Is the increase in Inventory for real?
SFH Inventory as of August 1 increased from July 1 but still trails historic levels. See the chart and comment later in this article for more details.
Single Family Homes
Condos (more…)
Housing Inventory – signs of hope?
SFH Inventory as of August 1 increased from July 1 but still trails historic levels. See the chart and comment later in this article for more details.
Single Family Homes
Condos (more…)
Beverly Mid-Year 2021 Market Report
The median price of Single Family Homes (SFH) sold in the first half of 2021 (H1 2021) increased 15.4% from $546,000 to $630,000 breaking $600,000 for the first time. Sales of 124 were in line with the 5-year average of 122.
81% of SFHs and 65% of condos sold above list price in H1 2021. 34% of SFHs sold at 110% or more of list price (vs 4% in H1 2020) but only 8% of condos.. (more…)
Essex County Mid-Year 2021 Market Report
The real estate market in Essex County continued to boom in the first half 2021 (H1 2021), with multiple offers the norm for most properties. The COVID-inspired slowdown in the second quarter of 2020 impacted sales – which were delayed – rather than prices. Thus, while Year- on- Year (YOY) increases in sales are from an artificially low base, the increase in median prices is real.
The median SFH price in H1 2021 broke through $600,000, just a year after reaching $500,000 for the first time.
In H1 2021 only 5 of the 34 cities and towns – Amesbury, Lynn, Methuen, Haverhill and Lawrence – had a median SFH price under $500,000, while 16 had median prices above $750,000. Every town except Middleton saw double digit increases YOY, while Marblehead was the only town where the H1 2021 median SFH price was lower than in H1 2020.
The median condo price increased more modestly, increasing by “only” 12.1% YOY to $379,000.
(more…)
Salem Mid-Year 2021 Market Report
The median price of Single Family Homes (SFH) sold in the first half of 2021 (H1 2021) rose12.9% from $472,850 to $534,000, confirming the breakout above $500,000 in H2 2020.
Sales dropped from 93 to 80 – the lowest figure since 2014 – with all the reduction in Q1.
80% of SFHs sold above list price in H1 2021, with 45% of sales (vs 8% in H1 2020) at 110% or more of list. (against 3% in H1 2020).. (more…)
Swampscott Mid-Year Market Report
The median price of Single Family Homes (SFH) sold in the first half of 2021 (H1 2021) increased 16.5% from $592,500 to $690,000, while sales increased from 59 to 68, exactly in line with the 5-year pre-COVID average.
Following 2 SFH sales over $2 million in H2 2020, there were 3 such sales in H1 2021. 3 out of 4 SFH sales took place over list price, with 28% of all sales (compared with 11% in H1 2020) at 110% or more of list. (more…)
New Listings before July 4
Just a handful of New Listings before the Fourth:
Click on these links for details: (more…)
Housing Inventory little changed in July
Housing inventory for the 34 cities and towns of Essex County in pictures. Note that not only are numbers low but that there was no pick-up in the spring/summer market:
Single Family Homes
Condos (more…)
May Housing Inventory: massive decline continues
Housing inventory for the 34 cities and towns of Essex County in pictures:
Single Family Homes
Condos
Mortgage rates
After moving up for several weeks the 30-year Fixed rate Mortgage has dropped blow 3% again. Note how cheap 15-year mortgages are for those who can afford the extra payment.
(Freddie Mac weekly survey)
Comment (more…)
Essex County Housing Market Q1 2021 Review
- The median price of Single-Family Homes (SFH) sold in Q1 2021increased 11% to $550,000 from Q1 2020, but was in line with the $555,000 in the second half of the year 2020.
- Every one of the 34 cities and towns in Essex County saw Year-on-Year (YOY) increases in the median selling price; only 6 of the 34 cities and towns recorded a median SFH price under $500,000, while 3 saw that figure exceed $1 million.
- Numbers in any Q, especially Q1, need to be treated with caution: some of the largest apparent increases in median prices occurred on a small number of sales.
- The Condo median sales price increased 9.9% to $365,000. In Boston, the median price was very similar to the levels of the last 3 years, during which time the Essex County Condo median price has increased some 20%.
For a more detailed report on the market in Q1 go to Team Harborside’s website and read: Essex County Q1 Market Review (more…)
New Listings mid-week April 14
A modest number of New Listings this week:
>
Click on these links for details: (more…)
2020 Market Reports: Town by Town Reviews
Market Reports for all 34 cities and towns in Essex County are now available on the website.
This is the link to that page: 2020 Market Reports by Town (more…)
2020: The Top End comes Roaring Back
One of the surprise of the last 2-3 years – to me at least – has been that there has not been more activity in the top end of the market, even as activity increased at lower levels. But that changed in 2020.
Let’s look at sales by price point:
The number of sales over $1 million increased 39% from 353 to 489:
The number of sales over $2 million increased to 60 compared with the prior high of 51
Sales over $3 million doubled from 10 in 2019 to 21 in 2021, passing the prior peak of 18 in 2007:
And there was a rebound in sales over $4 million to 12, also passing the prior 2007 peak of 11.
These charts support what one would normally expect in a rising market – an increase in top-end sales. It took a COVID-inspired exodus from cities to achieve it on this occasion.
Mortgage Rates are Rising
How Marblehead’s 2021 Property Tax Rate is Calculated
Essex County 2021 Residential Property Tax Rates: a Town by Town guide
Conforming Mortgage Loan Limits raised for 2021
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReportsMA.com
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Andrew Oliver
Sales Associate | Market Analyst | DomainRealty.com
REALTOR®
Naples, Bonita Springs and Fort Myers
[email protected]
m. 617.834.8205
www.AndrewOliverRealtor.com
www.MarbleheadSouth.com
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”
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