Carnegie Hall comes to Marblehead
As part of this weekend’s Christmas Walk, the Old North Festival Chorus performs two concerts at Old North Church, 35 Washington Street, on Saturday at 8:00 pm and Sunday at 7:30 pm.
The Concerts, in their 34th year, feature a wide range of music, from Bach’s Magnificat to carols, in which the audience is invited to join in, with appearances from the Old North Bell Choir and the award-winning Old North Children’s Festival Chorus. Truly something for everybody and a joyous and memorable evening is guaranteed. (more…)
Marblehead Home Sales best since 2004
This week’s closed sales took the year’s total to 238, the best since 2004. Based on anticipated sales dates the full year will come in around 245.
Source:MLS, Oliver Reports
Marblehead’s property tax rate drops a penny
While I was away in London, the property tax rate in Marblehead for 2015 was approved at $11.08, down just a penny from 2014’s $11.09.
Remember that assessed values for FY2015 (July 2014-June 2015) are based upon values in 2013, so the strong market in 2014 will be reflected in the tax rate for FY2016, when I expect to see a larger drop.
(more…)
Million Dollar Home Sales hit new record in Marblehead
Record Sales
Sales of Marblehead homes over a Million Dollars have hit a new record in 2014. The previous peak was 36 in 2005, and this year we already have 38 closed sales with a further 5 scheduled to close before year end for a total of 43.
Sales by price bracket (more…)
Homes for sale in Essex County plummet in recent years
This week I am looking at the number of Single Family Homes (SFHs) for sale, as a follow up to last week’s Where have all the Condo sellers gone? article. In that article I pointed out that the number of condos for sale, in both Marblehead and Essex County, was down some 70% from the levels seen in the 2006/07 period, and offered some thoughts on why that might be. (more…)
Flood Insurance: “Because without it your home is a disaster waiting to happen”
It seems appropriate on this morning of another nor’easter to echo the reminder recently sent out by FEMA.
– Flood damage is not covered by most homeowners insurance.
– Flooding is the #1 natural disaster.
– People outside high-risk areas file over 20% of NFIP claims and receive one-third of disaster assistance for flooding
– In high-risk areas homes have at least a 1 in 4 chance of flooding over a 30 year mortgage
– Flood insurance is mandatory if you live in a high-risk area and have a mortgage from a federally regulated or insured lender.
For more information go to FloodSmart.gov (more…)
Where have all the Condo sellers gone?
I have noticed for some time that the number of condos for sale in Marblehead has been low compared with the days of my old Marblehead Reporter articles (2008-11) when my memory said there always seemed to be 50 or more for sale.
I checked the numbers for today and compared them over the last 10 years. The questions that came to mind were: was this just a Marblehead phenomenon? Was it maybe because of the time of the year? And if not, what was the reason for the decline? (more…)
The Chinese are coming, the Chinese are coming
According to Bloomberg Business Week the LA suburb of Arcadia is enjoying a boom in home prices fuelled by Chinese buying.
“For buyers from mainland China, Arcadia offers excellent schools, large lots with lenient building codes, and a place to park their money beyond the reach of the Chinese government.The city, population 57,600, projects that about 150 older homes—53 percent more than normal—will be torn down this year and replaced with mansions. The deals happen fast and are rarely listed publicly.”
Ah here are a couple of obvious problems for Marblehead. I don’t think we can offer lenient building codes, while I am not sure a 6,000 sf lot in Old Town would meet the bill. Oh well, we can but dream that the Chinese will discover Marblehead one day.
Read the article Chinese home buying binge.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty.
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Marblehead’s 200th SFH sale earliest since 2004
Marblehead recorded its 200th Single Family Home sale on Friday, the earliest date that has been achieved since 2004. A further 45 SFHs are pending, with the majority likely to close this year. Total sales for 2014, therefore, are likely to be second only to 2004 this century.
Source: MLS, Oliver Reports
Are you urban chic?
According to Tapestry, Marblehead is “urban chic”:
“We’re well-educated, married couple families and singles who live in the suburbs of major metros on both coasts. Professional and managerial positions in technical and legal occupations fund our exclusive, upscale, and sophisticated lifestyles. Portfolios are healthy, filled with stocks, bonds, and real estate investments. Our houses range in style from pre-war to new construction, high-rises or single-family homes; two-thirds of us own our homes. Tech savvy, we’re tops for owning Apple products, and use our devices to shop, bank, and research information. Leisure time is spent visiting museums, traveling, drinking imported wine, going out to the movies, skiing, and practicing yoga.” (more…)
Marblehead housing market now
The Single Family Home (SFH) market
The market in Marblehead continues to be quite active, with 15 Single Family Homes (SFHs) having received accepted offers already in October, compared with 21 in the whole of October 2013. New sales in September also showed a sharp increase over 2013, more than making up for the drop in August.
