Marblehead house sells for $100,000 over list price
A consistent theme of this blog over the last two years has been that the combination of strong demand, shrinking inventory and low mortgage rates would inevitably lead to higher prices. And equally inevitably, if these conditions persisted while the local economy continued to be strong, bidding wars would break out from time to time.
To see how this pressure has been building in Marblehead, where a mantra of the market for years has been “no boom, no bust”, I looked at all MLS sales of Single Family Homes over the last 18 months, as shown in this table:
Over the last 18 months, 62 homes in Marblehead have sold above list price. Homes generally sell above list price when there is more than one buyer, so another way to put this is that there have been 62 unofficial auctions in the last 18 months. I have no doubt that at some point official auctions will become an accepted part of the local landscape as they are in so many other places.
Finally, back to the house which sold this week (and so is not included in my table) for $819,000 after being listed at $719,000. I imagine that most people when reading this will assume that the bidding wars have occurred at lower priced points in general. While that is true, I did come across one house which sold for $100,000 above its $1.3 million list price and another sold for $50,000 above its $1.4 million list price.
Read Marblehead Mid_Year Report: Onwards and Upwards for more details of the market in the first half of 2017.
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Live the Marblehead Dream in this House on the Beach: Price Reduction and Open House
Summer and it’s beach time. But if you live here you will already be ON THE BEACH. Price REDUCED $80,000 and Open House Sunday 12:00-1:30 at 46 Gallison Avenue, or call for a private showing. The website includes a video of the property – and of the views.
Can you imagine living here and waking up to this?
followed by this
and then this
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Marblehead Oceanfront Auction: last chance to Preview
On Sunday from 2:00-3:30 there will be the last Preview (more…)
Open House today at Marblehead’s cheapest Oceanfront property
The cheapest oceanfront property is 11 Crown Way (more…)
Marblehead’s cheapest Oceanfront property
Here is a chart of the Price per Square Foot of the Oceanfront properties which have sold in Marblehead since 2015, have a sale pending or are currently for sale. Note that the PSF is based on sold prices where appropriate and list prices where the sale has not yet occurred.
Source: MLS
The cheapest property is 11 Crown Way (more…)
Activity is picking up at Marblehead’s top end
In the last week two houses listed at over $2 million have received offers – in both cases after being on the market for less than two weeks – and another sale has occurred at over $3 million (the second of the year, the first being the record MLS sale of $5.8 million).
It has been quite slow at the top end in Marblehead this year, but buyers are starting to appear.
Another opportunity for buyers at the top end is the June 28 auction of 11 Crown Way. Click 11 Crown Way auction for auction details and 11 Crown Way for more property details.
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
North of Boston Oceanfront Auction
This beautifully restored 1850, south-facing waterfront home and carriage house will be sold by auction on June 28.
For auction details click on 11 Crown Way auction. More details of the house are also available at 11 Crown Way.
Two Marblehead Oceanfront Open Houses today
There are two Marblehead Oceanfront Open Houses today:
11:30-12:30 at 11 Crown Way – and here’s the 11 Crown Way video
Carriage House Great Room
12:45-2:00 at 46 Gallison Avenue – and here’s the 46 Gallison video
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Is there really an inventory shortage?
You have all read – and I have written enough – about the chronic shortage of inventory to assume that the answer to this question is a resounding yes. But it all depends on price.
A market is considered to be in equilibrium between buyers and sellers when the number of homes for sale equals about 6 months of sales. I have put together charts for Marblehead, Swampscott and Essex County overall, showing, by price, the number of sales so far this year plus the number scheduled to close by June 30 and compared that with the number of homes currently for sale. If the market were in equilibrium – the two bars for each price would be the same size.
Let’s see what we have. First, let’s look at the overall market for Marblehead and Swampscott: clearly supply is below the level of a market in equilibrium, so it is a sellers’ market.
