Essex County Mid-Year 2021 Market Report
The real estate market in Essex County continued to boom in the first half 2021 (H1 2021), with multiple offers the norm for most properties. The COVID-inspired slowdown in the second quarter of 2020 impacted sales – which were delayed – rather than prices. Thus, while Year- on- Year (YOY) increases in sales are from an artificially low base, the increase in median prices is real.
The median SFH price in H1 2021 broke through $600,000, just a year after reaching $500,000 for the first time.
In H1 2021 only 5 of the 34 cities and towns – Amesbury, Lynn, Methuen, Haverhill and Lawrence – had a median SFH price under $500,000, while 16 had median prices above $750,000. Every town except Middleton saw double digit increases YOY, while Marblehead was the only town where the H1 2021 median SFH price was lower than in H1 2020.
The median condo price increased more modestly, increasing by “only” 12.1% YOY to $379,000.
(more…)
Salem Mid-Year 2021 Market Report
The median price of Single Family Homes (SFH) sold in the first half of 2021 (H1 2021) rose12.9% from $472,850 to $534,000, confirming the breakout above $500,000 in H2 2020.
Sales dropped from 93 to 80 – the lowest figure since 2014 – with all the reduction in Q1.
80% of SFHs sold above list price in H1 2021, with 45% of sales (vs 8% in H1 2020) at 110% or more of list. (against 3% in H1 2020).. (more…)
Marblehead Mid-Year Market Report
The median price of the Single Family Homes (SFH) sold in the first half of 2021 (H1 2021) jumped 19.4% from the COVID-influenced $678,500 in H1 2020 to $810,000, although this was lower than the $839,900 in H2 2020. Sales of 104 units increased from 93 in 2020 and compared with the 5-year average of 96.
The share of SFHs selling above list price increased from 23% in H1 2020 in 62% in 2021, with 25% of sales at 110% or more of list – against none in H1 2020.
Sales over $1 million doubled from 18 in H1 2020 to 35 in H1 2021. While there were only 2 sales over $2 million in H1 2020, there were 7 in H1 2021, including 2 at $4 million and 2 at $5 million.
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Swampscott Mid-Year Market Report
The median price of Single Family Homes (SFH) sold in the first half of 2021 (H1 2021) increased 16.5% from $592,500 to $690,000, while sales increased from 59 to 68, exactly in line with the 5-year pre-COVID average.
Following 2 SFH sales over $2 million in H2 2020, there were 3 such sales in H1 2021. 3 out of 4 SFH sales took place over list price, with 28% of all sales (compared with 11% in H1 2020) at 110% or more of list. (more…)
New Listings week ending July 16
Here are the latest New Listings:
Click on these links for details: (more…)
Open Houses weekend July 17/18
More Open Houses this weekend. Because of the quirks of MLS properties with OH’s both days so not show up in both days’ lists but do if you click on the individual properties. I will publish Sunday’s tomorrow at 8 a.m.
Click on these links for details: (more…)
Is Inventory picking up at last?
There have been reports – including this chart from the Federal Reserve Bank of St. Louis – that housing inventory is finally increasing:
Has Inventory picked up recently in Essex County?
At first blush the answer may appear to be yes – note the sharp increase since the beginning of July: (more…)
New Listings on Bastille Day
Here are the latest New Listings as of Bastille Day:
Click these links for details: (more…)
Adjustable-Rate Mortgages Staging a Comeback
Applications for Adjustable-rate mortgages (ARMs) increased 12.5% year-to-year for the week ending June 18, according to the Mortgage Bankers Association (MBA), as the discount from the 30-year FRM has widened in recent weeks.
ARMs dropped in popularity after the 2008 financial crisis, but they are starting to reemerge as buyers contend with record high home prices. “The epic surge in home prices has people looking to save money on monthly payments anywhere they can,” says Matt Graham, chief of operations at Mortgage News Daily.
Source: Freddie Mac
New Listings week ending July 9
A few more New Listings after July Fourth:
Click on these links for details: (more…)
Open Houses weekend July 10/11
More Open Houses this weekend. Because of the quirks of MLS properties with OH’s both days so not show up in both days’ lists but do if you click on the individual properties. I will publish Sunday’s tomorrow at 8 a.m.
Click on these links for details: (more…)
$22 million House for sale in Beverly
A $22 million mansion has just hit the market in Beverly, listed by Douglas Elliman Real Estate. Built in the Georgian Revival style, the home boasts 28,000+/- square feet of beautifully appointed living space, with 11 bedrooms and 12 baths and sits on more than three meticulously landscaped, park-like acres.
Click $22 million listing and call to arrange a showing. (more…)
Manhattan real estate prices reach record as buying ‘frenzy’ takes hold
Manhattan real estate prices reached an all-time high in the second quarter, as buyers returned to the city and boosted demand for the largest, most expensive apartments, according to new reports.
The median resale price for Manhattan apartments hit $999,000 in the second quarter — the highest on record, according to a report from Douglas Elliman and Miller Samuel. Average sale prices rose 12% in the quarter, topping $1.9 million.
The price jumps and shrinking inventory suggest the Manhattan real estate rebound continues to gain momentum, as more families look to trade up to larger apartments and buyers look to take advantage of lower prices and low mortgage rates.
“It’s a sign of the frenzy and intensity of the market,” said Jonathan Miller, CEO of real estate appraisal firm Miller Samuel. “It’s rebounding much faster than most participants expected.” (more…)
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