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.
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.
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 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
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.
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.
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
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.
Now let’s look in more detail. First, Marblehead:
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:
And in more detail:
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 Andrew.Oliver@SothebysRealty.com 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:
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 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
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.
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.
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.
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 Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
@OliverReports
What is for sale in your town?
Overall inventory in Essex County is down around 15% from a year ago. Here is a town by town guide to inventory:
Single Family Homes (SFH) (more…)
Which town has the highest median property price?
It probably comes as no surprise that the highest median home price in 2016 in Essex County was in Manchester By The Sea, but there was a big gap until the next highest. Again demonstrating the power of larger numbers (read Essex County town by town prices) 22 of the 34 cities and towns enjoyed a median price above the median for the County, while all but 6 exceeded the State median price. And while Marblehead was edged out of the silver medal spot by Lynnfield it did boast the most Million Dollar Sales: (more…)
Ipswich 2016 Housing Market By The Numbers
Single Family Homes (SFH)
The median price of a SFH sold in Ipswich in 2016 jumped 12.5% to $540,000, finally beating the prior 2005 peak. Sales were much in line with the prior 3 years and a tad below the 2004 peak: (more…)
Manchester By The Sea 2016 Housing Market By The Numbers
Single Family Homes (SFH)
The median price of the 56 SFHs sold in Manchester By The Sea in 2016 increased 16% to a record of $926,000, the highest median price in Essex County by some distance. Sales dropped back from 2015’s record level. (more…)
Which town has the most Million Dollar Sales?
30 of Essex County’s 34 cities and towns have recorded a sale of $1 million or more since 2000 – the exceptions are Lawrence, Lynn, Methuen and Peabody. Three towns – Marblehead,Andover and Manchester – account for 40% of all sales. (more…)
Essex County Million Dollar sales set new record
Sales of Million Dollar homes in Essex County in 2016 set a new record with a small increase from 2015. As the second table shows, all the increase in 2016 came in the $2-3 million bracket, similar to the trend I reported in Marblehead Million Dollar sales set new record (more…)
North Andover 2016 Housing market By The Numbers
The median price of a Single Family Home (SFH) sold in North Andover in 2016 was very little changed from 2015 and remained 8% below the 2005 peak. The median price of a condo was much in line with the last few years and remains well below the 2006 peak, the year that saw a large number of sales at Oakridge Village.
Sales of both SFHs and Condos remain well below their earlier peaks. (more…)
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