Housing Inventory little changed in July

Housing inventory for the 34 cities and towns of Essex County in pictures. Note that not only are numbers low but that there was no pick-up in the spring/summer market:

Single Family Homes

Housing Inventory

Condos

Housing Inventory

Mortgage rates
After moving up for several weeks the 30-year Fixed rate Mortgage has dropped below 3% again. Note how cheap 15-year mortgages are for those who can afford the extra payment.

Comment
The market for the last year 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 now, with some properties selling for 15-20% above list price.

It’s not a bubble unless it pops
Hello sub 3% mortgages – again
Naples Housing Market Summary by Area
It’s 80 degrees in Florida…

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.OliverReportsMA.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

“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.”

Andrew Oliver
Sales Associate | Market Analyst | DomainRealty.com
REALTOR®

Naples, Bonita Springs and Fort Myers
Andrew.Oliver@DomainRealtySales.com
m. 617.834.8205
www.AndrewOliverRealtor.com
www.OliverReportsFL.com

 

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