Are Home Sales really booming?

I read a report recently saying that sales of Single Family Homes (SFHs) in Essex County in July jumped sharply compared with a year ago, although prices showed only modest gains.

I am always wary of one-month numbers – which is why I do not usually report them – so I have taken a look at sales for July (and August), the 4 months, May to August, which are the peak sales months of the year, and the year to date.

Here are the results for Essex County and for Massachusetts as a whole. While there was a spike in July, YTD sales in both Essex County and Massachusetts are up 7%.

Condos

I have also looked at condo sales for Essex County and Massachusetts.

Source: MLS, Oliver Reports

While the pattern is similar to that for SFH sales (the larger increase in August seems to reflect a low 2014 number), the increases are larger in Essex County than they are in Massachusetts overall.

Median Prices
Year to date median prices are flat to up slightly:

Source: MLS, Oliver Reports

Comment
I will publish in a later report the break down, town by town, in Essex County, but in general it would seem that after a slow start to the year (arctic winter) sales rebounded sharply in the summer months, while prices have been stable.

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.

Read Which broker should sell my home?</>

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

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