New Listings mid-week May 24

Just a handful of New Listings heading into Memorial Day:

Click on these links for details:

Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings

Here are the latest Inventory numbers: (more…)

May Inventory shows no improvement

No spring boost for Inventory so far.

Single Family Homes


Mortgage rates

The 30-year Fixed Rate Mortgage fluctuated around 3% for most of 2021. The Fed appeared to many commentators (read my “Party on, dude” says the Federal Reserve posted in March 2021) to be taking an overly optimistic view about inflation; its indication of a policy reversal late in 2021 sparked a jump in the crucial 10-year Treasury (10T) yield  and hence in mortgage rates. With inflation continuing to soar well beyond the Fed’s preferred 2%, interest rates climbed in 2022, driving mortgage rates to a multi-year high.
As inflation appeared to slow, so the yield on 10T dropped, leading to a drop in the FRM of 1% in early 2023. Inflation, however, remains stubbornly high – and the labour market stubbornly strong- causing interest rates and the FRM to move up again, before the crises at a number of banks drove Treasury yields – and hence the FRM – lower again.
In recent weeks the FRM has been mainly in the 6.25-6.5% range.

And these recent articles:

Economic and mortgage commentary
Federal Reserve increase rates; Mortgage Rates drop (more…)

April Inventory shows little improvement

While there has been a slight uptick in inventory at the beginning of April (and spring we hope), it is less than half the 2020 levels.

Single Family Homes

Condo inventory has followed a similar pattern:

Mortgage rates (more…)

Why aren’t boomers selling?

Baby boomers are booming, but they’re just not going to hit the residential real estate market the way some experts thought they would, according to Selma Hepp, chief economist for CoreLogic, a property data analytics firm.

“A few years back, we certainly heard about this cohort of people turning 65, and some said that there would be all this inventory of homes for sale,” Hepp said. “But we haven’t seen any of that happening yet. If anything, inventories are at historic lows and continue to decline year over year.”

She said one reason seniors are staying put is that home prices in some areas are about 40 percent higher than they were before the pandemic, and interest rates are soaring. Also, seniors are healthier than ever and staying in their homes longer, she said.

Instead of a wave of properties flooding the market, it will be more like a trickle. (more…)

Essex County 2022 Annual Report

2022 Essex County Annual Report
Detailed report on all 34 cities and towns in Essex County for 2022.

And these recent articles:

Economic and mortgage commentary
What drives Mortgage rates in one chart (more…)

Salem 2022 Housing Market Review

Single Family Homes (SFH)

The SFH Median Price increased 9% in 2022. Sales were higher than in 2021, but otherwise were the lowest since 2012.

The share of sales over $600,000 increased from 40% in 2021 to 56% in 2022, driving the median price for the year to over $600,000. There were 11 sales over $1 million in 2022, up from 6 in 2021.

Condos (more…)

Essex County Town by Town Guide: 2022 Median Prices and Sales; 2023 Tax Rates

Here is a town-by-town guide to 2022 Median Prices and Sales, together with 2023 property tax rates.

Read February Inventory as low as this weekend’s temperature

And these recent articles:
Economic and mortgage commentary
How Marblehead’s 2023 Property Tax Rate is Calculated
Essex County 2023 Property Tax Rates: Town by Town guide
Lies, Damned Lies and Inflation “Statistics”* (more…)

November Inventory stays high

Inventory numbers usually drop as we head towards the winter months, but this year the level of SFH inventory has remained steady so far.

Single Family Homes


Condo inventory has also been steady, although this brings the level back only close to last year’s level.