New Listings week ending July 7
A quiet market after July 4th:
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Inventory is now showing a sharp drop from last year:
And these recent articles: (more…)
July Inventory shows Sharp Drop
Single Family Homes (SFH)
SFH inventory dropped sharply in July from the previous month
Condos
Condo inventory also dropped from June.
(more…)
New Listings before July 4th
Here are the latest New Listings:
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Here are the latest Inventory numbers (note that the change is 2023 compared with 2022 rather than with 2021):
And these recent articles:
Economic and mortgage commentary
Two signs Inflation is Slowing
Federal Reserve increase rates; Mortgage Rates drop
What drives Mortgage rates in one chart
How Marblehead’s 2023 Property Tax Rate is Calculated
Essex County 2023 Property Tax Rates: Town by Town guide
Why Mortgage Rates Will Fall
Market Reports
Bidding Wars return to North Shore
June Inventory shows modest increases
Q1 2023 Market Stats
Marblehead 2022 Housing Market Review
Swampscott 2022 Housing Market Review
Beverly 2022 Housing Market Review
Salem 2022 Housing Market Review
Essex County 2022 Housing Market Review
Essex County Town by Town Guide: 2022 Median Prices and Sales; 2023 Tax Rates
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 [email protected].
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
m 617.834.8205
www.OliverReportsMA.com
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.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.”
__________________
Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
[email protected]
www.TheFeinsGroup.com
www.OliverReportsFL.com
————
Compass
800 Laurel Oak Drive, Suite 400, Naples, FL 34108
m: 617.834.8205
Open Houses July 1/2
Here are this weekend’s Open Houses (an updated list for Sunday will be posted tomorrow at 8 a.m.*):
Click on these links for details: (more…)
New Listings mid-week
Here are the latest New Listings:
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Here are the latest Inventory numbers (note that the change is 2023 compared with 2022 rather than with 2021):
And these recent articles:
Economic and mortgage commentary
Two signs Inflation is Slowing
Federal Reserve increase rates; Mortgage Rates drop
What drives Mortgage rates in one chart
How Marblehead’s 2023 Property Tax Rate is Calculated
Essex County 2023 Property Tax Rates: Town by Town guide
Why Mortgage Rates Will Fall
Market Reports
Bidding Wars return to North Shore
June Inventory shows modest increases
Q1 2023 Market Stats
Marblehead 2022 Housing Market Review
Swampscott 2022 Housing Market Review
Beverly 2022 Housing Market Review
Salem 2022 Housing Market Review
Essex County 2022 Housing Market Review
Essex County Town by Town Guide: 2022 Median Prices and Sales; 2023 Tax Rates
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 [email protected].
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
m 617.834.8205
www.OliverReportsMA.com
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.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.”
__________________
Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
[email protected]
www.TheFeinsGroup.com
www.OliverReportsFL.com
————
Compass
800 Laurel Oak Drive, Suite 400, Naples, FL 34108
m: 617.834.8205
Bidding Wars return to the North Shore
One of the features of the housing market boom of 2020-2022 was the very high number of sales above list price, an indication that there were multiple offers resulting in bidding wars.
And a logical consequence of the market returning to more normal conditions would be to expect a decline in bidding wars, leading to fewer sales taking place above list price.
Has this actually happened?
Let’s look at the sales in last 12 months in Marblehead, Swampscott and Salem. Here is the chart: (more…)
June Inventory shows modest increases
Single Family Homes (SFH)
After holding steady for much of the year, SFH inventory did see a boost in June, albeit only to the levels of the last two years and still well below that in 2020:
Condos
Condo inventory saw a more modest increase and remains well below half the 2020 level:
Mortgage rates
As inflation soared well beyond the Fed’s preferred 2%, interest rates climbed in 2022, driving mortgage rates to a multi-year high.
As inflation appeared to slow in early 2023, coupled with the failure of some large banks, the yield on 10T dropped, leading to a drop in the FRM of 1% . Inflation, however, has remained stubbornly high – and the labour market stubbornly strong- causing interest rates and the FRM to move up again.
And these recent articles:
Economic and mortgage commentary
Two signs Inflation is Slowing
Lies, Damned Lies and Inflation “Statistics”
Federal Reserve increase rates; Mortgage Rates drop
What drives Mortgage rates in one chart
How Marblehead’s 2023 Property Tax Rate is Calculated
Essex County 2023 Property Tax Rates:
Town by Town guide (more…)
Harvard Students share their Vision for Lynn
Students from the Harvard Graduate School of Design presented their semester-long group projects based on the theme of “Lynn: A Greater Gateway” at the Lynn Museum Thursday evening.
“We’ve been working with the city since January to think about what does it mean to be a gateway city,” project coordinator and Associate Professor Dan D’Oca said.
Each group looked at different topics, including economic development and transportation, and thought of how to tailor the city to recent immigrants.
Graduate student Aathira Pillai’s group proposed developing an app for the city’s residents.
“Individuals can come together on one platform [and] start pulling things in, that is where we propose ‘My Lynn’ app,” Pillai said.
The app would be able to function in whatever language the user needs, she said.
