Marblehead Million Dollar sales set new record
Sales of houses over $1 million set a new record in Marblehead in 2016. The second table shows that sales in the $2-3 million range increased sharply, but that the very top end – over $3 million – remains flat. (more…)
Marblehead: what is for sale at your price?
Five weeks into 2017 just 8 Single Family Homes(SFH) have been listed in Marblehead and 4 of those have already received offers. Click here for a full list of houses for sale while this chart shows the breakdown by price:
Source: MLS, Oliver Reports
Two spectacular Marblehead Open Houses today
Two spectacular Oceanfront Open Houses today: (more…)
Marblehead 2016 Housing market By the Numbers.
The median price for both Single Family Homes (SFH) and condos reached new highs in 2016. The median price of a SFH increased 4% to $620,000 ( click here for a detailed report ) and the median price of a condo increased 15% to $370,000, fueled by a sharp jump in sales between $350,000 and $500,000.
Source: MLS, Oliver Reports
Are you thinking of selling your home? If so 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.
Not sure which broker to use to sell your home? Read Which broker should I choose to sell my 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.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
6,000 sf : $50 million in New York, $3 million in Marblehead
The sale has been announced of a 6,000 sf plus a penthouse at 70 Vestry in Tribeca on the market for $50 million. Which got me thinking about a 6,000 sf plus oceanfront house 11 Crown Way for sale in Marblehead for just $3 million.
Here are photos followed by a comparison of amenities: (more…)
Marblehead house with pool AND skating rink
Only in Marblehead can you buy a house 11 Crown Way with a pool AND a skating rink*
* do not try this at home – unless you buy the home, are over 21 and sign a disclaimer with your insurance company. (more…)
Marblehead 2016 housing market: new record
In 2016 the median price of a Single Family Home (SFH) increased by $23,500, or 4%, to $620,000, the first time the median price in Marblehead has exceeded $600,000 for a year. As in every year since 2000 except 2010 and 2011, the median price was higher in the second half of the year than in the first half.
Sales were in line with those of the two prior years – 248 vs 245 and 239 – while the number of SFHs for sale on average was much the same as 2015 but down about 25% from 2013 and 2014.
It is important to bear in mind that only around 4% of Marblehead’s more than 6,200 SFHs change hands publicly in any year, but 4% is a reasonable sample, with sales taking place from $300,000 to $4 million.
Median price
The first chart, with the numbers below, shows the median price for the two halves of the year and for the full year. 2016 was the third year in a row where the median price reached $600,000 in the second half of the year, but the first where the full year exceeded $600,000. (more…)
Will Marblehead reach 250 SFH sales in 2016?
My very first post on Oliver Reports in November 2012 referred to the expectation that sales of Single Family Homes (SFH) would exceed 200 that year for the first time since 2007. They did reaching 227. And this year, as of December 16, there have been 240 sales with a further 9 scheduled to occur before the end of the year, suggesting that sales in 2016 will fall just shy of 250, a good level but still below the 285 of 2004. There is no doubt that the shortage of houses for sale held back the number of sales in 2016.
2016 through December 16 Source: MLS, Oliver Reports
Marblehead Christmas Walk: Festival Chorus Concerts
This weekend sees the Marblehead Christmas Walk; click here to see the brochure.
One of the highlights is the Old North Festival Chorus Concerts now in their 36th year. (more…)
Huge jump in Mortgage Loan Limits
Home buyers in Essex County and Suffolk County received a major boost this week with the announcement that the limit for conforming mortgages was being increased by 18% from $523,250 to $598,000.
For a buyer putting down 20% the price of a home that can be financed conventionally – meaning that it can be sold to Fannie Mae or Freddie Mac – jumps by almost $100,000, from $654,063 to $747,500.
