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…)

August Sales still mostly over List Price

In August 60% of sales in Marblehead, 70% of Swampscott sales and 68% of Salem sales, were over List Price.



2023 Sales Continue Strongly over List Price

The chart and table below show how the percentage of sales (of SFHs and Condos) dropped in the last few months of 2022 and early months of 2023, befre recovering strongly from the spring of 2023 onwards.

Note that the actual numbers in some months are quite small which can lead to fluctuations – but the overall message is clear: most properties continue to sell over list price.

And these recent articles:
August Sales still mostly over List Price
2023 Sales Continue Strongly over List Price
No signs of improvement in September Housing Inventory (more…)

June Sales in Marblehead mostly At or Over List Pricce

All but 4 of 21 June sales in Marblehead were at or above list price:


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…)

Bidding Wars return to the North Shore

One of the features of the housing market boom of 2020-2022 was the very high number of sales above list price, an indication that there were multiple offers resulting in bidding wars.
And a logical consequence of the market returning to more normal conditions would be to expect a decline in bidding wars, leading to fewer sales taking place above list price.
Has this actually happened?
Let’s look at the sales in last 12 months in Marblehead, Swampscott and Salem. Here is the chart: (more…)

Mozart Requiem: First Rehearsal TONIGHT!

Registration and the first rehearsal will take place at 7:30 p.m. today, Wednesday, Feb. 22 in the Parish Hall of Old North Church.

Subsequent rehearsals will take place every Wednesday evening from 7:30 to 9 p.m. until the April 2 performance.

Go HERE for more details

The centerpiece of the Lenten Choral Concert will be the “Requiem in D” by W.A. Mozart, universally recognized as among the most poignant and breathtakingly beautiful works of the sacred choral repertoire.

Maria van Kalken, director of the Old North Festival Chorus and minister of music at Old North Church, extends a warm and enthusiastic welcome to all singers to join the chorus for its annual Lenten Choral Concert, which will be the first time the chorus has performed with full orchestra in person since March 2019.

Celebrating her 34th season as director of the Festival Chorus, van Kalken has planned a memorable choral concert to take place at 7:30 p.m. Sunday, April 2, Palm Sunday (more…)

Marblehead 2022 Housing Market Review

Single Family Homes (SFH)

The median price of Single Family Homes (SFH) sold in 2022 increased 10.4% to $938,000, and reached exactly $1 million in the second half of the year. Sales, reflecting a number of headwinds – amongst them, reduced inventory and a doubling of mortgage rates – dropped below 200 for the first time since 2011.

The share of sales over $1 million increased from 34% in 2021 to 46% in 2022, driving the median price for the year to over $900,000.

Condos (more…)

January Sales in Marblehead and Swampscott

A small sample for January, but two observations:
1. the number of properties selling above list price was lower overall, and the amount over list decreased – there were no sales at 110% or more.
2. 4 of the properties had price cuts – and all 4 sold for less than their reduced price.

Read February Inventory as low as this weekend’s temperature

December sales in Marblehead and Swampscott still mostly above List Price

The small number of December sales in Marblehead and Swampscott continued to show strength.

6 of 9 SFH sales in December – and 1 of 3 Condo sales –  were over List price.

6 of 9 SFH sales in October were at or over List price, while 1 of the Condo sales was at List and one just below. (more…)

Marblehead and Swampscott November sales still strong

November sales in Marblehead and Swampscott continue to show strength.

10 of 19 SFH sales in November were at or over List price, with 2 sales at 23% and 32% over list. Just 1 of the 4 Condo sales was over List.

6 of 10 SFH sales in October were at or over List price (5 over the Original List Price), while 5 of the 6 Condo sales were at or above List.

While sales continue to be strong – and often strongly above list price – it is interesting to note that 8 of the 14 SFHs currently available for sale in Marblehead have had price reductions, while 4 of the 9 in Swampscott have also seen price cuts – or “adjustments” or “improvements” as we like to call them.
Note also that in November, all but 1 of the sales where the price had been reduced subsequently took place below the reduced price.
The sample is small, but the implication is clear: over-pricing in this market leads to a lower sale price.