Latest Inventory of properties for sale
As new listings start to pick up (we hope) it is important for home buyers to check the full inventory of what is available. I am posting each week details of all houses and condos currently available for sale (and the links below continually update). Different arrangements are being made for viewing so please contact me to see what is possible. The market is very active at the moment with the number of Accepted Offers in the last week nearly back to 2019’s level.
Marblehead SFHs For Sale
Marblehead Condos For Sale
Swampscott SFH For Sale
Swampscott Condos For Sale
Salem SFHS For Sale
Salem Condos For Sale
Beverly SFHs For Sale
Beverly Condos For Sale
Lynn SFHs For Sale
Lynn Condos For Sale
The number of Accepted Offers is increasing
Mortgage applications almost back to 2019 levels
“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
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Swampscott Q1 2020 Housing Market Summary
Single Family Homes (SFH)
The median SFH in Q1 2020 was almost unchanged at $567,500 compared with $568,000 in Q1 2019. SFH sales totaled 30 in Q1 2020, up sharply from just 14 in 2019 and compared with the 5-year average of 22.
The SFH median price increased 49% from the low in 2011 until 2019 and was 14% above the pre-Great Recession high.
Condos
The median price of the condos sold surged 53% to $515,000, reflecting the sale of units at Fisherman’s Watch at prices from $724,900 to $1,249,000. Condo sales increased from 10 to 16, with 5 of the sales in the new Fisherman’s Watch development.
COVID-19
Sales are a lagging indicator, reflecting offers that were accepted some 6-8 weeks earlier. A more current indicator is the number of new offers accepted. Not surprisingly, accepted offers dropped sharply at the end of March and in early April, before recovering, slowly at first, and then more strongly as buyers and sellers adapted to the new way of doing business.
The 30-year Fixed Rate Mortgage dropped from 3.74% at the end of 2019 to 3.5% at the end of March and to 3.25% by the end of April, but the mortgage market was in some disarray, especially in the jumbo and non-conventional market, as a result of the disruption caused by COVID-19.
Inventory
After years of decline, the number of SFH for sale in Essex County on the first of the month compared with a year earlier (YOY) increased from August 2018 until June 2019, and of Condos from June 2018 until August 2019, whereupon the decline resumed.
With the uncertainty caused by the pandemic, the inventory of SFHs in Essex County was 35% below the 2019 level on May 1. In Swampscott there were 15 SFHs for sale compared with 22 in 2019.
Andrew Oliver
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m. 617.834.8205
www.OliverReports.com
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Marblehead Q1 2020 Market Summary
Single Family Homes (SFH)
The median price of Single Family Homes (SFH) sold in Q1 2020 was $692,500. This compared with $602,500 in Q1 2019 and $730,000 in Q1 2018, a clear indication of the quarterly fluctuations that can occur, especially during the winter months, when the number of sales is small.
The SFH median price increased 48% from its low in 2009 to 2019 and was 23% above its pre-Great Recession peak in 2005.
Condos
There were just 9 condo sales in Q1 2020, but that was more than the 5 in Q1 2019. Condo sales occurred between $280,000 and $1.1 million
COVID-19
Sales are a lagging indicator, reflecting offers that were accepted some 6-8 weeks earlier.A more current indicator is the number of new offers accepted.
Not surprisingly, accepted offers dropped sharply at the end of March and in early April, before recovering, slowly at first, and then more strongly as buyers and sellers adapted to the new way of doing business.
The 30-year Fixed Rate Mortgage dropped from 3.74% at the end of 2019 to 3.5% at the end of March and to 3.25% by the end of April, but the mortgage market was in some disarray, especially in the jumbo and non-conventional market, as a result of the disruption caused by COVID-19.
Inventory
After years of decline, the number of SFH for sale in Essex County on the first of the month compared with a year earlier (YOY) increased from August 2018 until June 2019, and of Condos from June 2018 until August 2019, whereupon the decline resumed.
