up from $352,500 in 2018, and up almost 30% since first reaching $300,000 in 2016.
Condos
The median sales price increased 12.4% to $281,000 from $249,900 in 2018, taking the gain to 44% since 2016.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Are You Thinking of Selling in 2020?
If you are thinking of selling in 2020 these are some of the questions you should be asking:
What is a realistic expectation of the price I will get?
How long will it take to sell my house?
What is the best marketing plan to get maximum exposure for my house?
Team Harborside of Sagan Harborside Sotheby’s International Realty is one of the top performing real estate groups North of Boston. Since 2009, Team Harborside has represented buyers, sellers, and investors, in transactions totaling over $350,000,000.
Contact me to arrange a meeting to discuss how Team Harborside can help you achieve your goals in 2020.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Open Houses Sunday January 19
A bright and warmer day ahead for these Open Houses:
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open Houses
Lynn Open Houses
And click Open Houses to search any other town in Massachusetts.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Essex County 2019 median home prices: a Town by Town guide
[Click here to download the table listing towns in alphabetical order, and here to download the table showing towns from highest to lowest median price.]
Overall, in the 34 cities and towns of Essex County, the median Single Family Home (SFH) price increased 3.9% to $475,000 in 2019, while sales were up 2.7%. Both were new record highs.
The table below shows the median price for each town for the last 3 years, with the percentage change in 2019. It also compares sales for the last two years.
Note that a small number of sales can lead to price fluctuations. In general, the larger the number of sales, the more reliable is the median price.
While the overall median price in Essex County was $475,000, only 12 of the 34 cities and towns had median prices below this level, while 22 had median prices above $475,000. The reason for this is that the median price for the the County is calculated by taking all 6,000 plus individual property sales, and many of the towns with a large number of sales are in communities with lower prices.
Calculating the median price for Essex County using towns – i.e. the median price of 34 numbers – rather than individual sales produces a median price of $584,500.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Essex County 2019 Housing Market Summary
[Click here to download a PDF of this report.]
Single Family Homes (SFH)
The median price of the Single Family Homes (SFH) sold in the 34 cities and towns of Essex County in 2019 increased 3.9% to a new record $475,000. The pace of gain increased in H2. Sales increased 2.7%, just reaching a new high.
Condos
The median price of Condos/Townhomes sold in 2019 increased 6.7%, to $320,000. Sales increased 1.8%.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Top 5 Dos and Don’ts for Staging a Home
Tips from HGTV’s The Stagers
Top 5 Dos
Top 5 Don’ts.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
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