Marblehead: median list price $995,000; median sale price $532,000

The median list price of Single Family Homes (SFHs) in Marblehead currently available for sale is $995,000, whereas the median price of SFHs sold in the first 8 months of 2013 is just $532,000. Why the difference?

First the inventory numbers. It is very clear just how short of inventory the market is under $750,000 and under $500,000 in particular. These numbers were as of September 1st. This shortened week saw 4 more houses under $500,000 receive an accepted offer (including one that was listed this week), so there are now just 6 SFHs available in Marblehead under $500,000. And 106 have sold in the last year. Wow! (more…)

Massachusetts housing inventory: very little available at lower prices

August generally does not see a lot of new properties coming to the market, while anxious buyers are inclined to snap up what is available before the start of the school year. Thus, supply should tighten, at least in theory. And as the last table in this post shows, the inventory of SFHs under $500k for all 17 North Shore cities and towns I follow, represented just 2.1 months of supply at the beginning of September, whereas 6 months is generally regarded as being a market in equilibrium.
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Massachusetts home sales reach highest level since 2004

According to the Massachusetts Association of Realtors (MAR) July Report sales of Single Family Homes (SFHs) in July rose 20% from a year ago, while the median price at $350,000 increased by 8%. The number of sales was the highest in one month since July 2004. (more…)

Million dollar homes in Massachusetts

A Million Dollars still conjures up an image of luxury, and I suspect many of us are attracted to headlines which include the magic number. This article will look at Million Dollar homes for the counties of Massachusetts, with a breakdown by town for Essex County.

Note that all numbers are from the MLS, which does not include Nantucket or Martha’s Vineyard, and may exclude some sales in other parts of the State which have their own reporting system. With that caveat, let’s get started.

First, sales for the Last 12 Months (LTM).
Here’s a pie chart:

Source: MLS, Oliver Reports

North Shore housing inventory by price: still famine or feast

While the low level of overall supply suggests we are still in a sellers’ market, the position varies dramatically by price.

Look at this table for SFHs:

Source: MLS, Oliver Reports

I think this demonstrates the buying frenzy that has occurred in recent months at the lower end. Naturally, there are fewer buyers as prices increase, but the low level of sales at the top end continues to baffle me. (more…)

MASS home prices reach highest level since 2007

This week the Massachusetts Association of Realtors released its June report Massachusetts median prices back to 2007 levels.

That sounds good and is certainly good news for homeowners, but let’s dig a little deeper into the numbers. This chart shows median prices for Single Family Homes (SFH) in MASS on a quarterly basis since 2004. As always, my numbers exclude foreclosures and short sales. (more…)