Here come the sellers – are you ready, buyers?
Each week in Marblehead – and in some other surrounding towns – there is a Broker Tour of new houses coming to the market. This is when selling brokers have the opportunity to show their listings to other agents so that they can recommend the property to their buyers.
It is also a gauge of how much new supply there is. As the spring selling season gears up one would expect the number of listings to increase. It has. And this week there were 18 new Single Family (SFH) and 5 new condo listings on the Tour.It was a hectic morning dashing round to see as many as possible!
There are now 118 active SFHs for sale in Marblehead, compared with 97 one year ago. The condo market remains tight, with 19 available compared with 26 a year ago. Over the twelve months from May 2013 to April 2014 sales were 222 SFH and 51 condos. There is a table below showing the supply for Marblehead and for Essex County overall.
This is, of course, the peak of the selling season, but right now there is a good choice of properties for sale in all price ranges (see tables below).
Which leads to the question of whether the new supply is being absorbed.In April 25 SFHs had offers accepted and so far in May 15 have.I would describe the current rate of sales as good but not in an way hectic.There are seven weeks until July 4, which is the traditional date by when a lot of buyers want a property under agreement to make sure they are able to move in before Labor day and the start of the new school year.
So buyers, mortgage rates are down again to the lowest level of the year, supply is up. Are you ready?
Source: MLS, Oliver Reports
Source: MLS, Oliver Reports
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.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
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