Gorilla invades Marblehead
Tom Saltsman, the Marblehead architect, is famous for creating larger-than-life Halloween installations at his home, 32 Pleasant Street. This year his creation is Kong, a 22 ft tall gorilla. The big ape is crouching in front of Saltsman’s garage. When he awakes this weekend, Kong will make movements and noises. To maintain suspense, Saltsman didn’t want to reveal any more details.
Halloween New Listings
Here are the latest New Listings. See below to see how low supply is for the towns, while demand remains strong. (more…)
Open Houses Halloween weekend
Here are this weekend’s 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…)
Open Houses weekend October 24/25
Here are this weekend’s 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…)
New Listings week ending October 23
Here are the latest New Listings. See below to see how low supply is for the towns, while demand remains strong. (more…)
New Listings week ending October 9
Here are the latest New Listings. See below to see how low supply is for the towns, while demand remains strong.
Click on these links for the New Listings:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
These tables show that inventory is greatly reduced from a year ago:
And read these recent articles:
Goodbye Boston, Hello Marblehead
Mortgage rates dip below 3% – where to next?
No improvement in Inventory in October
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.
“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
No improvement in Inventory in October
The number of Single Family Homes (SFH) in Essex County receiving offers recovered strongly from May onwards, and for the last four months has been ahead of 2019. YTD numbers are now very similar to 2019 levels. The numbers would have been even stronger in recent months but for the chronic shortage of supply.
Single Family Homes
After years of decline, the number of SFHs for sale in Essex County on the first of the month compared with a year earlier (YOY) increased from August 2018 until June 2019. The decline then resumed, and has accelerated in 2020:
The next two charts (the first for January to June; the second July to December) show the number of SFHs for sale on the first of the month since 2018. In the first chart the numbers for 2020 YOY show the renewed decline (in 2019 inventory was increasing in the first 6 months of the year).
The second chart shows the decline YOY each month since July 2019 (note the decline both from 2018 to 2019 and again, much sharper, from 2019 to 2020).
Condos
The number of condos for sale increased YOY from June 2018 until August 2019, but since then there has been a decline which has accelerated somewhat in 2020:
These two charts show numbers since 2018 for January to June, and July to December.
The first chart shows the decline in 2020 YOY, while in 2019 inventory was increasing in the first 6 months of the year.
The second chart shows inventory has been declining since October 2019, with the rate of decline accelerating in 2020..
Supply
While the overall inventory of 1 month of supply remains well below the 6 months traditionally regarded as representing a market in equilibrium, supply as usual becomes freer the higher the price bracket.
Comment
The market in recent months has been characterised by the twin challenges of reduced inventory and increased demand, with buyers from Boston adding to local demand; and both aided by record low mortgage rates.
We are back to the most basic economic equation: when demand exceeds supply, prices rise. In housing, that often results in bidding wars, as we are seeing frequently now. My Q3 market reports will be published shortly and will make interesting reading.
Goodbye Boston, Hello Marblehead
Mortgage rates dip below 3% – where to next?
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. 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
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
So, how much have house prices gone up?
Anecdotally, we have all heard about how prices outside Boston are booming, as people move out of the city, but how much have prices actually gone up?
Because small numbers can – and do – produce misleading statistics, I look for large numbers, as in my quarterly reports. I have, however, calculated the monthly median prices for Essex County SFHs and for Boston condos. After these charts, I will also give an early indication of what the third quarter will look like in Marblehead and Swampscott.
Essex County SFH
This chart shows the monthly median prices for the last 4 years. The blue top line is 2020. After being around $500,000 for the first few months, the median price moved to $545,000 in July and to $575,000 in August. These are, of course, monthly numbers which can fluctuate, but it is also worth noting that the numbers for August refer to sales contracted in June for the most part.
This table shows the quarterly progression. Q2 and Q3 are normally the highest quarters for the year.
Boston Condos
This chart is less clear, but the table below shows that median prices are little changed from 2019 YTD and have been declining quarter by quarter in 2020.
Marblehead and Swampscott
After being below $700,000 in Q1 and Q2, the Q3 median SFH price will blow through not $700,000 but $800,000 – and comfortably at that.
