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
Marblehead’s cheapest Oceanfront property
There are currently 8 Oceanfront properties for sale in Marblehead at prices ranging from just under $3 million to just under $6 million. The cheapest in both list price and price per square foot is 11 Crown Way.
Source: MLS
There have been 7 Oceanfront sales in 2016 and, excluding one sale which was based on land value rather than the existing house, the average price per sq.ft. was $667 and the median $677.
Note that the price per sq.ft. for 11 Crown Way does not include the 2,400 sq.ft. carriage house.
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 Oceanfront: huge price reduction
14 miles north of Boston’s Logan Airport, this gracious,lovingly restored, south-facing 1850 oceanfront home with carriage house is close to all the charms and delights of Marblehead, the “Yachting Capital of America” and “America’s Best Preserved Historic Town”, while providing easy access to Boston, the South Shore, Cape and Islands.
Click 11 Crown Way for more details including a narrated video tour.
There is an Open House this Sunday from 12:00 – 1:30.
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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
Price reduction on Marblehead Beachfront Home
The price has just been reduced on 46 Gallison Avenue which sits directly on Goldthwait Beach in Marblehead, and there is an Open House this Sunday 12:00-1:30. You can also see a guided tour of the property on the Oliver Reports page on Facebook.
This 3/4 bedroom, 3 bathroom recently updated house with jaw-dropping views, can be used in a variety of ways from year round family living to a weekend or summer beach house. Can you see yourself living here?
Marblehead Oceanfront on Facebook Live Thursday at 10:00
Enjoying the view? See more in Harborside SIR’s next Facebook Live broadcast, Thursday, September 15th at 10am. We’ll be walking you through another one of our serene waterfront properties located on Boston’s North Shore. You’ll have the opportunity to ask our agents questions in real time, allowing for a customized viewing experience. Enjoy this exclusive showing and join us again next week for another First Look.
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.
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
HSIR launches Facebook Live series today at 10 a.m.
This morning at 10 a.m. Harborside Sotheby’s will launch a new series of Facebook Live coverage of HSIR listings. To participate just go to the Harborside Sotheby’s Facebook page at 10 a.m.(you can also view the broadcast on Facebook later – what NBC would call “tape delay”). Here’s the first property:
Sit back and relax — house hunting just got easier with Harborside SIR. Join us for our first Facebook Live broadcast, Thursday, September 8th at 10am as we provide a unique look into one of our tranquil waterfront properties located on Boston’s North Shore. You’ll have the opportunity to ask our agents questions in real time, allowing for a customized viewing experience. Enjoy this exclusive showing and join us again next week for another First Look.
HSIR Facebook Live
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.
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
Two Marblehead Oceanfront Houses on the Atlantic
Last year in an article Marblehead sale over $4 million – guess where? I wrote this:
“There are a lot of small streets that lead to the water and have 1 or 2 or maybe 3 or 4 houses sitting directly on the ocean at the end. And for the most part these houses sit on the rocky Atlantic coast and are high enough that flooding is not a concern, while many of them face South, have great views of Ram Island and down the coastline, and are well protected from the nor’easters that can impact more exposed areas.”
Today there is an Open House from 12:00 – 1:30 at 46 Gallison Avenue.
This house works perfectly as a summer/weekend “beach house”, but don’t be mislead by the term “beach house” – it is a fully insulated, year round house.
The house sits on a lot of almost 14,000 sf, and there is room to expand the house upwards and outwards.
A little further down the coast, in the Clifton Heights neighborhood, is 11 Crown Way, a restored 1850 house with carriage house and pool. This house is also available to rent.
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.
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: the cutest town in Massachusetts
PureWow.com has published The cutest towns in America and this is what it says about the pick of Massachusetts:
“Sailboats floating on the harbor, narrow streets lined with cobblestone sidewalks, B&B cottages and mom-and-pop shops….swoon. Historical Marblehead, which played a big role in the Revolutionary War, dates back to 1629, when settlers from the Mayflower first established it as a fishing village.”
