SWAMPSCOTT 2023 MARKET REPORT and 5-YEAR REVIEW

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Swampscott’s focus on controlling its expenditures and hence the property tax rate has brought increased buyer interest in recent years, with two-thirds of all sales in 2023 being at or above list price.
As elsewhere, the shortage of inventory was a major factor in both price increases and the speed of sales in 2023, despite the more than doubling of mortgage rates.

Fluctuations in median prices can and do occur from quarter to quarter, based upon those properties which actually sell, which is why the trend is more important than the exact numbers. Go HERE to download a copy of this report.
If you are thinking of selling, please contact me for a current market analysis for your property.

This report analyses the Median Price and Sales per quarter since 2019, along with the Sales by Price point, Price per Sq.Ft., and the Days properties were on the market before receiving an offer (DTO). (Median numbers are used in all calculations.)

Median Price and Sales
The median price of the Single Family homes sold in Swampscott increased 45% from $590,000 in 2019 to $855,000 in 2023. Sales were steady from 2019 to 2021, but dropped in 2022, and again, sharply, in 2023.

The median price of the Condos sold increased by 28% from $345,000 in 2019 to $440,000 in 2023, with sales following a similar pattern to that for SFHs.

Single Family Sales by Price
Another way to look at sales is the distribution by price. In 2019, 54% of Single Family sales were under $600,000, and by 2023 that had dropped to 21%. Conversely, the share of sales over $1 million went from 10% to 34% in the same period. Note that, while the number of sales was lower in 2023, the number of sales across prices was more equal than in prior years.

Condo Sales by Price
In a small Condo market, with a wide range of sale prices, median prices can fluctuate widely. The share of sales under $400,000 almost halved from 70% in 2019 to 38% in 2023, while the share over $500,000 more than doubled from 14% in 2019 to 35% in 2022, before declining to 12% in 2023, highlighting the fluctuations that can occur.

Price per Sq Ft (PSF) and Speed of Sales (Days to Offer Accepted – DTO)
PSF is another way to look at sales. For SFs the increase was 37% from $289 in 2019 to $396 in 2023; for Condos 28% from $294 to $339.
Since the start of the pandemic, sales have been very quick, with 7 days until an offer was accepted the norm for both SFHs and Condos. 2023 saw a modest slowdown in the pace of SF sales.

CURRENT INVENTORY
Inventory is always low at the start of the year, but this year’s level is extreme – just 2 Single Family Homes and 3 Condos in the whole of Swampscott as of January 27.

And these recent articles:
MARBLEHEAD 2023 MARKET REPORT and 5-YEAR REVIEW
SWAMPSCOTT 2023 MARKET REPORT and 5-YEAR REVIEW
 Marblehead FY 2024 Property Tax Explained
 Why Mortgage Rates will fall in 2024
 How a tax break of up to $3,200 can help heat your home more efficiently this winter
 Conventional Mortgage Loan Limits increased for 2024
 INFLATION and RECESSION UPDATE
 Most Sales Still Over List Price
 Core Inflation Prices Barely Budged in August

Two More Ways the Mortgage Market differs from 2007/2008
November Inventory down 60% from 2019
Credit Score Change Could Help Millions of Buyers
2 of Every 25 U.S. Homes Worth at Least $1M

Economic and mortgage commentary
Two signs Inflation is Slowing
What drives Mortgage rates in one chart
How Marblehead’s 2023 Property Tax Rate is Calculated
Essex County 2023 Property Tax Rates: Town by Town guide
Why Mortgage Rates Will Fall
Two More Ways the Mortgage Market differs from 2007/2008
Market Reports
 Essex County 2022 Housing Market Review
Essex County Town by Town Guide: 2022 Median Prices and Sales; 2023 Tax Rates

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 [email protected].

Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
REALTOR®

m 617.834.8205

www.OliverReportsMA.com

“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.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.”
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