With the uncertainty caused by the pandemic, the inventory of SFHs in Essex County overall was 35% below the 2019 level on May 1. In Marblehead there were 32 SFHs for sale compared with 50 in 2019.
Andrew Oliver
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m. 617.834.8205
www.OliverReports.com
[email protected]
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 jump in Marblehead
The traditional spring market did not occur this year, but it may now be starting – at least in Marblehead, which has seen 17 new SFH listings over the last few days. This compares with a total of just 32 SFHs for sale as recently as last Monday. Elsewhere, apart from Lynn, the number of New Listings remains small, but the market is active, as buyers and sellers adjust to the new way of doing business.
While this spurt in listings is welcome news for buyers, inventory is still well down on last year’s level:
Click on these links for the New Listings:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
And read these recent articles:
Accepted offers jump to 2020 high
Mortgage applications almost back to 2019 levels
A Calmer Mortgage Market
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 [email protected].
“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
[email protected]
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 mid-week May 20
A trickle of New Listings, but homes are still selling – read Accepted Offers jump to 2020 high – as buyers and sellers make creative arrangements for viewing. Also read Why are more Sellers opting for Private Listings?
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
How does inventory compare with a year ago?
The table below is from a year ago this week. While the number of new listings is not wildly different, look at the number of properties For Sale. Compared with a year ago the number of SFHs for sale in Marblehead is down 52%, in Swampscott down 33%, in Salem down 61%, in Beverly down 49% and in Lynn down 44%
A Calmer Mortgage Market
Recession and Recovery
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
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Accepted Offers jump to 2020 high
The number of Accepted Offers (AO) for SFHs received in Essex County in the latest week jumped sharply to 151, compared with the prior high for 2020 in March of 125 and more than double the number of early April.
This is the chart I post each week showing the weekly numbers compared with 2019. Note that Holy Week was week 14 in 2020 and week 16 in 2019:
And this is the percentage change compared with the same week in 2019.
Ignoring the spike in week 16 as a result of the timing of Holy Week, the trend is clear as the percentage decline has slowed from around 50% to under 10%.
Comment
The real estate industry – professionals involved in transactions, as well as buyer and sellers – has adapted to the COVID-19 world. Buyers are out there, inventory remains low and bidding wars are back.
Also, bear in mind that some sellers are requesting that their properties not be listed in MLS, so if you are checking on Zillow you might not be seeing all that is available.: you need to speak to a real estate agent.
*Numbers in this report were updated on May 20
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
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Beware the dog!
Spot, a four-legged robot built by Waltham robotics company Boston Dynamics, has been sent to Singapore to stroll through a section of Bishan-Ang Mo Kio Park and serve as an “ambassador for social distancing,” the company said in this Boston Globe article:ambassador for social distancing.
But Spot is being used for more than just monitoring social distancing.
“In Boston, Spot has been used at Brigham and Women’s Hospital to interview patients who believe they’ve been infected with the coronavirus and to monitor basic vitals. Singapore is using Spot for medical assistance, as well, having the robot bring medication to patients at the Changi Exhibition Centre community isolation facility.”
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
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Current inventory of SFHs and Condos
In the continuing absence of Open Houses in Marblehead and Swampscott (there are a handful in Salem, Beverly and Lynn), I am replacing the normal Open House post with one showing details of all houses and condos currently available for sale (and the links below continually update). Different arrangements are being made for viewing so please contact me to see what is possible. The market is very active at the moment with the number of Accepted Offers in the last week nearly back to 2019’s level.
Marblehead SFHs For Sale
Marblehead Condos For Sale
Swampscott SFH For Sale
Swampscott Condos For Sale
Salem SFHS For Sale
Salem Condos For Sale
Beverly SFHs For Sale
Beverly Condos For Sale
Lynn SFHs For Sale
Lynn Condos For Sale
The number of Accepted Offers is increasing
A Calmer Mortgage Market
Recession and Recovery
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
[email protected]
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 May 15
The number of New Listings remains small, but the market is active, as buyers and sellers adjust to the new way of seeing properties.