Source: MLS, Oliver Reports
Now let’s look in more detail. First, Marblehead:
Source: MLS, Oliver Reports
At all price points up to $1 million, supply is way below sales levels for the first half of the year. But as soon as we go over $1 million the position is reversed. And the total number of homes for sale under $1 million is just 23.
Next, Swampscott:
A similar story here, except that the supply equation reverses at $700,000 – with one exception. Note that from $1-1.5 million there are fewer homes for sale than have sold so far in 2017.
Finally, let’s look at the 34 cities and towns of Essex County overall:
Source: MLS, Oliver Reports
And in more detail:
Source: MLS, Oliver Reports
Sellers are in control up to $700,000; the market is in balance between $700,000 and $1 million; and it is a buyers’ market over $1 million.
Comment
One of the surprises of the market this year has been how weak demand has been for higher-priced homes. Logically, with the market so active under $1 million, and macro-economic factors – the stock market at record levels, expectations/hopes of tax cuts coming – positive, one would expect to see sellers trading up. And that is especially true in a town Marblehead, a town people are reluctant to leave – meaning most sellers plan to buy another house in town.
The optimistic view is that this may be a timing issue and that sales of higher priced houses will soon pick up. But clearly this is an excellent time to trade up to a higher priced home – and you don’t have to compete with 90 groups at Marblehead Open House.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Marblehead: Sold and For Sale by price
We know there is a chronic shortage of houses for sale generally, but the situation varies greatly by price. Look at this chart, which shows the number of homes in Marblehead sold so far in 2017 or where the sale is pending, versus the number currently available for sale:
Source: MLS, Oliver Reports
As a very rough guide, the number of sales and pending sales in early May will equal actual sales for the first half of the year.
A market is considered to be in equilibrium between buyers and sellers when the number of homes for sale equals about 6 months of sales. If that were the case in Marblehead, the two columns – for sales/pending sales and homes for sale – would be the same size.
Which they are not. At all price points up to $1 million, sales/pending sales greatly exceed supply. And at all price points above $1 million, supply greatly exceeds sales/pending sales.
One of the surprises of the market this year has been how weak demand has been for higher-priced homes. Logically, with the market so active under $1 million, and macro-economic factors – the stock market at record levels, expectations/hopes of tax cuts coming – positive, one would expect to see sellers trading up. And that is especially true in Marblehead, a town people are reluctant to leave – meaning most sellers plan to buy another house in town.
The optimistic view is that this may be a timing issue and that sales of higher priced houses will soon pick up. But clearly this is an excellent time to trade up to a higher priced home – and you don’t have to compete with 90 groups at Marblehead Open House.
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
90 Groups at Marblehead Open House
After my post last week 60 groups at Swampscott Open House for house in the $500s, this past weekend there were 90 groups at a Marblehead Open House for a house in the $600s.
If we assume 50% of the attendees at each Open House were genuine buyers, that means there are 29 buyers still looking for a house in Swampscott in the $500s and 44 in Marblehead in the $600s.
Read Sellers: now is the time to act.
Then read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Marblehead Open House on Goldthwait Beach
Live the dream in Marblehead – listen to the ocean – watch the ocean – walk on the beach.
Repeat.
Open Today 12-1:30
Marblehead: what is available by price
The number of Single Family Homes (SFH) for sale in Marblehead is down by more than 25% from last year, dropping from 75 to 54. The chart below shows the supply at different price points for the last 3 years on this date:
Source: MLS
The lowest-priced home for sale is listed at $559,000 and there are just 4 homes for sale below the median price for 2016 of $620,000.
Of the 54 SFHs currently available only 20 are listed below $1 million versus 34 listed over $1 million.
As a buyer it may be worth checking out the houses that have been on the market for a while and taking another look.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Thinking of Selling? Now Is the Time to Act
If you have been thinking about selling your home this year, now may be the time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing.
Read Sellers: now is the time to act.
Then read Which broker should I choose to sell my house? (more…)
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