New Listings week ending May 21
A few more houses are coming on to the market but they are still selling quickly. Here are the latest New Listings :
Click on these links for details: (more…)
Open Houses for Mother’s Day weekend
Most Open Houses this weekend will be held today rather than on Mother’s Day.
This list will be updated on Sunday morning (because of the quirks of MLS many of the Sunday Open Houses don’t show up on Saturday.)
Click on these links for details: (more…)
New Listings on Cinco de Mayo
No Cinco de Mayo celebration for New Listings which remain at a low level:
Click on these links for details: (more…)
May Housing Inventory: massive decline continues
Housing inventory for the 34 cities and towns of Essex County in pictures:
Single Family Homes
Condos
Mortgage rates
After moving up for several weeks the 30-year Fixed rate Mortgage has dropped blow 3% again. Note how cheap 15-year mortgages are for those who can afford the extra payment.
(Freddie Mac weekly survey)
Comment (more…)
Will the Housing Market Frenzy Die Down? That Depends on Sellers
The coronavirus pandemic raised the temperature considerably on the nation’s housing market. The past year has been marked by soaring prices, logic-defying offers over asking price, and steep competition as sellers have been hesitant to put their homes up for sale.
But the heart-pumping, bank account–depleting housing market frenzy could die down—at least a little—in the coming months as more sellers list their properties and inventory slowly increases. About 10% of current homeowners plan to put their homes on the market this year—and more than half are more affordably priced, according to an exclusive survey conducted by realtor.com®. An additional 16% expect to list their properties within the next two to three years.
Typically, only about 8% of homeowners put their homes up for sale a year. This is about a 25% anticipated increase, which translates into about 1.5 million more homes. The increase may be due to folks holding off on selling their homes during the worst of the coronavirus pandemic.
“There is a brighter light at the end of the tunnel for many weary buyers,” says Realtor.com Senior Economist George Ratiu.“In a market that right now only has close to half a million listings, a big boost in inventory can mean more choices for buyers and potentially a slowdown in price growth,” says Ratiu. He was quick to add that prices won’t drop, but the double-digit growth may taper off. “It’s signaling a return to normal for the economy and the housing market.”
Read the full article: Housing Market frenzy could cool for this reason (more…)
Naples Housing Market – onwards and upwards
The March 2021 Market Report, released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), shows that March was the highest performing month in the 13 years NABOR has tracked these metrics.
Sellers are raising prices and multiple offers are still coming in,” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “This is because inventory is limited, and more sellers are realizing now is a good time to place their home on the market and get top value in the current market conditions!”
Broker analysts predict the level of demand experienced in March is sustainable and should be expected to continue for the next few months, or longer. “Season was disrupted this year because many people elected to hold off relocating until they were fully vaccinated,” added Huskey. “Agents also report that many seasonal visitors are staying longer than in previous years, possibly because they can afford to wait in anticipation of more homes becoming available in the luxury market. I believe we’ll continue to see more newcomers from northern states looking for homes in the high end in the coming months. Beyond that, and as we enter the summer season, we might begin to see a second wave of international buyers entering our market as travel restrictions begin to relax.”
Median closed prices in March increased 12.2 percent to $415,000 (the highest median price increase month/month on record since 2008) from $370,000 in March 2020. In March 2021, there were just 1,819 homes in inventory (the lowest it has been since 2014), which was a 73.2 percent decrease from 6,795 homes in inventory in March 2020.
The March report revealed that the Naples area now has only a 1.6 month supply of homes available to buyers
The following charts give a visual summary of market activity: (more…)
Beverly Q1 2021 Housing Market Review
1. The median price of the Single Family Homes (SFH) sold in Q1 2021 increased 14.9% to $575,500 from the Q1 2020 figure of $501,000, which was by far the lowest number in 2020.
2. With no new major developments, the median Condo price dropped 5.3%% from $375,000 to $355,000, which was in line with the median price for the whole of 2020.
3. SFH sales increased from 41 to 44, in line with the 5-year average, while Condo sales jumped from 23 to 35.
4. 77% of SFHs and 69% of Condos sold received accepted offers in 15 days or less
For a more detailed report on the market in Q1 go to Team Harborside’s website and read: Beverly Q1 Market Review (more…)
Pink bathroom – really?
