Beverly Q3 2019 Housing Market Summary
[Click Beverly Q3 2019 Housing Market Summary to download a copy of this report.
Single Family Homes (SFH)
After 8 consecutive quarters in 2017-18 in the $450,000-$475,000 range, the median price of Single Family Homes (SFH) sold in the first 9 months of 2019 (YTD Q3) jumped 10.3% to $520,000. Sales, however, were the lowest since 2012.
Condos
The median condo price YTD jumped 18.1% to $339,000, but was similar to the 2017 level of $340,000. While the drop in 2017 was caused by the end of sales at Elliott Landing, the increase in 2019 in both median price and sales seems to be more a reflection of strong buying interest in Beverly generally rather than any one new development.
NB Numbers in bold represent record levels. Sources: MLSPIN, OliverReports.com
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.OliverReports.com
www.TeamHarborside.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
Beverly Mid-Year 2019 Housing Market Summary
[Click here to download a copy of the this report.]
Single Family Homes (SFH)
After 8 consecutive quarters in the $450,000 -$475,000 range, the median price of Single Family Homes (SFH) sold in the first half of 2019 (H1 2019) jumped 10% to $520,000, while sales dropped 15%.
Condos
The median condo price jumped 23.2% to $345,000, but was below the 2017 level of $365,000. The fluctuations are largely caused by the number of higher-priced sales at Elliott Landing: 31 in 2017 (new construction), 1 in 2018 and 7 in 2019 (resales).
NB Numbers in bold represent record levels
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.OliverReports.com
www.TeamHarborside.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
Housing Supply by Price in North Shore Towns
Conventional wisdom is that a market is in equilibrium between buyers and sellers when the current inventory represents 6 months of sales. Currently, as shown in the tables below, the overall inventory of Single Family Homes (SFH) in the 34 cities and towns of Essex County represents just 3.1 months of supply, indicating that the market still favours sellers.
But overall numbers can disguise large differences in supply at different price points. The first table shows two supply numbers: in Marblehead, Swampscott and Beverly for prices under $750,000 and for prices above that level; in Salem, Lynn and Essex County overall the numbers are for prices under $500,000 and for prices about that level.
Notice how supply increases dramatically at higher price points. The following tables for individual towns break down that supply further.
Marblehead
The market comes into equilibrium above $600,000 and favours buyers above $1.5 million. Note that generally higher priced houses take longer to sell and also often see higher sales in summer months. (more…)
Housing Inventory by Price in North Shore towns
While conventional wisdom holds that a market is in equilibrium between buyers and sellers when the current inventory represents 6 months of sales, that overall number masks major differences which occur at different price points.
The tables below show the position by price for Essex County overall and for Marblehead, Swampscott, Salem, Beverly and Lynn.
Essex County
The table below breaks down supply at different price levels for Essex County overall.This shows that the dynamic between sellers and buyers changes as prices go above $750,000.
Beverly Q1 2019 Housing Market Review
[Click Beverly Q1 2019 Housing Market Review to download a pdf of this report.]
The median price of the Single Family Homes (SFH) sold in Q1 2019 increased 15% compared with Q1 2018 to $525,000, the first time Beverly has recorded a quarterly median price above $500,000. Sales of SFHs, however, dropped from 53 to 37. (more…)
Beverly 2018 Housing Market By The Numbers
[Click here to download a copy of this report.]
Single Family Homes (SFH)
After increasing by almost 25% over the three previous year, the median price of the SFHs sold in 2018 was virtually unchanged from 2017. Of note was the consistency of pricing throughout the year. Sales continued to decline from the 2016 peak.
Condos
The median price of condos sold in recent years has been distorted by the 65 sales at Elliott Landing, with a median price over $500,000, between Q4 2016 and Q3 2017. Since then the median price has mostly been in the $280,000-290,000 range.
Andrew Oliver
Realtor, Sagan Harborside
Sotheby’s International Realty
www.andrewJoliver.com
www.OliverReports.com
Tel: 617.834.8205
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Beverly Q3 Report: Market Stable
(Click here to download a copy of this report.)
After the sharp rise of recent years, the median price of the 229 SFHs sold in the first 9 months of 2018 was essentially flat, as it has been for the past 7 quarters. (Numbers in bold represent record levels). (more…)
Housing inventory: what a difference price makes
Yesterday’s report Housing inventory: town by town guide showed that the overall supply of Single Family Homes (SFH) in Essex County was 2.8 months, whereas a market is regarded as being in equilibrium between buyers and sellers when there is 6 months of supply.
But as this report shows, an overall figure for supply can hide enormous variations at different price points. While it is natural that because there are fewer buyers at higher price points houses at these levels take longer to sell, this report quantifies the supply at different price levels in Marblehead, Swampscott, Salem, Beverly and Lynn.
Whether you are a buyer or a seller, it is important to understand the supply today at your price point. For further information, please contact your Sagan Harborside Sotheby’s International Realty agent.
Sagan Harborside Sotheby’s International Realty
www.SaganHarborside.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Beverly Housing Market Mid-Year 2018 Review
Click here to download a PDF of this report.
The median price of the Single Family Homes(SFH) sold in Beverly in the first half of 2018 was slightly lower than in 2017, a year which saw a sharp increase.
Since breaking $400,000 in 2015, the median price has increased sharply, with the usual quarterly fluctuations.
SFH Sales
Sales were in line with recent years.
SFH Sales by price
The percentage of sales under $400,000 was 44% in 2016 and 25% in both 2017 and 2018.
