New Listings and Inventory week ending February 2

Just a few new listings this week:

Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings

While latest inventory numbers generally in Essex County are similar to last year’s levels, the declines in 4 towns on the North Shore are dramatic:

And these recent articles:
MARBLEHEAD 2023 MARKET REPORT and 5-YEAR REVIEW
SWAMPSCOTT 2023 MARKET REPORT and 5-YEAR REVIEW
SALEM 2023 MARKET REPORT and 5-YEAR REVIEW
ESSEX COUNTY 2023 MARKET REPORT and 5-YEAR REVIEW

How was MY assessment calculated? Q&A with Marblehead Assessor Karen Bertolino
My Marblehead Current article on Property Taxes
Marblehead FY 2024 Property Tax Explained


Why Mortgage Rates will fall in 2024
How a tax break of up to $3,200 can help heat your home more efficiently this winter
Conventional Mortgage Loan Limits increased for 2024
INFLATION and RECESSION UPDATE

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Most Sales Still Over List Price

Sales in September in Marblehead, Swampscott and Salem continued to be mostly over List Price:

And read these recent articles:
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
October Inventory shows Sharp Jump from September</a.
Credit Score Change Could Help Millions of Buyers
August Sales still mostly over List Price
2023 Sales Continue Strongly over List Price (more…)

October Inventory shows Sharp Jump from September

Overall Inventory in Essex County has been on a roller-coaster this year in terms of comparison with a year ago.

Single Family Homes (SFH)
In the early months SFH was up 50% or more from the extremely low levels in 2022. By the summer, YOY inventory was down by around 1/3. October showed an increase of 1/3 from September 1, bringing the YOY deficit to just 11%.


Condos
Condo inventory showed a similar, if less exaggerated, pattern. The 45% increase from September to October brought inventory levels in line with 2022’s, but still well below those in 2020 and 2021.
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No signs of improvement in Housing Inventory

Single Family Homes (SFH)
SFH inventory did not have the usual early summer bump this year and is now running 25% below last year’s level:


Condos
Condo inventory is even more depressed and is now 45% lower thn it was in 2021:
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New Listings week ending July 21

Here are the latest New Listings:

Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings

Inventory is now showing a sharp drop from last year:

And these recent articles:
Marblehead Mid-year 2023 Market Stats
Swampscott Mid-year 2023 Market Stats
Salem Mid-year 2023 Market Stats

Economic and mortgage commentary
Two signs Inflation is Slowing (more…)

July Inventory shows Sharp Drop

Single Family Homes (SFH)
SFH inventory dropped sharply in July from the previous month

 

Condos
Condo inventory also dropped from June.
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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.

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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:

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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…)