“Apart from helping you reach the critical resources that you might need, you might also walk around, scan through the app and get all the city posters, signs, instructions translated to something that you are comfortable with,” Pillai said.
Another proposal came from Briana Villavarde’s group, which focused on an urban heating resilience plan.
“What it really goes over is that technical solutions to urban heat are usually inequitably distributed throughout the city,” Villavarde said. “So how can community engagement, and local and oral knowledge from residents really make technical solutions more robust [in] addressing where heat is the most severe and really targeting vulnerable populations first.”
Through her research she found hot spots in the city, some of which are the General Electric plant, Market Basket, and downtown Lynn.
Other proposals discussed issues such as flooding, equitable development, and affordable housing.
Developer Charlie Patsios of Swampscott said he was “impressed” by the projects he saw from the students Thursday evening.
“What they’re doing is they’re envisioning everything, but they’re asking questions of me on what can happen, and what permission we can give them to let them look at all possibilities,” Patsios said.
“It’s been amazing, the students love the city,” D’Oca said. “Everybody we talked to has been really generous with their time and people have given us a lot of feedback. It’s a place that people really seem to love, we totally get why, and so we hope we did it justice with some of these recommendations we made.” (The Daily Item)
And these recent articles: (more…)
April Inventory shows little improvement
While there has been a slight uptick in inventory at the beginning of April (and spring we hope), it is less than half the 2020 levels.
Single Family Homes
Condos
Condo inventory has followed a similar pattern:
Mortgage rates (more…)
Federal Reserve increase rates; Mortgage Rates drop
Too often I see a headline like this one: “Mortgage Rates Continue to Slide Despite Fed Hike.” The 30-year Fixed Rate Mortgage (FRM) does NOT follow the Federal Reserve’s rate increases!
Look at this chart for the last few months:
Note the correlation between the 10T (red line) and FRM (green) – and the lack of correlation between FFR (blue) and FRM.
Let’s look at this another way, the spread (difference) between the FRM and 10T, and between FRM and FFR:
Over the last 6 months, the spread between FRM and 10T has been in a tight band between 2.69% and 3.04%, while that between FRM and FFR has dropped from 3.04% to 1.42%.
For a more detailed explanation of what drives mortgage rates – and why the FRM will fall at some point – read Why Mortgage Rates Will Fall
And these recent articles: (more…)
Sales Up, Prices Down After 131-Month Streak
Existing-home sales reversed a 12-month slide in February, registering the largest monthly percentage increase since July 2020, according to the National Association of Realtors® (NAR). Month-over-month sales rose in all four major U.S. regions – but they also all saw year-over-year declines.
February median existing home prices fell for the first time in 131 months– almost eleven years – according to NAR. The median existing-home price for all housing types was $363,000, a decline of 0.2% from February 2022 ($363,700), as prices climbed in the Midwest and South yet waned in the Northeast and West.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – climbed 14.5% from January to a seasonally adjusted annual rate of 4.58 million in February. Year-over-year, sales fell 22.6% (down from 5.92 million in February 2022).
Total housing inventory at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.
Properties typically remained on the market for 34 days in February, up from 33 days in January and 18 days in February 2022. Still, most homes (57%) sold in February were on the market for less than a month.
Buyer types (more…)
Essex County 2022 Annual Report
2022 Essex County Annual Report
Detailed report on all 34 cities and towns in Essex County for 2022.
And these recent articles:
Economic and mortgage commentary
What drives Mortgage rates in one chart (more…)
March Inventory shows no improvement
Inventory usually starts the year low and remains that way for the first quarter, a pattern that is repeating this year.
Single Family Homes
Condos
Condo inventory has followed a similar pattern:
Mortgage rates (more…)
Essex County 2022 Housing Market Review
Single Family Homes (SFH)
After sharp increases Year-over-Year (YOY) in Q2 and Q3, the median SFH price in Essex County showed a more modest increase (YOY) in Q4, and also showed the usual seasonal decline from Q3 into Q4. Overall, the median price increased 5% for the year to $640,000, taking the increase in the last 3 years to 35%. Reflecting the low levels of inventory recently, SFH sales declined 11% in H1 and 18% in H2.
The share of sales over $600,000 increased from 52% in 2021 to 58% in 2022, driving the median price for the year well over $600,000.
Condos
The median condo sale price moved more steadily upwards in 2022, increasing by 11% in both H1 and H2, and by 34% since 2019. Sales fell 11% in H1 but by a startling 27% in H2. It seems likely that the increase in mortgage rates had a bigger impact on Condo sales – often bought as a first home with a significant mortgage – than on SFH sales, where mortgages – especially at the higher-end – tend to be less important with many buyers using cash or a large down-payment. (more…)
Salem 2022 Housing Market Review
Single Family Homes (SFH)
The SFH Median Price increased 9% in 2022. Sales were higher than in 2021, but otherwise were the lowest since 2012.
The share of sales over $600,000 increased from 40% in 2021 to 56% in 2022, driving the median price for the year to over $600,000. There were 11 sales over $1 million in 2022, up from 6 in 2021.
Condos (more…)
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