May Housing Inventory: massive decline continues

Housing inventory for the 34 cities and towns of Essex County in pictures:

Single Family Homes

Condos

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

(Freddie Mac weekly survey)

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

“Party on, dude” says the Federal Reserve
Buyers are overpaying, but are there signs of a bubble?
Hello sub 3% mortgages – again
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
[email protected]

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
[email protected]
m. 617.834.8205
www.AndrewOliverRealtor.com
www.OliverReportsFL.com