Essex County Mid-Year 2018 Median Prices: Town by Town Guide
(Click hereto download a PDF of this report.)
The median price of the Single Family Homes (SFH) sold in the 34 cities and towns of Essex County in the first half of 2018 increased 6% from 2017, while the median condo price increased 3.5% – in both cases to new record highs.
The table below lists the towns by median price in the first half of 2018 in descending order. A few comments:
– the numbers in bold represent record figures
– 11 of the 34 towns did not record record highs in the first half of 2018, compared with 14 in the full year 2017
– in 22 of the 34 towns the median price exceeded the median price for Essex County overall. Why? Because the volume of sales varies greatly from town to town and the overall number treats the entire County as one. Looking just at the 34 towns the median price rises to $546,225, some $90,000 higher.
– which emphasizes a very important point: that the smaller the number the greater the likely variation, and the larger the number the greater the accuracy; hence I show sales number for each town.
– which emphasizes a very important point: that the smaller the number the greater the likely variation, and the larger the number the greater the accuracy. Hence, I show sales number for each town.
– Lynn had the largest number of sales at 259, and its 5.1% increase in median prices is, therefore, a good representation of pricing in that market
– Wenham, on the other hand, had just 17 sales, and its 45% increase in median prices simply reflects the mix of sales this year compared with last. This does not mean that the information is meaningless; but it does require further analysis. As always with statistics, informed analysis is needed to go with the bare numbers.
And now the actual numbers. Please feel free to ask your Sagan Harborside Sotheby’s International Realty agent for further information about any of these 34 cities and towns.
Essex County Mid-Year Housing Market Flash Report
A week after the end of the quarter we are still waiting for a handful of agents to update listings which were scheduled to close in June. Hence these numbers are not final but will be very close.
Single Family Homes (SFH)
Sales: flat in the second quarter, down about 2% YTD
Median Price: up nearly 6% to $455,000, a new record. The median price reached $400,000 for the first time in the first half of 2016.
Condos
Sales: flat in the second quarter, down about 3% YTD
Median Price: up 3.5% to $295,000, a new record. The second quarter may just have reached $300,000 for the first time.
Sagan Harborside Sotheby’s International Realty
Has Housing Inventory finally bottomed?
Housing inventory in the 34 cities and towns of Essex County has been declining steadily since 2014, but the latest figures suggest that the decline may finally be coming to an end. Inventory is still down about 30% from 2015 and 15% from 2016, but there has actually been a slight increase in the last month. More detailed analyses for individual towns will be published in the near future.
Essex County Q1 2018 housing market: prices continue to increase
The first Quarter of the year is the slowest one for sales in Essex County (weather!), typically representing about 15% of the year’s total. The smaller the number of sales the less significant is the data, so the numbers for individual towns can and do fluctuate from quarter to quarter.
As the numbers get bigger so does the significance. In the 34 cities and towns of Essex County overall, sales of Single Family Homes (SFH) were down 4% from Q1 2017 while the median price increased 4.4%.
In the whole of Massachusetts, sales were flat and the median price increased 3%,
The table below shows the median SFH price for each town for the last three years; and the median price and sales for Q1 for 2017 and 2018. The mid-year data, which I shall publish in mid-July, will give a better feel for the market in individual cities and towns, but these numbers support the general perception that the housing market in Essex County continues to show price increases.
OliverReports.com
Housing Inventory drops even further: a breakdown by price
This will come as no surprise to anybody who has been looking for a home to buy, but the number of both Single Family Homes (SFH) and Condos for sale throughout the North Shore, Essex County and Massachusetts as a whole has continued to drop, in many cases sharply, from already low levels a year ago.
First, I’ll show the percentage declines in the different market, followed by a detailed breakdown of inventory by price (note that the percentage change shown in the tables is from 2017 to 2018).
Oliver Reports, MLS
In line with the principle of shopping locally, I will start with 5 North Shore towns, followed by Essex County and Massachusetts.
Marblehead
Swampscott
Salem
Beverly
Lynn
Essex County
Massachusetts
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 Sagan Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Million Dollar Home Sales Jump 20% in 2017
While overall sales of Single Family Homes (SFH) in the 34 cities and towns of Essex County fell 1% in 2017, it was a different story at the higher end, with a 20% increase in sales over $1 million, from 242 in 2016 to 291 in 2017.
Moving up the food chain, the number of sales of $2 million or more increased 14% from 42 in 2016 to a new record of 48, although this was only marginally better than the prior peak of 47 in 2006.
This article will look first at Essex County overall and then at individual towns.
Essex County
Two charts: sales over $1 million and sales over $2 million.
Source: MLS, Oliver Reports
Towns
Marblehead has reported the highest number of sales over $1 million in every year except 2008. In 2017, Andover and Gloucester both showed sharp increases in sales, as did Newburyport, Beverly and Essex.
Marblehead leads again in sales over $2 million, except in 2006. In 2017, sales in Marblehead declined slightly while Gloucester saw a strong increase to tie Marblehead, with Manchester just behind.
Comment
These sales figures are not surprising given the strength of the housing market in recent years.In my 2016 year end reviews I suggested that 2017 might be the year when activity picked up at the higher end and these numbers confirm that did happen.
Housing Inventory continues to shrink
The number of Single Family Homes (SFH) for sale in Essex County as of February 1 is down 23% from a year ago and down 42% compared with 2015.
The chart below shows the overall numbers for Essex County and Massachusetts, followed by tables for each city and town.
OliverReports.com
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
Gloucester 2017 Housing Market Review
(Click here to download a copy of this report.)
The median price of the SFHs sold in Gloucester in 2017 increased 15.4% to a record $461,750. Sales, as in many communities in 2017, slipped from the 2016 peak.
Sales under $350,000 slumped from 85 in 2016 to 55 in 2017, while sales over $1 million jumped from 17 to 28.
Condos
The median price of the condos sold in Gloucester in 2017 increased 12.1% to a new record of $325,000, finally beating the previous high of $300,000 set back in 2003. Sales were up from the level of the last few years.
The biggest change in 2017 was the increase in sales over $300,000, from 41 in 2015 and 40 in 2016 to 63 in 2017, driven by several new construction projects.
Andrew Oliver
www.OliverReports.com
andrew.oliver@sothebysrealty.com
617.834.8205
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
andrew.oliver@sothebysrealty.com
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 Andrew.Oliver@SothebysRealty.com.
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 Andrew.Oliver@SothebysRealty.com.
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 Andrew.Oliver@SothebysRealty.com.
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 Andrew.Oliver@SothebysRealty.com 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
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