In Swampscott, however, the median SFH is likely to be similar to the 2019 level. Some interesting analysis when I write my Q3 reports.
Goodbye Boston, Hello Marblehead
Housing Inventory chronically low while demand is strong
Mortgage rates dip below 3% – where to next?
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
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. 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, Salem, Beverly, Lynn and Swampscott.”
Open Houses weekend September 19/20
Here are this weekend’s 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.)
Click on these links for details:
Marblehead Open House
Swampscott Open Houses
Salem Open Houses
Beverly Open House
Lynn Open Houses
Mortgage rates dip below 3% – where to next?
Goodbye Boston, Hello Marblehead
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. 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
New Listings September 16
These are the latest New Listing.
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
How does inventory compare with a year ago?
In two words – dramatically lower:
Goodbye Boston, Hello Marblehead
Mortgage rates dip below 3% – where to next?
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. 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
Opportunities in Pelican Bay, Naples
As elsewhere, the market is active in Naples,Florida, even in the traditionally slow summer season.
I am in touch with some opportunities in Pelican Bay (see below): two, 3-bedroom properties with fantastic views and 2 other unlisted properties that will hit the market in about a month.
Listing shortly is a second floor corner condo in a three level building in The Sanctuary. Fantastic view. The other is a 12th floor 3-bedroom overlooking Clam pass and the south beach restaurant. There is also a 2-bedroom plus a den on the 17th floor of the St Marissa with great views.
Anyone looking for investment property? There is a 3-unit in Naples Park for $575k only 1/2 mile from the beach and Wiggins State Park.
Please contact me to discuss any of these opportunities.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Licensed Sales Associate in Massachusetts and Florida
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
Housing Inventory chronically low while demand is strong
The number of Single Family Homes (SFH) in Essex County receiving offers, while still down 10% from the 2019 number YTD, recovered strongly from May onwards, and for the last three months has been ahead of 2019. The numbers would have been even stronger in recent months but for the chronic shortage of supply.
Single Family Homes
After years of decline, the number of SFHs for sale in Essex County on the first of the month compared with a year earlier (YOY) increased from August 2018 until June 2019. The decline then resumed, and has accelerated in 2020:
The next two charts (the first for January to June; the second July to December) show the number of SFHs for sale on the first of the month since 2017. In the first chart the numbers for 2020 YOY show the renewed decline (in 2019 inventory was increasing until June).
The second chart shows the decline YOY each month since July 2019.
Condos
The number of condos for sale increased YOY from June 2018 until August 2019, but since then there has been a consistent decline which has accelerated somewhat in 2020:
These two charts show numbers since 2017 for January to June, and July to December.
The first chart shows the decline in 2020 YOY, while in 2019 inventory was increasing in the first 6 months of the year.
The second chart shows inventory has been declining since October 2019, with the rate of decline accelerating in 2020..
Supply
The scarcity of supply has become even more pronounced, with less than one month at all price levels up to $1 million, while it remains abundant at the top end:
Comment
The market in recent weeks has been characterised by the twin challenges of diminished inventory and increased demand, with buyers from Boston adding to local demand, both aided by record low mortgage rates.
We are back to the most basic economic equation: when demand exceeds supply, prices rise. In housing, that often results in bidding wars, as we are seeing frequently now.
Goodbye Boston, Hello Marblehead
Mortgage rates dip below 3% – where to next?
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. 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
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
Open Houses Sunday August 30
Rather more Open Houses are scheduled for today than were known when the list was published yesterday:
Click on these links for details:
Marblehead Open House
Swampscott Open Houses
Salem Open Houses
Beverly Open House
Lynn Open Houses
Housing Inventory – what Inventory?
Mortgage rates dip below 3% – where to next?
Goodbye Boston, Hello Marblehead
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. 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
Open Houses August 29/30
Here are this weekend’s Open Houses. This list will be updated on Sunday morning.
Click on these links for details:
Marblehead Open House
Swampscott Open Houses
Salem Open Houses
Beverly Open House
Lynn Open Houses
Mortgage rates dip below 3% – where to next?
Goodbye Boston, Hello Marblehead
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. 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
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