Pink bathrooms became fashionable in the 1950s because pink was Mamie Eisenhower’s favorite color. At one time it was estimated that there were 5 million pink bathrooms in this country, but they faded almost as fast as they arrived. Pink was swapped for woods and neutrals in the ’60s and the retro oranges and greens of the ’70s. The world simply fell out of love with pink.
Today, there is a resurging interest in the pink bathroom—thanks to the revival of mid-century design and millennials’ love affair with all things retro. An intact pink bathroom is now more of an intriguing design challenge than a renovation project, plus it’s a fun selling point for homeowners and renters alike.
Maybe, but a pink bathroom is not something I would choose.
It was a surprise therefore when, earlier this week, I went into my bathroom and to be confronted with this:
But shortly thereafter that wall looked like this:
The culprit? A red towel reflecting the morning sun.
Phew.
Andrew Oliver
Sales Associate | Market Analyst | DomainRealty.com
REALTOR®
Naples, Bonita Springs and Fort Myers
Andrew.Oliver@DomainRealtySales.com
m. 617.834.8205
www.AndrewOliverRealtor.com
www.OliverReportsFL.com
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
www.OliverReportsMA.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
New Listings week ending April 2
The number of New Listings remains small:
Click on these links for details: (more…)
Open Houses weekend of April 3/4
Here are the today’s Open Houses. There are none currently scheduled for Easter Sunday. If that changes this list will be updated tomorrow morning. Be aware that with such low inventory, many new listings receive offers before the weekend Open Houses.
Click on these links for details: (more…)
New Listings week ending March 26
A modest increase in New Listings this week:
Click on these links for details: (more…)
The U.S. Now Has More Realtors than Home Listings
The number of real estate agents working in the U.S. housing market has surpassed the number of homes for sale. This phenomenon reflects both the extremely tight supply of homes on the market, and how surging prices persuaded tens of thousands more Americans to try their hand at selling real estate.
The National Association of Realtors®’ (NAR) membership count has exceeded the number of homes on the market only once before, in December 2019, when the number of agents dipped slightly but the inventory of homes for sale declined even more. It happened again last October and has held ever since. (more…)
Where have all the sellers gone?
As I read this New York Times article: Where have all the houses gone? my mind went to Yogi Berra’s line of “it’s deja vu all over again” as I checked my files and discovered that this will be my 5th article with this title – and the first was written in 2013.
Let’s look at the what and the why.
First, the what. This chart shows that inventory has plummeted across the country:
Open Houses weekend February 27/28
Here are this weekend’s Open Houses. Be aware that with such low inventory, many new listings receive offers before the weekend Open Houses.
This list will be updated on Sunday morning (because of the quirks of MLS some of the Sunday Open Houses don’t show up on Saturday.) (more…)
Only One House For Sale in Swampscott under $2 million
The shortage of inventory has been a major topic of conversation both locally and nationally for some time now, but the current situation in Swampscott is extreme.
There are just 5 Single Family Homes for sale (MLS shows 6 but one is listed as both SFH and Condo and is actually a Condo legally). Of those 5 , one is listed at $1.75 million, one at $2.8 million, one at $2.9 million, one at $3.5 million and one at $6.5 million.
Such is the supply/demand equation that when houses at lower prices – and some at higher prices – do come on the market a bidding war breaks out.
Thus, if you may be thinking of selling in the spring, you may want to consider taking advantage of the current market drought and list now, especially with mortgage rates having increased quite sharply from the recent extraordinary lows.
Team Harborside is the leading team for sales on the North Shore and we would delighted to offer you an opinion of the current valuation of your property.
Read these recent articles:
Mortgage Rates are Rising
How Marblehead’s 2021 Property Tax Rate is Calculated
Essex County 2021 Residential Property Tax Rates: Town by Town guide
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of Oliver Reports . He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Sale, Beverly, Lynn and Swampscott.”
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReportsMA.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Andrew Oliver
Sales Associate | Market Analyst | DomainRealty.com
REALTOR®
Naples, Bonita Springs and Fort Myers
Andrew.Oliver@DomainRealtySales.com
m. 617.834.8205
www.MarbleheadSouth.com
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