Boxford 2017 Housing Market Review
(Click here to download a copy of this report.)
The median price of the SFHs sold in Boxford in 2017 rose 2.1% to $638,000, still below the $655,000 recorded in both 2004 and 2005. Sales were only slightly down from 2016’s record total.
OliverReports.com
Andrew Oliver
www.OliverReports.com
[email protected]
617.834.8205
Town by Town 2017 Median Prices in Essex County
The median price of the 6,000 plus Single Family Homes (SFH) sold in the 34 cities and towns of Essex County in 2017 increased by $31,000, or 7.6%, to a new record $440,000 compared with 2016. While the overall market reached a new high, in 14 of the towns the median price is still below the prior peak level.
This report lists the prices in four ways: alphabetically by town; by price highest to lowest; by the increase in 2017 over 2016; and by the increase in 2017 compared with 2013.
I also show sales for the last two years, because the greater the number of sales the more reliable the median price as a gauge of the market. Record price levels are shown in bold. If no figure in bold is shown in the table that means that the peak for that town was achieved in the 2005/06 period.
Median price alphabetically (click here to download a pdf of this table).
Median price highest to lowest (click here to download a pdf of this table)
The calculation for the median price for Essex County considers all 6,000 plus sales in one bucket and produces a median price of $440,000. But if one looks at the sales by town, the median price jumps to $520,750. The reason for this difference is that several of the towns with the highest number of sales have the lowest median prices.
2017 compared with 2016 (Click here to download a pdf pf this table)
12 towns saw a double digit increases in 2017, although the largest increases occurred in markets with a small number of sales.
2017 compared with 2013(click here to download a pdf of this table)
The median price in Essex County has increased by 19.2% since 2013, with 14 towns showing gains of more than 25%.
Comment
2017 was a strong year for property prices in Essex County. As always, there were variations from town to town, but overall demand exceeded supply and supply was generally very low, except at the higher end of the price range.
2018 starts with uncertainty over the impact of the tax changes as far as the limitation on the ability to deduct State and property taxes. This, however, will not impact the lower price levels, where a growing economy and rising demand will once again run into a shortage of supply.
At the higher end, where supply remains adequate, lower personal and corporate taxes and a booming stock market should give buyers the wherewithal to step up and take advantage of attractive prices.
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 Andrew Oliver on 617.834.8205 or Kathleen Murphy on 603.498.6817.
If you are looking to buy, we 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 and Kathleen Murphy are Realtors with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Essex County 2018 Property Tax Rates: a Town by Town guide
Property tax rates for FY 2018 for all 34 cities and towns in Essex County have been announced. Below is a map (which you can download by clicking here),
so that you can compare tax rates in neighboring towns, followed by the tax rates for each town the last four years, listed from low to high using 2018 tax rates.
Tax rates for each town
Median and Average Tax Rates
The median tax rate for 2018 is $14.30, down slightly from 2017’s $14.41, while the average tax rate has dropped from $14.41 to $14.17. The highest taxed town, Amesbury, has a rate 34% higher than the County average, while the lowest, Nahant, is 29% below the average. Or put another way, the highest tax rate in Essex County is 88% higher than the lowest.
How property tax rates are calculated
There are two main points to understand:
The dollar amount raised by property taxes is based on a simple formula: the dollar levy for the previous year plus 2 1/2% (Prop 2 1/2), plus any new growth (e.g. new construction), plus any voter-approved overrides or debt exclusions.
The tax rate is then calculated by dividing the dollar amount to be raised by the Assessed Value of all property. For FY 2018 (July 2017-June 2018) Assessed Values are based upon sales during 2016. Sales in 2017 will be used for calculating the FY 2019 tax rate.
Thus, the dollar amount (and tax bills) will usually increase from year to year, but the tax rate depends upon what happens to Assessed Values (AV).
Here are examples. All assume a 4% increase in the dollar amount to be raised from taxes. The variable is the change in the AV. In the years when AVs are declining, tax rates will rise. As AVs are now increasing we should expect to see tax rates flat to down, as they are overall for FY 2018 .
Tax rate changes in 2018
Of the 34 cities and towns in Essex County, 21 have announced decreases in their tax rate while 13 have had increases approved.
The largest decreases were logged in Rockport and Swampscott, while the largest increases were in Rowley and Andover.
Tax Rates of Neighboring Towns
Where taxes become interesting is when one can compare tax rates in neighboring towns. Many people, especially those moving to the area, whether from Boston or elsewhere, are willing to consider more than one town.There are many factors in the decision about where to live, but tax rates can be a significant influence on the decision, and may become more so with the new limitation on the deduction of property taxes from Federal taxation.
