Where have all the sellers gone?
As I read this New York Times article: Where have all the houses gone? my mind went to Yogi Berra’s line of “it’s deja vu all over again” as I checked my files and discovered that this will be my 5th article with this title – and the first was written in 2013.
Let’s look at the what and the why.
First, the what. This chart shows that inventory has plummeted across the country:
Open Houses on my brother’s birthday
As usual, a few more Open Houses than were in yesterday’s list: (more…)
New Listings mid-week March 3
A few more new listings: (more…)
It’s 80 degrees in Florida…
In this weekend’s Wall Street Journal, Peggy Noonan wrote:
“In the past year the owners of great businesses found how much can be done remotely.
They hadn’t known that!
They hadn’t had to find out.
They don’t have to pay that killer rent for office space anymore.
People think it will all snap back when the pandemic is fully over but no, a human habit broke; a new way of operating has begun. People will come back to office life to some degree, maybe a significant one; not everything can be done remotely; people want to gather, make friends, instill a sense of mission; but it will never be what it was.
The Partnership for New York City reports 300,000 residents of high-income neighborhoods have filed change-of-address forms with the U.S. Postal Service. You know where they are going: to lower-tax and no-income-tax states.
A recent report suggested that 850 people per day will move to Florida for the next 5 years as they seek “the weather, lifestyle and tax benefits” offered by Florida.
The housing market is on fire in Southwest Florida, although I like to point out that “low” inventory in Florida is a bit like a “cold” spell: it’s all relative.
Last May I published Goodbye Boston, Hello Marblehead which contained these predictions:
– People, especially families with young children, will look to move out of Boston and to towns like Marblehead with great schools, open spaces, history – and ocean
– The demand for open floor plans will give way to the desire for separate rooms. after families get bored of listening to everybody else’s Zoom calls, online classes, etc. etc.
– The perceived negative of Marblehead that commuting into Boston is a challenge (one which residents happily overcome) will diminish as more people work remotely at least some of the time.
– Did I mention the ocean?
The median price of the Single Family Homes sold in Marblehead spiked from $678,500 in the first half of 2020 (which was down a fraction from 2019) to $839,900, driven by a combination of buyers fleeing cities and ‘Headers even more reluctant than usual to sell and leave town.
What started as a movement on health grounds has developed – and in my opinion will continue to develop – into a secular trend of people moving to more hospitable surroundings – whether for weather, lifestyle of taxes – or all three.
Just yesterday I spoke to a woman in Naples who said she and her husband were thinking of selling their house in Massachusetts and living full-time in Florida – and they are not alone.
Another consequence of this trend is that, as people decide to spend more time in Florida, to work in Florida, and perhaps to make Florida their main residence, so the demand for Single Family Homes and Villas will increase as people seek more space and more independence from their neighbours than they have in their current Condo.
While I still maintain my market research in Massachusetts and work with Dick McKinley and Matt Dolan of Team Harborside in buying and selling properties there, I have also activated my Florida license with Domain Realty, whose offices in Naples, Bonita Springs and Fort Myers generated $440 million of sales in 2020.
I am in the process of populating my Florida database website (www.OliverReportsFL.com) while AndrewOliverRealtor.com allows you to search any town or community in Southwest Florida and set up alerts, and Oliver Reports Florida on Facebook, is the page that will get my updates on the market here and other Florida news.
But…. the market is hot right now (and next year seems likely to see even more demand as the Canadians and Europeans return) so please contact me – or refer me to a friend – and I will help you in your search for a home – or a bigger home – in Paradise.
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
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
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
New Listings week ending January 29
Just a dribble of New Listings:
Click on these links for the New Listings:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
These tables show that inventory is greatly reduced from a year ago, when levels were already low:
And read these recent articles:
Marblehead record $7 million sale
How Marblehead’s 2021 Property Tax Rate is Calculated
Essex County 2021 Residential Property Tax Rates: Town by Town guide
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or [email protected].
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of Oliver Reports . 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, Sale, Beverly, Lynn and Swampscott.”
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.OliverReports.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
Open Houses before the storm
Here are this weekend’s Open Houses. Be aware that with such low inventory, many new listings receive offers before the weekend Open Houses.
This list will be updated on Sunday morning (because of the quirks of MLS some of the Sunday Open Houses don’t show up on Saturday.) (more…)
OliverReports.com is now OliverReportsMA.com
With the pending publication of a sister site, www.OliverReportsFL.com, covering the market in Southwest Florida from Naples to Fort Myers, www.OliverReports.com is now OliverReportsMA.com.
During the migration this morning’s post on New Listings disappeared into cyberspace. I shall republish it on the new site.
All being well, if you type in OliverReports.com you will automatically be forwarded to the new site.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
REALTOR®
www.OliverReportsMA.com
[email protected]
Sales Associate | Market Analyst | DomainRealty.com
Naples, Bonita Springs and Fort Myers
[email protected]
m. 617.834.8205
www.OliverReportsFL.com (coming soon)
New Listings mid-week January 27
New Listings remain at the dribble level in a market with an ever smaller inventory
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
These tables show that inventory is reduced from a year ago, when levels were already low:
And read these recent articles:
Marblehead record $7 million sale
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
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or [email protected].
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of Oliver Reports . 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, Sale, Beverly, Lynn and Swampscott.”
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.OliverReports.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.OliverReportsFL.com (coming soon)
Salem Housing Market 2020 Review
The median Single Family Home (SFH) price in Salem in 2020 increased 13.6% to $490,000, while the median condo price was 8.5% higher at $385,000. Despite the big jump, Salem was one of only 8 of the 34 cities and towns in Essex County to have a median SFH price under $500,000 in 2020.
For a more detailed report go to Team Harborside’s website: Salem 2020 Review (more…)
New Listings week ending January 15
Just a dribble of New Listings: (more…)
Marblehead house receives over 30 offers
Perhaps you are hoping that the housing market will slow down in the winter months, or that new inventory will help to meet the demand.
Well, as they say, not so fast.
A house was listed in Marblehead recently for $445,000. A Cape on an 8,600 sf lot overlooking a wooded area.
There were more than 30 offers submitted. Yep, 30. (more…)
Essex County Housing Inventory: how low can you go?
A picture is worth a thousand words:
Comment
The market in recent months has been characterised by the twin challenges of reduced inventory and increased demand, with buyers from Boston and beyond adding to local demand; and both aided by record low mortgage rates.
We are back to the most basic economic equation: when demand exceeds supply, prices rise. In housing, that often results in bidding wars, as we are seeing frequently now.
Goodbye Boston, Hello Marblehead
Essex County 2021 Property Tax Rates: Town by Town guide
How Marblehead’s 2021 Property Tax Rate is Calculated
Are you thinking of moving to Southwest Florida?
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
Licensed Sales Agent in Florida
www.OliverReports.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
“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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