Pre-Labor Day Inventory drops

The drop in Single Family inventory before Labor Day, as sellers delay listing, was sharper than usual this year. We will get a better read on Inventory in the next couple of weeks.

Single Family Homes

 

Condos
Condo inventory continues to lag both 2020 and 2021 levels.

(more…)

Summer 2022 Market Review

Click on Summer Market Review to read the market review for the first 6 months of 2022,

This reports covers all 34 cities and towns in Essex County, with more detailed reviews of Beverly, Gloucester, Manchester-by-the-Sea, Marblehead, Rockport, Salem and Swampscott

And these recent articles: (more…)

August Inventory recovers to 2020 levels

There has been a sharp increase in the number of properties for sale in the last few months, taking SFH inventory back to 2020 levels:

Single Family Homes

 

Condos
The number of Condos available has also jumped, but in this case still remains a little below last year’s levels:

(more…)

Essex County Mid-Year Market Summary in 5 slides


And read these recent articles: (more…)

July Inventory shows welcome increase

There has been a sharp increase in the number of properties for sale in the last four months, but while this takes inventory of SFHs above the year ago level, it remains below that of 2020:

Single Family Homes

Housing Inventory

 

Condos
The number of Condos available has also jumped, but in this case still remains below year ago levels:

(more…)

Have Home Sales slowed?

Last week I published How quickly are houses selling? which showed that 88% of sales which closed in May received offers in 15 days or fewer.
But home sales are a lagging indicator, with May reported sales reflecting contracts agreed to for the most part in March. At the onset of COVID I started tracking the number of offers accepted on a weekly basis. This showed a sharp drop from mid-March 2020 which lasted only until early May, after which the number of accepted offers took off.
With all the publicity about the sharp jump in mortgage rates, the high level of inflation, concerns about a possible recession, etc. etc. one might have accepted to see a slow down in the number of accepted offers. This chart shows the weekly numbers YTD for 2021 and 2022: (more…)

New Listings mid-week June 8

A good number of New Listings again this week:

Click on these links for details: (more…)

How quickly are houses selling?

The following chart shows the percentage of sales each month where the offer was received in 15 days or less after listing:

 

Comment
Sales are a lagging indicator – May sales, for example, for the most part reflect sales agreed in March – but they do demonstrate the strength of demand – and the seasonality of the market in New England. I shall publish an article tomorrow showing the number of Accepted Offers week by week to show the level of current activity. (more…)

June Housing Inventory: still way below 2020 levels

There has been a sharp increase in the number of properties for sale in the last three months, but while this takes inventory of SFHs above the year ago level, it remains well below that of 2020:

Single Family Homes

 

Condos
The number of Condos available has also jumped, but in this case still remains below year ago levels:

(more…)

May Housing Inventory shows some improvement

There has been a sharp, seasonal increase in the number of properties for sale in the last two months, but this only brings the available inventory back to around last year’s levels and well below that of 2020:

Single Family Homes

Housing Inventory

 

Condos
The number of Condos available has also jumped, but in this case still remains below year ago levels:

(more…)

400 groups view $1 million property in 4 days

Are potential buyers suffering buyer fatigue and withdrawing from the search? Well, not according to this recent example where a staggering 400 groups viewed a $1 million listing in Wenham in 4 days.
The only reaction is…. wow! Wow indeed.