November Inventory stays high

Inventory numbers usually drop as we head towards the winter months, but this year the level of SFH inventory has remained steady so far.

Single Family Homes

 

Condos
Condo inventory has also been steady, although this brings the level back only close to last year’s level.

 

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New Listings after Halloween

New Listings mid-week November 2:

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Swampscott Q3 2022 Report: Median Price hits $800,000

The median price of the Single Family Homes (SFH) sold in Swampscott in the first 9 months of 2022  (YTD Q3)  increased  12% to $800,000. The median condo price also increased 12% YTD Q3 to $447,500.

Single Family Homes (SFH)
The median price of the SFHs sold in Swampscott in the first 9 months of 2022 (YTD Q3 2022) increased 12% to $800,000 on the smallest number of sales since 2012.

As the percentage of sales over $800,000  increased from 36% YTD in 2021 to 51% YTD in 2022, so the median price moved from just over $700,000 to $800,000. Sales over $1 million YTD increased from 13 to 25. (more…)

Open Houses Sunday August 28

Here are today’s Open Houses:

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Summer 2022 Market Review

Click on Summer Market Review to read the market review for the first 6 months of 2022,

This reports covers all 34 cities and towns in Essex County, with more detailed reviews of Beverly, Gloucester, Manchester-by-the-Sea, Marblehead, Rockport, Salem and Swampscott

And these recent articles: (more…)

New Listings and Inventory Update

Here are this week’s New Listings and the latest Inventory:

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Essex County Mid-Year Market Summary in 5 slides


And read these recent articles: (more…)

Open Houses Sunday July 24

Here are today’s Open Houses:

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Has Inflation Peaked?

After I published Have Mortgage Rates peaked? last week a reader asked me why I thought the yield on the 10-year Treasury Bill would not continue to increase, so that even if the spread over the 30-year Fixed Rate Mortgage (FRM) narrowed, the FRM rate itself might still increase.

In Are we already in a Recession?, published on June 18, I wrote: “Just as the yield on 10T has more than doubled since pre-COVID while the Fed Funds rate is unchanged, so the Fed Funds rate can increase sharply – the Fed is forecasting it will reach 3.4% this year, also double its pre-COVID level – without necessarily impacting the yield on 10T. That will depend upon the economic outlook. Ironically, perhaps, the more determined the Fed is to drive down inflation – even at the cost of a recession and higher unemployment – the greater the chance that the yield on 10T – and by extension the FRM – will decline – at some point.”

In the last few days, as more economists talked about a recession after the Atlantic Fed updated its Q2 GDP estimate to minus 2.1% (it was 0% when I wrote on June 18), the yield on 10T has dropped sharply, falling to 2.9% from a peak of 3.5% in the middle of May: (more…)