June Housing Inventory: still way below 2020 levels
There has been a sharp increase in the number of properties for sale in the last three months, but while this takes inventory of SFHs above the year ago level, it remains well below that of 2020:
Single Family Homes
The number of Condos available has also jumped, but in this case still remains below year ago levels:
The 30-year Fixed Rate Mortgage fluctuated around 3% for most of 2021. The Fed appeared to many commentators (read my “Party on, dude” says the Federal Reserve posted in March 2021) to be taking an overly optimistic view about inflation; its policy reversal late in 2021 sparked a jump in the crucial 10-year Treasury yield and hence in mortgage rates. With inflation continuing to soar well beyond the Fed’s preferred 2%, interest rates have climbed in 2022, driving mortgage rates to a 10-year high. There has, at least, been some easing in the last couple of weeks.
With inventory still low the supply demand imbalance remains more of a factor than higher mortgage rates, especially at the higher end where many buyers are paying cash. Two recent sales indicate the continuing strength of the market: a house in Marblehead, listed at $3.2 million, which sold for $3.8 million; and one in Swampscott, listed at $895,000 and sold for $1.25 million.
And read these recent articles:
Free Property and Mortgage Fraud alert notification for homeowners
Marblehead Neck Oceanfront New Listing
Swampscott House on over 1 acre with HUGE potential
Why This Housing Market Is Not a Bubble Ready To Pop
Can the Federal Reserve prevent a Recession?
How Marblehead’s 2022 Property Tax Rate is calculated
Essex County 2022 Property Tax Rates: Town by Town guide
Essex County 2022 Commercial Property Tax Rates: Town by Town guide
Guide to Buying and Selling in Southwest Florida
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of Oliver Reports . 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, Sale, Beverly, Lynn and Swampscott.”
Andrew Oliver, M.B.E., M.B.A.
Market Analyst | Team Harborside | teamharborside.com
Real Estate Advisor