Moving up the food chain

The spring market continues to build momentum, as activity is moving up the price brackets.

Let’s look at the sequence of events:
– A February snowy Sunday with the temperature below freezing. 30 people showed up at an Open House for a property listed in the low $400s and multiple offers were received.
– In March another house priced in the low $400s never reached the open market as four offers were received above the asking price.
– Last week a house priced at $600,000 sold in one day.
– Four houses listed in March between $725,000 and $875,000 had offers accepted in 5-20 days.
– This week one house listed in the low $900s and one in the $1,500s had offers accepted in less than a week.

And in the last ten days two condos listed at $389,000 and $425,000 had offers accepted in 1 and 2 days.

Here’s a list of what is available by price. The last column shows the median Days on Market (how long it has been listed for sale) for those properties still available.

First SFH:

Source: MLS, Oliver Reports

And now Condos:

Source: MLS, Oliver Reports

With activity moving up the price brackets, and record prices being achieved in Boston and some other high end communities, how long will it be before some of Marblehead’s high end properties start to see activity as well?