Note, for example, that the tax rate in Marblehead (read How is Marblehead’s 2018 Property Tax rate calculated?) is lower than in Swampscott (read How is Swampscott’s 2018 Property Tax Rate calculated?); the rate in Newbury is significantly lower than in the surrounding towns; and that the rates in Boxford, Topsfield, Hamilton, Wenham and Essex are much higher than in the surrounding towns. Some argue that lower property values offset higher taxes. Frequently, however, residents of highly taxed towns cite taxes as a reason for wanting to move.
Essex County Third Quarter Report: A Strong Market
After passing $400,000 for the first time in 2016, the median price of the Single Family Homes (SFH) sold in Essex County increased 7% in the first 9 months of 2017 to a new record of $440,000. Sales were flat, a reflection of continuing low inventory.
The median price of the condos sold in Essex County increased by 10% over 2016 to a new high of $286,250, while sales were up 11%. The condo market has seen a significant volume of new construction which, in general, occurs at higher prices, and these higher prices help to increase the median price overall.
Total inventory of SFH as of October 1 was down 14% from a year ago (and 33% from 2015), while condo inventory was down 25% (and also down 33% from 2015).
ESSEX COUNTY SFH
Through 9 months of 2017 the rate of increase in median prices has quickened compared with recent years.
Quarterly numbers in NEW England often show fluctuations. Note that Q4 has shown a drop in the median price from Q3, not just in the last few years, but in every year since 2000.
ESSEX COUNTY CONDOS
After three years of flattish prices, 2017 has seen a sharp increase of 10% YTD.
While quarterly fluctuations are the norm, the median price of condos sold in Essex County has increased for 7 quarters in a row.
INVENTORY
Total inventory of SFH as of October 1 was down 14% from a year ago (and 33% from 2015), while condo inventory was down 25% (and also 33% from 2015
Source: MLS, Oliver Reports
COMMENT
There is little new to say about the overall market in Essex County: strong demand and low inventory have led to rising prices. There are, however, wide variations from town to town as shown in this guide to Essex County town by town median prices.
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
Essex County: inventory down, prices up
The number of Single Family Homes (SFH) for sale in Essex County dropped almost 10% compared with a year ago and is down over 30% from the level of two years ago.
The number of SFHs for sale under $400,000 has dropped from 627 in 2015 to 375 in 2016 and to 291 today.
Comment
I shall report on the median price next week, by which time Q3 sales will have been report in MLS. Meanwhile, preliminary numbers suggest that the median price of a SFH in Essex County through the first 9 months of the year increased by 7%.
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
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
Strong Sellers’ Market heading into Fall
Click Strong Sellers’ Market to download this report detailing the current supply, by price, for the Both SFHs and Condos, for Marblehead, Swampscott, Salem, Beverly and Essex County overall.
A market is generally regarded as being in equilibrium when there is enough supply to accommodate 6 months of sales. When there is less than 6 months of supply it is called a sellers’ market – i.e. the market favors sellers rather than buyers. Currently, as shown in the report, supply is running at 1-3 months.
The numbers above are for the markets at all price points. In general there is more supply at higher price points, meaning that the market for buyers at lower price points is even tighter than these figures imply.
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
Essex County inventory continues to decline
Total inventory of Single Family Homes (SFH) for sale on September 1 is down 13% from a year ago and by 33% compared with two years’ ago.
Source: MLS, Oliver Reports
SFH Inventory by price
Not surprisingly, the biggest declines in inventory are at the lowest price levels, but there are still significant declines up to $1 million. Only over $1.5 million have inventory levels been maintained.
Source: MLS, Oliver Reports
Median Price
Strong demand, low mortgage rates and low supply continue to drive prices upwards. The median price of a SFH in Essex County for the first 8 months of the year was $440,000, up 7.5% from the year 2016 figure of $409,000, the first time the median price reached $400,000. Unless and until the supply position changes, and while the economy continues to grow steadily, there is no reason to expect a change in the formula which is driving prices higher.
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
Essex County Mid-Year 2017 Housing Market Report
Single Family Homes (SFH)
After passing $400,000 for the first time in 2016, the median price of a SFH increased 7.5% in the first half of 2017 to a new record of $430,000. Sales were down slightly, a reflection of continuing low inventory.
Source: MLS, Oliver Reports
Condos
The median price of the condos sold in Essex County increased by 10% over 2016, while sales were up 11%. The condo market has seen a significant volume of new construction which, in general, occurs at higher prices, and these higher prices help to increase the median price overall.
Source: MLS, Oliver Reports
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
Housing Inventory really has fallen sharply
We know, in general, that housing inventory has dropped sharply in recent years. The following 4 charts show the detail: the first two for Marblehead, Swampscott, Salem, Beverly and Lynn; and the last 2 for Essex County and Massachusetts as a whole, for both SFHs and Condos.
