Essex County Condo market Q3 review
After steady increases in the last few years the median price* of a condo in Essex County in Q3 was up only slightly from a year ago and was unchanged for the year to date through September:
Source: MLS. Oliver Reports
Sales continue to recover from the low levels of the great recession:
Source: MLS, Oliver Reports
As always there were wide variations from in prices from town to town:
Source: MLS, Oliver Reports
Comment
These numbers confirm that the condo market in Essex County overall is stable.
But real estate is local and as can be seen there are large variations in apparent price trends from town to town. I say “apparent” because fluctuations in a town like Swampscott, which has both lower-priced condos inland and high-priced oceanfront condos, can be caused by the mix of sales between the two types as much as by actual price changes.
On the other hand, towns like Salem or Lynn are more homogenous in their stock and therefore price changes in those towns are a more reliable guide to underlying price trends.
The key point is that if you are a buyer you should do your homework. The goal of my blog is to provide you with as much information as possible, but it is important that you should use a buyer agent who will be able to help you as you seek to find the home that is right for you.
*Note that whenever I refer to median prices I exclude distressed sales – foreclosures and short sales – which tend to occur at a significant discount and distort the underlying picture.
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].
Read Which broker should I choose to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
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