This table shows the trend in the last few years: (more…)
Marblehead sets tax rate for 2017
The 2017 tax rate for Marblehead has been set at $11.01, down from $11.10 in FY2016. Before you get too excited, bear in mind that the reason the tax rate went down is that assessed values, reflecting rising prices, went up – which means that tax bills will also be going up. (more…)
Marblehead Q3 2016 Housing Market Summary
Through the Third Quarter, the median price of a Single Family House (SFH) in Marblehead declined by 1% to $612,500, while that for a condo rose by 18% to a record $372,500.
Source: MLS, Oliver Reports
If you are considering selling your home 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.
Not sure which broker to use to sell your home? Read Which broker should I choose to sell my 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.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
72 hour sale on Marblehead Oceanfront home
The price on 11 Crown Way has been reduced to $2.75 million until Monday at 5 pm. There is an Open House on Sunday from 12:00-2:15.
Here’s a video and here are the floor plans.
Farewell Big Papi: a Marblehead real estate tribute
A four pitch walk. This was not how it was supposed to end, but the Cleveland Indians had no intention of allowing a final heroic home run blast from Big Papi.
David Ortiz will be honored for ever in Boston for the person he was as much as for his extraordinary achievements with a baseball bat. For Oliver Reports he will also be remembered for being a metaphor for the Marblehead real estate market.
My 2009 mid-year review published in the Marblehead Reporter described the phenomenon that the local real estate market was like David Ortiz’s season: starting so poorly that even with great numbers later in the season the year’s median price would still be quite low.
In Big Papi strikes Marblehead housing market again, one of my first blog posts for Oliver Reports, I wrote: “Well 2012 was much like 2009, at least for the local real estate market (Big Papi himself, courtesy of a new diet and/or because he was entering a contract year, hit 318).”
That new trend, avoiding a slow start to the year, continued in 2016. Big Papi, after a winter without picking up a bat, hit hard and often right out of the gate, just like the Marblehead real estate market which started 2016 with a $660,000 median price in the first quarter.
But enough of the metaphors. Farwell Big Papi – and thank you.
If you are considering selling your home 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.
Not sure which broker to use to sell your home? Read Which broker should I choose to sell my 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.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Marblehead Q3 housing market – on track for new record high
As often happens in a seasonal market, 2016 has seen some large variations in the quarterly median price of a Single Family Home (SFH) in Marblehead. In Q3, the median price was $618,500. While this was the 5th quarter in the last 8 to see a median price over $600,000, it was somewhat lower than last year’s very high figure.
YTD through 9 months the median price is $612,500, down 1% from last year’s $619,000. Because the majority of the Q4 sales are already under agreement, however, I can be confident that the median price for 2016 as a whole will exceed $600,000 for the first time.
In this report I will look at the Q3 numbers, the YTD numbers and also give a preview of where I think the year will end up.
Q3 prices
The chart and table show the quarterly median prices for the last 6 years.
YTD numbers
An unusually low or high median price in Q4 can impact the price for the full year. That did not happen in 2012-14 when the 9M and full year figures were quite close, but in both 2011 and 2015 the Q4 number was so much lower (based in each year on the mix of sales) that the median price for the full year was over $20,000 lower than the 9M figure.
Sales
Since recovering from the Great Recession sales for the full year have been between 227 and 245. Through 9 months we are at 188, with 43 pending sales, so it looks as though the full year will be in the vicinity of 240.
Available for Sale
While the numbers in themselves are quite small, there has still been a roughly 25% drop in supply from 2014 to 2016.
Source: MLS, Oliver Reports
Outlook for 2016
The 43 pending sales have a median list price of around $680,000. YTD sales have taken place on average at 97% of list price, thus suggesting a median sales price of around $660,000 for the pending sales. Adding that to the 188 sales that have already closed this year would produce a median price for the year of about $625,000. More houses will go under agreement and close before the year end, however, so the final outcome will depend upon the prices of those additional sales.
The existing record for a year in Marblehead is the $596,500 achieved in 2015. A very dramatic swing to lower-priced houses would need to occur in the next few weeks for that record not to be beaten in 2016.
If you are considering selling your home 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.
Not sure which broker to use to sell your home? Read Which broker should I choose to sell my 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.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
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