SFH For Sale
The biggest drop in inventory is in the $600,000-$1 million range, where the number for sale has dropped from 21 in 2016 to just 7 in 2018.
Condos
The apparent roller-coaster in the median price is explained by the development at Elliot Landing. Between Q3 2016 and Q2 2017, some 50 condos sold at a median price in excess of $500,000. The end of such sales has returned the median price to under $300,000.
Condo Sales
Note that the number of sales over $500,000 dropped from 26 in 2017 to just 2 in 2018, reflecting the completion of sales at Elliott Landing
Condos for sale
There is a similar story with condos for sale, with the number over $500,000 dropping from 28 in 2016 to 6 in 2018.
Summary
The pattern of SFH sales was very similar in the first half of both 2017 and 2018, coming after the market has been strong in recent years, especially since breaking through the $400,000 barrier.
Significant new developments in Essex County are usually of condominiums and usually for higher-priced units than the existing stock, which is why the median price can be distorted during times of large numbers of new sales. We saw this in Beverly with Elliott Landing and the same phenomenon is occurring now in Swampscott with the sales of condos at The Avery.
Sagan Harborside Sotheby’s International Realty
www.SaganHarborside.com
Beverly 2017 Housing Market Review
(Click here to download a copy of this report).
The price of the SFHs sold in Beverly in 2017 rose 6.9% to a new high of $470,000, taking the two-year gain to 16.5%. As with many markets, sales were down, reflecting the shortage of inventory.
OliverReports.com
The impact of rising prices can be seen in the huge drop in sales under $400,000 and increases above that price.
Condos
The median price of the condos sold in Beverly in 2017 increased nearly 15%, breaking through $300,000 for the first time. The biggest factor was that in late 2016 and the first 9 months of 2017 there were some 65 sales in MLS at Elliott Landing at a median price of just over $500,000.
Andrew Oliver
www.OliverReports.com
[email protected]
617.834.8205
Beverly Q3 2017 Housing Market Report
Click here to download a pdf of this report.
Beverly has been a hot market in recent years. The median price of a Single Family Home (SFH) first broke through $400,000 in 2015 and in the first 9 months of 2017 increased by 6%. Sales were down a little from last year but in line with the average of the last 5 years. (more…)
Essex County Condo Market: very little supply at lower prices
This report compares the supply of condos available for sale now compared with the last two years in Essex County overall, together with the individual markets of Salem, Beverly and Lynn, the three largest condo towns nearby. Because sales are not always reported promptly in MLS, my reports on median prices in these markets will be published next week.
Essex County
The number of condos for sale throughout the 34 cities and towns of Essex County has dropped by 25% over the last year and by one-third compared with 2015. As we shall see – and as one would expect – the drop in supply is most marked at lower prices.
Source: MLS, Oliver Reports
The number of condos for sale under $250,000 has plunged over the last two years from 280 to 179 to just 107. There has been a smaller drop in the $250-350,000 range, and above that the numbers are fairly flat.
Salem
The Salem condo market continues to be very active, while the number of condos for sale has dropped 60% over the last two years.
The story by price mirrors that of Essex County overall: a huge drop under $250,000; a large drop in the $250-350,000 range; and stable above that price. And there is activity at the higher prices: through 9 months Salem saw 101 condo sales above $350,000, yet there are currently just 12 for sale.
Beverly
The statistics for the condo market in Beverly are slewed by the 73 condos at Elliott Landing which came to the market starting in the spring of 2016. Now that these have been sold, the number of condos for sale has dropped back sharply.
Because of the impact of Elliott Landing, where condos sold for between $330,000 and $800,000, it is more relevant to compare today’s inventory with that of two years ago. We see that there are almost no condos under $250,000 and a small increase in the $250-350,000 range.
Lynn
The number of condos for sale in Lynn has also dropped sharply over the last two years.
The median price of the condos sold in Lynn has been close to – but never exceeded – $200,000. Until 2017, when the median price for the first 9 months reached $220,000. There are currently just 9 condos for sale in Lynn below $200,000 – down from 37 two years ago.
Comment
Further comment seems almost superfluous: the condo market in Essex County has been extremely active. Low supply and continued strong demand inevitably lead to higher prices. Preliminary numbers show that the median price throughout Essex County increased 10% in the first 9 months of the year. Check back for the full report next week.
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].
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
Beverly Mid-Year Review: By The Numbers
Beverly is seeing a lot of new construction, particularly in the condo market, and as new construction is generally of higher-priced properties, this construction moves the median price of homes sold upwards.
The median price of a Single Family Home (SFH) increased 8%, while sales dropped back from the 2016 level.
Oliver Reports, MLS
The most significant factor affecting the condo market in the last year has been the new Elliott Landing development of 73 higher-priced condos – of which just 6 remain for sale. The impact of Elliott Landing was evident in the second half of 2016 and the first half of 2017.
Oliver Reports, MLS
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?
Please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Beverly 2016 Housing Market by the Numbers
The Beverly housing market sizzled in 2016. The median price of a Single Family Home (SFH) jumped 9% to a new record high on a 5% sales increase. While the median price of all condos sold soared 17%, the increase would have been a still strong 11% without the impact of 25 sales at the new Elliott Landing. (more…)
Huge jump in Mortgage Loan Limits
Home buyers in Essex County and Suffolk County received a major boost this week with the announcement that the limit for conforming mortgages was being increased by 18% from $523,250 to $598,000.
For a buyer putting down 20% the price of a home that can be financed conventionally – meaning that it can be sold to Fannie Mae or Freddie Mac – jumps by almost $100,000, from $654,063 to $747,500.
This table shows the trend in the last few years: (more…)
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