Housing Inventory and Supply: a town by town guide
This report has two parts. In the first I show the inventory of Single Family Homes SFH) for sale compared with this time for the last two years; and in the second I show how many months supply those numbers represent.
Overall in Essex County the inventory of Single Family Homes (SFH) for sale as we head into Labor Day weekend is down 21% from a year ago and down 28% from this time in 2014. The numbers for Massachusetts overall are very similar: down 21% from last year and down 26% from 2014.
The supply, based upon sales for the last 12 months (L12M), in Essex County, has dropped from 4.2 months in 2014 to 3.6 months in 2015 and to just 2.6 months currently. Massachusetts overall has seen a similar drop from 5.1 months to 4.5 and now just 3.2 months. Bear in mind that a housing market is generally deemed to be in balance between buyers and sellers when supply is at 6 months. When the inventory is less than 6 months, as now, it is called a sellers’ market.Like now.
Inventory
Just 4 towns – Beverly, Essex, Lynnfield and Topsfield – show an increase in supply, mostly insignificant, compared with a year ago, and only 3 – Andover, Middleton and Newburyport – an increase from 2014.
Supply
I have shown two numbers for each town for each year: supply based upon the last 3 months (L3M) sales and on the L12M. The market in Massachusetts is seasonal: June-August typically sees the highest number of sales in any 3 month period, so using that number alone would give the impression of tighter supply than using the L12M. Nevertheless, L3M does give a very current picture of supply.
Comment
There is a saying that all real estate is local. While I agree with that when it comes to buying a particular house, it is also valuable to know and understand what is happening in the broader market. If, for example, you are looking to buy in a town with seemingly adequate supply, it is important to know that throughout Essex County and Massachusetts supply is very tight, and therefore ask questions about the market in the town with higher supply. Thee may well be a reason, and knowing the broader trend will alert you to ask questions.
Overall, as I have been saying for some time now, the economy is doing ok, mortgage rates are close to record lows, inventory is low – all the ingredients for a continuing steadily improving housing market. It will be interesting to see if the forthcoming elections cause some slow down in the next couple of months.
Here is a spreadsheet Essex_For Sale_Supply_Sep_2_2014_2015_2016_towns which combines both the inventory and supply numbers for each town. I can provide a more detailed analysis of any town on request.
If you are considering selling your home please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
New Listings week ending September 3
As expected, very few new listings ahead of Labor Day:
Source:andrewJoliver.com
Marblehead new listing
Salem new listings
Beverly new listings
If you are considering selling your home please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Open Houses Sunday August 28
A sunny day, not too hot or humid – perfect for visiting these Open Houses: (more…)
Are home prices falling?
Sometimes I think headline writers are deliberately trying to convey a false impression.
Take this will home price appreciation fall? article in the Daily Dose. Ok be honest, if you read this headline quickly, would you think home prices were going up or falling?
or 
(more…)
New listings week ending August 27
A quiet week for new listings as summer meanders along: (more…)
Frank Lloyd Wright houses for sale
Why is Frank Lloyd Wright so popular? Here is one analyst’s comment:
His works were unique in that he followed the rule “function over form”. His buildings didn’t look alike nor did they look out of place in their surroundings, because he built his buildings to blend in with their environment.
His buildings became part of the landscape instead of being a huge expensive monument styled after classical Greek architecture with their huge columns and colossal proportions(which was the rage at that time) and stood apart from its surroundings. His modern style was considered fresh and original.
He also utilized every space in his buildings and designed them with great minimalism and functionality in mind. The Japanese are some of his greatest fans since they find his style reminiscent of their Zen philosophy.
Open House today on Goldthwait Beach
Sunny but not too hot today: perfect for walking Goldthwait Beach and visiting 46 Gallison Avenue which sits directly on the beach. Open House today is 12:00-2:00.
This house works perfectly as a summer/weekend “beach house”, but don’t be mislead by the term “beach house” – it is a fully insulated, year round house.
The house sits on a lot of almost 14,000 sf, and there is room to expand the house upwards and outwards. (more…)
Open Houses Sunday August 21
Here are today’s Open Houses in summary: (more…)
Brexit and the Olympic Medal Table
The German PR firm which includes the European Commission and European Parliament among its clients has published its version of the Olympic medal table, amalgamating the results for all 28 EU countries:
While the publication of the table may be no more than an example of the world-famous German sense of humour, including the UK’s 21 gold medals in the table did not go down well in the UK. (more…)
Hugh Hefner takes out reverse mortgage on Playboy Mansion
Back in June I reported that the Playboy Mansion, complete with private zoo and Hugh Hefner in residence, had been listed for sale for $200 million. It has now been confirmed that the property has been sold to next-door neighbor Daren Metropoulos, a private equity investor, for a mere $100 million. Terms of the sale allow Mr. Hefner to stay in the property for as long as he desires, so I suppose one could say that he has taken out a reverse mortgage on his estate.
New Listings week of August 20
Here are this week’s new listings, in summary:
Source:andrewJoliver.com
Individual listings
Marblehead new listings
Swampscott new listings
Salem new listings
Beverly new listings
If you are considering selling your home please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Marblehead has retained its AAA rating
As reported in this Marblehead Reporter article Marblehead garners AAA bond rating from S&P , Marblehead has retained its AAA rating for the 8th year in a row. Marblehead is just one of 46 out of 351 communities across Massachusetts that obtained AAA status.
Apart from the kudos of having a well-managed and well-run town, the AAA rating allows Marblehead to borrow at lower interest rates. Recently, the town sold $7.7 million in 20-year bonds at a true interest cost of 2.179 percent and $10.3 million in one-year bond anticipation notes at a true interest of 0.6603 percent.
Those activities raised long-term debt “primarily” for the landfill project, the Glover School Building project as well as short-term debt for the Gerry School Feasibility Study and the forthcoming new fire truck among other capital projects, according to Town Administrator John McGinn.
This sound financial management is a big reason why Marblehead residents enjoy the third lowest tax rate of the 34 cities and towns in Essex County.
If you are considering selling your home please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Open Houses Sunday August 14
Here are today’s Open Houses, in summary compared with the current supply:
Source:andrewJoliver.com
Individual listings
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open Houses
If you are considering selling your home please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Marblehead Unknown Oceanfront Open Houses
This Sunday there are two Marblehead Oceanfront Open Houses, both from 12:30 to 2:00.
Between the entrance to Marblehead at Preston Beach and the turn to Marblehead Neck, there is a stretch of unknown oceanfront which contains 44 houses with Assessed Values of $2 million or more.
Last year in an article Marblehead sale over $4 million – guess where? I wrote this:
“There are a lot of small streets that lead to the water and have 1 or 2 or maybe 3 or 4 houses sitting directly on the ocean at the end. And for the most part these houses sit on the rocky Atlantic coast and are high enough that flooding is not a concern, while many of them face South, have great views of Ram Island and down the coastline, and are well protected from the nor’easters that can impact more exposed areas.”
In 2014 I identified 29 houses with an AV of $2 million or more but now there are 44, as values are increasing in this area.
People who live in this area know its attractions, which may be why houses rarely come on the market.
If you are considering selling your home please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Is Tom Brady about to be traded to the Jets?
Reports on Boston.com that Tom and Gisele buy NY condo have fueled speculation that his absence from the Patriots might extend beyond the first 4 games of the season.
Will Tom Brady follow Babe Ruth to New York?
I think not.
If you are considering selling your home please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
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