Swampscott’s focus on controlling its expenditures and hence the property tax rate has brought increased buyer interest in recent years, with two-thirds of all sales in 2023 being at or above list price.
As elsewhere, the shortage of inventory was a major factor in both price increases and the speed of sales in 2023, despite the more than doubling of mortgage rates.

Fluctuations in median prices can and do occur from quarter to quarter, based upon those properties which actually sell, which is why the trend is more important than the exact numbers. Go HERE to download a copy of this report.
If you are thinking of selling, please contact me for a current market analysis for your property.

This report analyses the Median Price and Sales per quarter since 2019, along with the Sales by Price point, Price per Sq.Ft., and the Days properties were on the market before receiving an offer (DTO). (Median numbers are used in all calculations.)

Median Price and Sales
The median price of the Single Family homes sold in Swampscott increased 45% from $590,000 in 2019 to $855,000 in 2023. Sales were steady from 2019 to 2021, but dropped in 2022, and again, sharply, in 2023.

The median price of the Condos sold increased by 28% from $345,000 in 2019 to $440,000 in 2023, with sales following a similar pattern to that for SFHs.

Essex County Q3 2023 Market Report

The median price of the Single Family homes sold in Essex County increased 35% from $475,000 in 2019 to $640,0000 in 2022, and to $680,000 through Q3 2023. Sales were quite steady from 2019 to 2021, but dropped sharply in 2022, and again YTD in 2023.

The median price of the Condos sold increased by 34% from $320,000 in 2019 to $429,900 in 2022, and to $450,000 YTD Q3 2023. with sales following a similar pattern to that for SFs.

Go HERE to read a copy of the full report

And these recent articles:
Why Mortgage Rates will fall in 2024
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August

October Inventory shows Sharp Jump from September

Overall Inventory in Essex County has been on a roller-coaster this year in terms of comparison with a year ago.

Single Family Homes (SFH)
In the early months SFH was up 50% or more from the extremely low levels in 2022. By the summer, YOY inventory was down by around 1/3. October showed an increase of 1/3 from September 1, bringing the YOY deficit to just 11%.

Condo inventory showed a similar, if less exaggerated, pattern. The 45% increase from September to October brought inventory levels in line with 2022’s, but still well below those in 2020 and 2021.

No signs of improvement in Housing Inventory

Single Family Homes (SFH)
SFH inventory did not have the usual early summer bump this year and is now running 25% below last year’s level:

Condo inventory is even more depressed and is now 45% lower thn it was in 2021:

June Sales in Swampscott mostly At or Over List Pricce

11 of 15 sales in Swampscott in June were at or above List Price:

And these recent articles:
Marblehead Mid-year 2023 Market Stats
Swampscott Mid-year 2023 Market Stats
Salem Mid-year 2023 Market Stats

Economic and mortgage commentary
Two signs Inflation is Slowing (more…)

July Inventory shows Sharp Drop

Single Family Homes (SFH)
SFH inventory dropped sharply in July from the previous month


Condo inventory also dropped from June.

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…)