The first chart shows quarterly numbers for median prices for the last few years. The Q3 number is not a record. The YTD through September median price is $585,600 so for the full year we will end up very close to, or slightly higher than, the record of $585,000 set in 2006. It may come down to which of the houses under agreement actually closes before year end:
Source: MLS, Oliver Reports
The current composition of houses available for sale shows an increase in supply at the lower end of late and also in the $1-2 million bracket. Both these segments have been active this year.
Source: MLS, Oliver Reports
Looking at what has sold this year, note that sales from $500-749k have exceeded those under $500,000, a reversal of last year’s relationship, showing both that prices are increasing and buyers moving up.
Source: MLS, Oliver Reports
The Condo Market
The condo market looks likely to emulate the SFH market ending 2014 very close to the 2007 peak of $346,000, as through 9 months the median price was $347,750:
Source: MLS, Oliver Reports
It is important to remember that the law of small numbers applies to condos in Marblehead. For example, sales to date in the $3-400k range (which will determine the year’s median price) and the gaps between sales have been as follows:
Source: MLS, Oliver Reports
The median through 9 months is the average of $328,000 and $367,500, or $347,750. One more sale outside these prices would move the median price by almost $20,000. This is why I comment on prices in the condo market on a semi-annual rather than quarterly basis.
Talking of sales, here are the numbers for the first 9 months of 2014 compared with 2013 and broken down by price range. The increase in the $500-749k range was what drove the increase in the median price.
Source: MLS, Oliver Reports
There is little change year over year in condos available for sale.
Source: MLS, Oliver Reports
But look at the change over the last ten years:
Source: MLS, Oliver Reports
Marblehead is not only a small market for condos, but that market is split between a small number of purpose built condos and the HGTV-driven boom in “condo conversions” of older 2-4 unit apartment buildings. It is the latter market which has largely disappeared.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Third Quarter Housing Review
Third quarter numbers for sales and median prices support the argument I have been making in recent weeks that we are now in a more stable market, having recovered from the 2008/2009 slump. As always, I caution against reading too much into one quarter’s numbers, particularly in those cases where the number of sales is small. Next week I shall publish a report for the first nine months of the year, which will provide a fuller picture of the market.
A good sign for the housing market is that the economy continues to improve with unemployment dropping below 6% for the first time since 2008, although the underemployment rate is still high at 11.8% and hourly earnings increased only 2% year over year. The latter numbers suggest that the Federal Reserve will not be rushing to raise interest rates, which is good news for mortgage rates. (more…)
$50,000 reduction on this Sophisticated Marblehead home
Price reduced $50,000.
Come to Sunday’s Open House 12:00 – 1:45.
In much sought after Goldthwait neighborhood; 4/5 bedrooms; immaculate house.
Now only $899,000.
http://15vassar.com/
Home Sales picking up in September
In addition to longer-term trends I try also to comment on current market conditions.
Whereas new sales (as in accepted offers rather than closed transactions) increased 8% in Essex County in August compared with a year ago, in Marblehead they dropped slightly. The numbers in August are small but we saw 17 new sales against 22 a year ago.
I believe that September’s new sales will give a lead as to how strong the market will be this winter. In Essex County new sales are already some 73% of last year’s total, so look likely to show an increase year on year. In Marblehead, new sales have reached 21, which compares with 18 in the whole of September 2014.
So far, so good.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
How many Million Dollar Homes are there in Marblehead?
As I have been asked this question on a number of occasions I thought I would answer it: 743 according to my calculations, based upon Assessed Value (AV). Such homes represent 12% of Marblehead’s total housing stock. All data is taken from Patriot Properties.
Two disclosures: first, the numbers I am using are Assessed Values (AV) for the 2014 Fiscal Year and these are based upon sales during 2012. In my mid-year review I reported that the median sale in the first half took place at about a 12% premium to the current AV. As a reminder – and as explained in Twenty Questions with Marblehead Assessor – the FY 2015 tax rate, due to be announced in December, will be based on 2013 sales, while this year’s sales will be used in the FY 2016 assessments.
The second disclosure is that I calculated my numbers manually (and in case you care there are 175 pages of numbers on the Patriot Properties’ website). When I compared my numbers with the official aggregate statistics, however, I found that I was out by just 8 in over 6,000 Single Family Homes (SFH) and by 15 in nearly 1,000 condos. Close enough.
Source: Patriot Properties; Oliver Reports
I also looked at the data for Manchester-by-the-Sea and Swampscott. Clearly Marblehead offers the most choices for the luxury market with the exception of the very high end, over $5 million, where Manchester has the largest selection.
Sources: Dept of Revenue; Patriot Properties; Oliver Reports
One area where Swampscott is the clear winner is condos. It has 21 with an AV of $1 million or more compared to just 2 each in Marblehead and Manchester.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
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