Essex County Third Quarter Report: A Strong Market

After passing $400,000 for the first time in 2016, the median price of the Single Family Homes (SFH) sold in Essex County increased 7% in the first 9 months of 2017 to a new record of $440,000. Sales were flat, a reflection of continuing low inventory.

The median price of the condos sold in Essex County increased by 10% over 2016 to a new high of $286,250, while sales were up 11%.  The condo market has seen a significant volume of new construction which, in general, occurs at higher prices, and these higher prices help to increase the median price overall.

Total inventory of SFH as of October 1 was down 14% from a year ago (and 33% from 2015), while condo inventory was down 25% (and also down 33% from 2015).

ESSEX COUNTY SFH
Through 9 months of 2017 the rate of increase in median prices has quickened compared with recent years.

Quarterly numbers in NEW England often show fluctuations. Note that Q4 has shown a drop in the median price from Q3, not just in the last few years, but in every year since 2000.


ESSEX COUNTY CONDOS
After three years of flattish prices, 2017 has seen a sharp increase of 10% YTD.

While quarterly fluctuations are the norm, the median price of condos sold in Essex County has increased for 7 quarters in a row.

INVENTORY
Total inventory of SFH as of October 1 was down 14% from a year ago (and 33% from 2015), while condo inventory was down 25% (and also 33% from 2015

Source: MLS, Oliver Reports

COMMENT
There is little new to say about the overall market in Essex County: strong demand and low inventory have led to rising prices. There are, however, wide variations from town to town as shown in this guide to Essex County town by town median prices.

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 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?

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

@OliverReports