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
The number of Accepted Offers is increasing
A Calmer Mortgage Market
Recession and Recovery
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
[email protected]
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 mid-week May 13
A trickle of New Listings, but homes are still selling – read The number of Accepted Offers is increasing – as buyers and sellers make creative arrangements for viewing. Also read Why are more Sellers opting for Private Listings?
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
A Calmer Mortgage Market
Recession and Recovery
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
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
The number of Accepted Offers is increasing
While still running well below the levels of last year (see chart below), the number of Accepted Offers (AO) for SFHs received in Essex County in the latest week shows increasing activity. In fact the number of AOs (with the probability that a few more will be reported tomorrow) last week was close to the number back in March when active\ivity was strong.
This is the chart I post each week showing the Year-on-Year increase compared with 2019. Note that Holy Week was week 14 in 2020 and week 16 in 2019:
And this is the percentage change compared with the same week in 2019.
Ignoring the spike in week 16 as a result of the timing of Holy Week, the improving trend is clear as the percentage decline has slowed from around 50% to just over 30%.
Comment
The real estate industry – professionals involved in transactions, as well as buyer and sellers – has adapted to the COVID-19 world. Buyers are out there and inventory remains low. Also, bear in mind that some sellers are requesting that their properties are not listed in MLS, so if you are checking on Zillow you might not be seeing all that is available.: you need to speak to a real estate agent.
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
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Coronavirus-era homework station
The Boston Globe has published this coronavirus-era homework station guide.
I suspect that while most of us would vote for this location:
This one may be more realistic:
Have you created a homework nook or special location for your “school?”
I suspect two trends will emerge from this pandemic: more people, especially those with children, deciding to move out of Boston and to towns with space (and ocean!); and a move away from the open-plan trend of recent years as more private work spaces for more people are needed.
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
[email protected]
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 mid-week May 6
A trickle of New Listings, but homes are still selling – read Accepted Offers are plateauing – as buyers and sellers make creative arrangements for viewing. Also read Why are more Sellers opting for Private Listings?
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
A Calmer Mortgage Market
Recession and Recovery
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
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Why are more Sellers opting for Private Listings ?
The Boston Globe points out in Pandemic has more sellers opting for private listings:
“As the novel coronavirus continues its deadly spread, some sellers are understandably skittish about letting a parade of potential buyers traipse through their homes day after day. That’s leading some sellers to consider a more discreet sales strategy usually reserved for public figures or the very wealthy: the private listing.”
Matt Dolan, a broker with Team Harborside at Sagan Harborside Sotheby’s International in Marblehead, has used private listings to keep sales quiet for couples going through a divorce or politicians, but he also represents a seller with an extensive antiques collection who doesn’t want to publicly disclose the address of his treasure trove and worries about browsers pocketing a priceless rarity. So Dolan is instructed to mention the home only to vetted clients. “I’m not allowed to market it, but if someone is looking for this type of property, I’m allowed to tell people about it,’’ he said.
Dolan prefers to list a home on the MLS whenever possible to take advantage of its reach, while relying on video tours and a verification process to “control the flow’’ of buyers. His team adheres to similarly strict safety protocols for in-person showings, and now requires “a fresh preapproval’’ before an on-site viewing. “Just because you were approved a month ago,’’ he said, “that’s not necessarily good enough, because mortgage guidelines are changing quickly.”
For more information read Guide to Buying or Selling a Home During a Pandemic.
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
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Escape to Hawaii….
Are you zoom-ed out? Are you still wondering how to get that exotic background that everybody else seems to have?
Time to take a break and dream of Hawaii!
For a mere $27.5 million (actually only $27,480,000) you can buy this Hawaiian beachfront home .
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