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
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…)
Housing inventory: what is available in your town?
This article, the third in a series after Demand up, supply down and Inventory by price, looks at the current supply of Single Family Homes (SFH) and Condos in each of Essex County’s 34 cities and towns and compares it with the numbers for the last two years. Bear in mind that in February 2015 we were in the midst of the polar vortex winter of record cold, while both 2016 and 2017 (at least so far) have been quite mild. (more…)
Rockport 2016 Housing market By The Numbers
The median price of a Single Family Home (SFH) sold in Rockport in 2016 declined 9%, reflecting more sales at lower prices: 55% of sales in 2016 were below $500,000 compared with only 45% in 2015. The median price of a condo set a new record high, as 65% of the small number of sales occurred above $300,000, compared with only 45% in 2015. (more…)
Essex County Housing Inventory by price
This report shows housing inventory, broken down by price, for both Single Family Homes (SFH) and Condos on February 1st for the last three years. Read also Essex County Housing Market: demand up, supply down for an analysis of the market over the last three years. (more…)
Essex County Housing Market: demand up, supply down
Some things don’t change around here: the Patriots are going to the Super Bowl and housing inventory continues to decline.
The number of Single Family Homes (SFH) for sale
I show below the number of SFHs for sale on the 1st of each month since 2014 and the average number for the year. Between 2014 and 2016 the average number of SFHs for sale dropped 25% from 1,648 to 1,236. (more…)
Danvers 2016 Housing market By The Numbers
The median price of Single Family Home (SFH) in Danvers in 2016 rose 5% to a new record high pf $429,900, surpassing the prior 2006 peak of $413,500. The median price of a condo declined 5% and remains below the 2014 peak. Sales of SFHs were down slightly from the 2015 peak, while condo sales were well below the 2014 peak. (more…)
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