Marblehead house sells for 35% above list price
Housing market slowdown? Tell that to Marblehead buyers.
A house listed at $1.5 million just sold for a tad over $2 million.
And in the Third Quarter overall two-thirds of the 74 Single Family sales in Marblehead took place above list price with more than a quarter at 10% or more above list price.
Inventory in Essex County
A market is traditionally deemed to be in equilibrium between buyers and sellers when there is enough supply to meet 6 months of demand (I actually think that number has been reduced by the speed with which buyers now become aware of new listings and are able to view them online, but 6 months is still the most quoted figure).
Here are the numbers for Essex County SF homes as of October 1:
Comment
Mortgage rates have doubled, the stock market has swooned, there is increasing talk of recession, etc, etc. And yet, there is no sign that the imbalance between buyers and sellers in Essex County has changed in the slightest.
I find myself wondering whether the spike in mortgage rates will be the latest factor in keeping supply in check, as homeowners are reluctant to give up their cheap mortgage rates and pay current rates if they buy a new home. (more…)
October Inventory shows modest decline
After 5 months when Single Family inventory ran ahead of last year’s numbers, in October there was a modest year-on-year drop.
Single Family Homes
Condos
Condo inventory continues to lag both 2020 and 2021 levels.
Pre-Labor Day Inventory drops
The drop in Single Family inventory before Labor Day, as sellers delay listing, was sharper than usual this year. We will get a better read on Inventory in the next couple of weeks.
Single Family Homes
Condos
Condo inventory continues to lag both 2020 and 2021 levels.
Summer 2022 Market Review
Click on Summer Market Review to read the market review for the first 6 months of 2022,
This reports covers all 34 cities and towns in Essex County, with more detailed reviews of Beverly, Gloucester, Manchester-by-the-Sea, Marblehead, Rockport, Salem and Swampscott
And these recent articles: (more…)
August Inventory recovers to 2020 levels
There has been a sharp increase in the number of properties for sale in the last few months, taking SFH inventory back to 2020 levels:
Single Family Homes
Condos
The number of Condos available has also jumped, but in this case still remains a little below last year’s levels:
New Listings and Inventory Update
Here are this week’s New Listings and the latest Inventory:
Click on these links for details: (more…)
July Inventory shows welcome increase
There has been a sharp increase in the number of properties for sale in the last four months, but while this takes inventory of SFHs above the year ago level, it remains below that of 2020:
Single Family Homes
Condos
The number of Condos available has also jumped, but in this case still remains below year ago levels:
Have Home Sales slowed?
Last week I published How quickly are houses selling? which showed that 88% of sales which closed in May received offers in 15 days or fewer.
But home sales are a lagging indicator, with May reported sales reflecting contracts agreed to for the most part in March. At the onset of COVID I started tracking the number of offers accepted on a weekly basis. This showed a sharp drop from mid-March 2020 which lasted only until early May, after which the number of accepted offers took off.
With all the publicity about the sharp jump in mortgage rates, the high level of inflation, concerns about a possible recession, etc. etc. one might have accepted to see a slow down in the number of accepted offers. This chart shows the weekly numbers YTD for 2021 and 2022: (more…)
New Listings mid-week June 8
A good number of New Listings again this week:
Click on these links for details: (more…)
How quickly are houses selling?
The following chart shows the percentage of sales each month where the offer was received in 15 days or less after listing:
Comment
Sales are a lagging indicator – May sales, for example, for the most part reflect sales agreed in March – but they do demonstrate the strength of demand – and the seasonality of the market in New England. I shall publish an article tomorrow showing the number of Accepted Offers week by week to show the level of current activity. (more…)
June Housing Inventory: still way below 2020 levels
There has been a sharp increase in the number of properties for sale in the last three months, but while this takes inventory of SFHs above the year ago level, it remains well below that of 2020:
Single Family Homes
Condos
The number of Condos available has also jumped, but in this case still remains below year ago levels:
Free Property and Mortgage Fraud alert notification for homeowners
It has been reported by the FBI that one of the quickest growing white collar crimes in America is property and mortgage fraud. This happens when a person knowingly records a fraudulent document making it appear that they own another person’s property or that the owner owes them money.
Southern Essex’s state-of-the-art Property Watch Service allows you to view the document the same day it was recorded and print it at no cost.
How it works: (more…)
May Housing Inventory shows some improvement
There has been a sharp, seasonal increase in the number of properties for sale in the last two months, but this only brings the available inventory back to around last year’s levels and well below that of 2020:
Single Family Homes
Condos
The number of Condos available has also jumped, but in this case still remains below year ago levels:
Flash First Quarter 2022 Numbers
The shortage of inventory is reflected in these Q1 numbers:
As always, small numbers need to be treated with caution. This chart shows the cyclicality of sales in New England:
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