Marblehead, Swampscott October sales still mostly above List Price
With all the chatter about home prices nationally declining or about to decline, October sales in Marblehead and Swampscott seem to be saying NIMBY – not here please.
Marblehead
12 of 19 SFH sales in October were at or over List price, with 2 sales at 35% and 36% over list:
Swampscott
5 of 10 SFH sales in October were at or over List pice
Comment
While sales continue to be strong – and often strongly above list price – it is interesting to note that 8 of the 19 SFHs currently available for sale in Marblehead have had price reductions, while 4 of the 11 in Swampscott have also seen price cuts – or “adjustments’ or “improvements” as we like to call them.
Notably also, the inventory of SFHs for sale in Essex County has not seen the usual seasonal decline so far, an indication perhaps of the consequences of the doubling in mortgage rates this year, with buyers reluctant to pay the much higher rates – and sellers reluctant to move and surrender their low-rate mortgage.
As we approach Thanksgiving and the holiday season, I suspect both buyers and sellers – unless their need is urgent – may decide to focus on planning time with their families and friends – and then take another look at the housing market in 2023. (more…)
Marblehead architect creates latest Halloween installation: Egyptian cobra goddess
Read Egyptian cobra goddess on Marblehead News.
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 ajoliver47@gmail.com.
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
m 617.834.8205
www.OliverReportsMA.com
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.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.”
__________________
Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
Andrew.Oliver@Compass.com
www.TheFeinsGroup.com
www.OliverReportsFL.com
————
Compass
800 Laurel Oak Drive, Suite 400, Naples, FL 34108
m: 617.834.8205
Marblehead Q3 2022 Report: Median Price tops $1 million
The median price of the Single Family Homes (SFH) sold in Marblehead in the Third Quarter (Q3 2022) topped $1 million for the first time, while for the first 9 months of 2022 (YTD Q3) it increased to $925,000. The median condo price increased 7% YTD Q3 to $552,000.
Single Family Homes (SFH)
The median price of the SFHs sold in Marblehead in the first 9 months of 2022 (YTD Q3 2022) increased 9% to $925,000 on the smallest number of sales since 2011.
As the percentage of sales over $1 million increased from 34% YTD in 2021 to 44% YTD in 2022, so the median price moved closer to $1 million – and in fact exceeded that figure in Q3. Sales over $1 million YTD increased from 56 to 66, with 14 sales over $2 million vs 12 YTD in 2021. (more…)
Marblehead median price breaks $1 million
The median price of the 74 Single Family Homes sold in Marblehead in the Third Quarter reached $1,000,500, breaking $1 million for the first time after 5 Quarters in the $800,000s.
For the first 9 months of the year the median price was $925,000, up 9% from $849,000 in the first 9 months of 2021.
I will publish a more detailed report on Marblehead and the other cities and towns of Essex County shortly.
And these recent articles:
Economic and mortgage commentary (more…)
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…)
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…)
Marblehead Mid-Year Housing Market Report
Single Family Homes (SFH)
The median price of Single Family Homes (SFH) sold in the 6 months to June 30, 2022 (H1) increased 8% to $875,000, while sales, reflecting the reduced inventory, dropped sharply to the lowest number this century, just above the numbers of 2008/09.
Condos
There were 19 condo sales in H1 2022, down from 25 in 2021, while the median price increased 4.1% to $505,000. (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:
Marblehead Festival of Arts Champagne Reception TODAY
The Champagne Reception is a wonderful tradition that kicks off the summer Marblehead Festival of Arts. Refreshments are served under a tent, with tastings provided by many fine restaurants and caterers.
Click Champagne reception for more detials.
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
m.617.834.8205
www.OliverReportsMA.com
Andrew@TeamHarborside.com
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.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”
Marblehead Town Elections TODAY
Marblehead operates under the open Town Meeting form of government. This is a form of direct democracy which brings together eligible voters to debate and vote policy matters and budgets relating to town government.
Go here for full details, including where to vote. Polls are open from 7 a.m. to 8 p.m.
Recent articles include:
Are we already in a Recession?
Federal Reserve in Fantasyland: Implications for Housing Market
How quickly are houses selling?
Have Home Sales slowed?
Free Property and Mortgage Fraud alert notification for homeowners
How Marblehead’s 2022 Property Tax Rate is calculated
Essex County 2022 Property Tax Rates: Town by Town guide
Guide to Buying and Selling in Southwest Florida (more…)
Marblehead Facts and Figures Weekly Update
|
New Listings week ending May 20
There is a bounce in New Listings this week:
Click on these links for details: (more…)
Open Houses weekend May 14/15
Here are this weekend’s Open Houses (an updated list will be published tomorrow at 8 a.m.):
Click on these links for details: (more…)
Marblehead Neck Oceanfront New Listing
It has been 9 months since the last oceanfront house on Ocean Avenue sold and now comes this Wonderful opportunity to enjoy Marblehead living at its finest.
This spacious and gracious home sits on a bluff with sweeping views directly out over the ocean. Built in 1920, the home retains much of its original charm, period details and architectural elegance, yet offers many recent updates providing for luxurious living for today’s discriminating buyer.
Experience the breathtaking vistas and sounds of the sea with spectacular views from almost every room. The tastefully landscaped grounds feature an acre+ of rolling lawns and beautiful gardens leading to your own private gate allowing direct access to the rocks, ocean and beach.
The home offers plenty of space including 4 bedrooms with en-suite baths including a stunning master with luxurious spa-like bath and amazing views. Located in Marblehead – a unique town that embraces community and sea-side living.
Click here for full details and photos.
Please call me on 617.834.8205 to arrange a private showing.
And read these recent articles:
Why This Housing Market Is Not a Bubble Ready To Pop
Why are Mortgage Rates so high?
The Federal Reserve and Mortgage Rates
How Marblehead’s 2022 Property Tax Rate is calculated
Essex County 2022 Property Tax Rates: Town by Town guide Guide to Buying and Selling in Southwest Florida
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 ajoliver47@gmail.com.
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
m 617.834.8205
www.OliverReportsMA.com
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.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.”
__________________________
Andrew Oliver, M.B.E.,M.B.A.
Real Estate Advisor| Market Analyst | The Feins Group | thefeinsgroup.com
m.617.834.8205
www.OliverReportsFL.com
Andrew.Oliver@Compass.com
Recent Comments