As a buyer said to me this summer at the closing of a house he had just bought: “other people come here on vacation, but we get to live here.” Yep. All the above, plus great schools, a wonderful sense of community and a well-run town with the third lowest tax rate in Essex County.
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.
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
Open House today on Goldthwait Beach
Sunny but not too hot today: perfect for walking Goldthwait Beach and visiting 46 Gallison Avenue which sits directly on the beach. Open House today is 12:00-2:00.
This house works perfectly as a summer/weekend “beach house”, but don’t be mislead by the term “beach house” – it is a fully insulated, year round house.
The house sits on a lot of almost 14,000 sf, and there is room to expand the house upwards and outwards. (more…)
Marblehead has retained its AAA rating
As reported in this Marblehead Reporter article Marblehead garners AAA bond rating from S&P , Marblehead has retained its AAA rating for the 8th year in a row. Marblehead is just one of 46 out of 351 communities across Massachusetts that obtained AAA status.
Apart from the kudos of having a well-managed and well-run town, the AAA rating allows Marblehead to borrow at lower interest rates. Recently, the town sold $7.7 million in 20-year bonds at a true interest cost of 2.179 percent and $10.3 million in one-year bond anticipation notes at a true interest of 0.6603 percent.
Those activities raised long-term debt “primarily” for the landfill project, the Glover School Building project as well as short-term debt for the Gerry School Feasibility Study and the forthcoming new fire truck among other capital projects, according to Town Administrator John McGinn.
This sound financial management is a big reason why Marblehead residents enjoy the third lowest tax rate of the 34 cities and towns in Essex County.
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.
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 Unknown Oceanfront Open Houses
This Sunday there are two Marblehead Oceanfront Open Houses, both from 12:30 to 2:00.
Between the entrance to Marblehead at Preston Beach and the turn to Marblehead Neck, there is a stretch of unknown oceanfront which contains 44 houses with Assessed Values of $2 million or more.
Last year in an article Marblehead sale over $4 million – guess where? I wrote this:
“There are a lot of small streets that lead to the water and have 1 or 2 or maybe 3 or 4 houses sitting directly on the ocean at the end. And for the most part these houses sit on the rocky Atlantic coast and are high enough that flooding is not a concern, while many of them face South, have great views of Ram Island and down the coastline, and are well protected from the nor’easters that can impact more exposed areas.”
In 2014 I identified 29 houses with an AV of $2 million or more but now there are 44, as values are increasing in this area.
People who live in this area know its attractions, which may be why houses rarely come on the market.
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.
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
MLS and Shakespeare: To Count or Not to Count
MLS has some strict, well fairly strict, listing requirements, in particular in the time that a listing has to be available in MLS before an offer is accepted on the property. But a recent instance makes me wonder whether one of the side effects of this rule is that it does not provide those of us who produce market statistics from MLS data – and those who rely upon those stats, which is everybody with an interest in property prices – with the full market information.
Let me explain.
A house in Marblehead was listed for sale in 2013 and was on the market for about 16 months. The house was then relisted in 2015 and was on the market for 8 months. Finally, in 2016 it was listed again and received an offer the following day. It remained as CTG in MLS for 3 months, but at closing the listing was changed to Cancelled – and therefore does not show in Sold stats – because, apparently, MLS did not believe the property had been widely enough available before the offer was accepted.
Now if this house had sold around the median price of about $600,000, it would be no big deal. But it sold for $3.7 million (I got that from the Registry of Deeds). Not only are sales at this price level less frequent and therefore more significant, but the price level achieved is an important data point for other sellers and brokers who either have properties for sale or are thinking of selling.
As a lover of murder mysteries, I have learned to ask cui bono – who benefits? In this case, I cannot think of anybody who benefits, but I do know that MLS data without this sale is less accurate than it would be if the sale had been included.
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.
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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