Marblehead house sells for 35% above list price

Housing market slowdown? Tell that to Marblehead buyers.
A house listed at $1.5 million just sold for a tad over $2 million.
And in the Third Quarter overall two-thirds of the 74 Single Family sales in Marblehead took place above list price with more than a quarter at 10% or more above list price.

Inventory in Essex County
A market is traditionally deemed to be in equilibrium between buyers and sellers when there is enough supply to meet 6 months of demand (I actually think that number has been reduced by the speed with which buyers now become aware of new listings and are able to view them online, but 6 months is still the most quoted figure).
Here are the numbers for Essex County SF homes as of October 1:

Comment
Mortgage rates have doubled, the stock market has swooned, there is increasing talk of recession, etc, etc. And yet, there is no sign that the imbalance between buyers and sellers in Essex County has changed in the slightest.
I find myself wondering whether the spike in mortgage rates will be the latest factor in keeping supply in check, as homeowners are reluctant to give up their cheap mortgage rates and pay current rates if they buy a new home. (more…)