Marblehead, Swampscott, Salem, Beverly and Lynn
(more…)
North of Boston Oceanfront Auction
This beautifully restored 1850, south-facing waterfront home and carriage house will be sold by auction on June 28.
For auction details click on 11 Crown Way auction. More details of the house are also available at 11 Crown Way.
Is there really an inventory shortage?
You have all read – and I have written enough – about the chronic shortage of inventory to assume that the answer to this question is a resounding yes. But it all depends on price.
A market is considered to be in equilibrium between buyers and sellers when the number of homes for sale equals about 6 months of sales. I have put together charts for Marblehead, Swampscott and Essex County overall, showing, by price, the number of sales so far this year plus the number scheduled to close by June 30 and compared that with the number of homes currently for sale. If the market were in equilibrium – the two bars for each price would be the same size.
Let’s see what we have. First, let’s look at the overall market for Marblehead and Swampscott: clearly supply is below the level of a market in equilibrium, so it is a sellers’ market.
Source: MLS, Oliver Reports
Now let’s look in more detail. First, Marblehead:
Source: MLS, Oliver Reports
At all price points up to $1 million, supply is way below sales levels for the first half of the year. But as soon as we go over $1 million the position is reversed. And the total number of homes for sale under $1 million is just 23.
Next, Swampscott:
A similar story here, except that the supply equation reverses at $700,000 – with one exception. Note that from $1-1.5 million there are fewer homes for sale than have sold so far in 2017.
Finally, let’s look at the 34 cities and towns of Essex County overall:
Source: MLS, Oliver Reports
And in more detail:
Source: MLS, Oliver Reports
Sellers are in control up to $700,000; the market is in balance between $700,000 and $1 million; and it is a buyers’ market over $1 million.
Comment
One of the surprises of the market this year has been how weak demand has been for higher-priced homes. Logically, with the market so active under $1 million, and macro-economic factors – the stock market at record levels, expectations/hopes of tax cuts coming – positive, one would expect to see sellers trading up. And that is especially true in a town Marblehead, a town people are reluctant to leave – meaning most sellers plan to buy another house in town.
The optimistic view is that this may be a timing issue and that sales of higher priced houses will soon pick up. But clearly this is an excellent time to trade up to a higher priced home – and you don’t have to compete with 90 groups at Marblehead Open House.
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
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.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Essex County SFH Inventory drops sharply
The number of Single Family Homes (SFH) for sale in Essex County is down 19% from this time last year. Here is a town by town guide:
Source: MLS, Oliver Reports
Comment
The number of SFHs sold YTD in Essex County is 1,241. The current inventory of 1,018 represents just over 3 months of (winter) supply. A market is considered to be in equilibrium between buyers and sellers when there is 6 months of supply, so clearly we are strongly in a sellers’ market.
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
Essex County Housing Market: strong start to year
The housing market in Essex County enjoyed a strong start to the year. Q1 is the lowest quarter for sales (“winter”) so the numbers have to be treated with some caution, but the median price of a Single Family Home (SFH) which sold in Q1 rose 12% to $415,000, while the median price of a condo rose 14% to $281,000.
Single Family Homes
Q1 2017 was the fourth consecutive quarter with a median price in excess of $400,000. (more…)
Housing Inventory plummets – no April Fool
Inventory is sharply down compared with a year ago. In Essex County the number of Single Family Homes (SFH) for sale has dropped by 25%, while the number of condos available is down 28%. In Massachusetts as a whole the declines are 24% for SFHs and 19% for condos.
As to be expected, the biggest declines are at the lower ends but we are seeing shrinking inventory in most price brackets.
This report breaks down inventory by price for 5 North Shore towns, plus Essex County and Massachusetts.
Marblehead and Swampscott
The cheapest SFH for sale in Marblehead is $534,900 and in Swampscott $474,900. There are just 15 SFHs for sale in Marblehead under $750,000 and 10 in Swampscott. Thee are just 5 Condos for sale under $500,000 in Marblehead and 6 in Swampscott.
Oliver Reports, MLS
Salem, Beverly and Lynn
There is a pretty consistent drop in inventory. The increase in Beverly SFHs in the $750,000 – $1 million range reflects new construction. There has also been a pick up in Salem condos in the $350-500,000 range.
Oliver Reports, MLS
Essex County and Massachusetts
And so also in both Essex County and Massachusetts: the decline in inventory has now reached up to higher price points.
Oliver Reports, MLS
Comment
As I keep saying: low inventory + strong demand + an improving economy is a recipe for higher prices. Now is a great time to sell and also to buy – if you can find a house that meets your needs.
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
@OliverReports
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