Marblehead, Swampscott October sales still mostly above List Price

With all the chatter about home prices nationally declining or about to decline, October sales in Marblehead and Swampscott seem to be saying NIMBY – not here please.

Marblehead
12 of 19 SFH sales in October were at or over List price, with 2 sales at 35% and 36% over list:

Swampscott
5 of 10 SFH sales in October were at or over List pice

Comment
While sales continue to be strong – and often strongly above list price – it is interesting to note that 8 of the 19 SFHs currently available for sale in Marblehead have had price reductions, while 4 of the 11 in Swampscott have also seen price cuts – or “adjustments’ or “improvements” as we like to call them.
Notably also, the inventory of SFHs for sale in Essex County has not seen the usual seasonal decline so far, an indication perhaps of the consequences of the doubling in mortgage rates this year, with buyers reluctant to pay the much higher rates – and sellers reluctant to move and surrender their low-rate mortgage.
As we approach Thanksgiving and the holiday season, I suspect both buyers and sellers – unless their need is urgent – may decide to focus on planning time with their families and friends – and then take another look at the housing market in 2023. (more…)