May Housing Inventory: massive decline continues
Housing inventory for the 34 cities and towns of Essex County in pictures:
Single Family Homes
After moving up for several weeks the 30-year Fixed rate Mortgage has dropped blow 3% again. Note how cheap 15-year mortgages are for those who can afford the extra payment.
(Freddie Mac weekly survey)
The market for the last year months has been characterised by the twin challenges of reduced inventory and increased demand, with buyers from Boston and beyond adding to local demand.
The housing market reflects the most basic economic equation: when demand exceeds supply, prices rise. In housing, that often results in bidding wars, as we are seeing frequently now, with some properties selling for 15-20% above list price.
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”
Sales Associate | Market Analyst | DomainRealty.com
Naples, Bonita Springs and Fort Myers