Essex County Q3 housing market: on track for new record

The median price of a Single Family Home (SFH) in the 34 cities and towns of Essex County rose 4% to $420,000 in the third quarter and was also up 4% to $410,000 for the first three quarters. The market is clearly on track to break the 2005 peak of $394,400.

Sales were also up 4% for the first three quarters, but that included a drop of 8% in Q3, reflecting a more than 20% drop in the number of houses for sale.

Q3 Median Price
The median price set a record high for the second quarter in a row.

Source:MLS, Oliver Reports

YTD Median Price
The median price YTD was also a record.

Sales
Sales were down 8% in Q3, but still up 4% YTD.

SFH For Sale
The number of houses for sale dropped slightly from 2014 to 2015 and more sharply from 2015 to 2016.

Source: MLS, Oliver Reports

Comment
The numbers for Essex County show the breadth of the housing recovery as 2016 looks certain to set a new high for the median SFH home.
As we have seen with individual town reports, the number of houses for sale has shrunk considerably over the last two years.
Low mortgage rates, an Essex County unemployment rate of just 3.6% and low inventory all point to a market where prices should continue to increase modestly.

If you are considering selling your home please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.

Not sure which broker to use to sell your home? Read  Which broker should I choose to sell my house?

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports