Housing Inventory plummets – no April Fool

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Inventory is sharply down compared with a year ago. In Essex County the number of Single Family Homes (SFH) for sale has dropped by 25%, while the number of condos available is down 28%. In Massachusetts as a whole the declines are 24% for SFHs and 19% for condos.

As to be expected, the biggest declines are at the lower ends but we are seeing shrinking inventory in most price brackets.

This report breaks down inventory by price for 5 North Shore towns, plus Essex County and Massachusetts.

Marblehead and Swampscott
The cheapest SFH for sale in Marblehead is $534,900 and in Swampscott $474,900. There are just 15 SFHs for sale in Marblehead under $750,000 and 10 in Swampscott. Thee are just 5 Condos for sale under $500,000 in Marblehead and 6 in Swampscott.

Housing inventory

Oliver Reports, MLS


 

Salem, Beverly and Lynn
There is a pretty consistent drop in inventory. The increase in Beverly SFHs in the $750,000 – $1 million range reflects new construction. There has also been a pick up in Salem condos in the $350-500,000 range.

Housing Inventory

Oliver Reports, MLS

Essex County and Massachusetts
And so also in both Essex County and Massachusetts: the decline in inventory has now reached up to higher price points.

Housing Inventory

Oliver Reports, MLS

Comment
As I keep saying: low inventory + strong demand + an improving economy is a recipe for higher prices. Now is a great time to sell and also to buy – if you can find a house that meets your needs.

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.

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer

@OliverReports

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