Latest New Listings and Inventory Report

Here are the latest New Listings (the state of inventory is shown later in this article) :

Click these links for details: (more…)

Is Your Home (and Home Insurance) Ready for Extreme Weather?

Hurricanes. Heat waves. Earthquakes. Tornadoes. Today’s headlines are awash in extreme weather, and whether you blame climate change or just plain bad luck, the simple truth is that the damage from these disasters is impossible to ignore.

Realtor.com® teamed up with HarrisX to conduct a poll of 3,026 adults on their extreme weather concerns and homeowners insurance know-how—and the results suggest that many Americans may be more vulnerable than we think.

Here are some of the key highlights: (more…)

Open Houses Sunday August 22

This list is current as of 7:30 am according to MLS:

Click on these links for details: (more…)

What is happening to Housing Inventory?

“The epic housing shortage that began before the pandemic and then was exacerbated by it may finally be starting to ease up. More supply is suddenly coming on the market, which will certainly help frustrated buyers and could, in the longer term, take some of the heat out of home prices.”(CNBC)

Articles such as this one have appeared on a number of occasions in recent weeks. It is, of course, inevitable that the year-on-year decline in inventory will end at some point, but an increase from an extremely low level does not take the market supply into one of abundance!

Inventory
Let us look at Essex County and a few of the North Shore towns and compare inventory levels for the last three years:

This table clearly shows that while inventory may be increasing in places from last year’s levels, it is still way below that of 2019.

 

Supply
While I believe that the old metric of 6 months of supply representing a housing market in equilibrium between buyers and sellers may be out of sate with the speed at which buyers become aware of new listings these days, it is still the measure most widely quoted. This table, showing inventory as of August 1 and sales through July 31, demonstrates just how much the market remains weighted in favour of sellers:

Comment
As the year-on-year declines inevitably come to an end, so we will see more commentary about the increase in supply. But…. we are starting from an incredibly low level, so even if inventory were suddenly to double, it would still represent only 2 months of supply.
And right now, there are so many variables – new COVID restrictions, back to school, etc. – that any projection is more guess than forecast.
One factor that could be significant is the psychological impact played by press reports of increasing inventory. For the last year one of the main driving forces behind the frenzied bidding wars has been FOMO (Fear Of Missing Out).
If FOMO declines we could see a more stable market.
But there are too many unknowns – both the known unknowns and the unknown unknowns – to be confident of any prediction.

Read these recent articles:
Is the increase in Inventory for real?
Team Harborside recognized on America’s Best Real Estate Professionals list
Are mortgage rates heading up or down?
Essex County 2021 Residential Property Tax Rates: a Town by Town guide
Naples market summary in June

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.OliverReports.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.AndrewOliverRealtor.com

www.OliverReportsFL.com<

New Listings week ending August 6

Here are the latest New Listings:

(more…)

New Listings mid-week August 4

Here are the latest New Listings:

Click these links for details: (more…)

Is the increase in Inventory for real?

SFH Inventory as of August 1 increased from July 1 but still trails historic levels. See the chart and comment later in this article for more details.

Single Family Homes

Condos (more…)

Possible duplicate emails

I am in the process of changing email marketing providers – at least, I think I am – after problems last week. There may be a duplication of providers for a short time which may mean you get two emails from me.
I do apologise and sincerely hope – for your sake and mine – that this will be resolved in the very near future.

Thank you

Andrew

Open Houses Sunday August 1

This is the updated list of today’s Open Houses:

Click on these links for details: (more…)

7 Winning Tips for Buyers

The only one of these I don’t recommend is number 4 – waiving contingencies other than in certain, limited circumstances.

(more…)

New Listings week ending July 30

Here are the latest New Listings:


Click on these links for details: (more…)

Open Houses weekend July 31/August 1

Here are the Open Houses this weekend. Because of the quirks of MLS properties with OH’s both days so not show up in both days’ lists but do if you click on the individual properties. I will publish the updated list for Sunday tomorrow at 8 a.m.

Click on these links for details: (more…)

Test email – do not open

Which is Massachusetts’ most expensive County

7 Counties have a median price lower than the median for the State while 6 clock in above that level – which was $525,000 in the first half of 2021, up 20% from H1 2020 and 28 % from 2018.

(more…)

Open Houses weekend July 24/25

Here are the Open Houses this weekend. Because of the quirks of MLS properties with OH’s both days so not show up in both days’ lists but do if you click on the individual properties. I will publish the updated list for Sunday tomorrow at 8 a.m.

 

Click on these links for details: (more…)