Housing Inventory decline accelerates in October

After years of decline, the number of Single Family Homes (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. Since then the decline has resumed and, in fact, accelerated, as this table shows:

Single Family Homes (SFH)
The next two charts (the first for January to June; the second July to December) show the number of SFHs for sale on the first of the month since 2016. The far right line in each column, representing 2019, shows the increase in the first half of the year followed by the resumption of the decline.

Condos
The number of condos for sale increased YOY from June 2018 until August 2019, while the last two months have shown just a modest decline. The condo market sees more supply in terms of new construction and conversions than does the SFH market.

Comment
I will publish a report this weekend analysing whether the decline in inventory is an accurate comment on the market or whether it reflects a faster pace of sales. The preliminary look at median prices for Marblehead and Swampscott for the 9 months to September show prices in both markets increasing by a little under 2%. The market continues to look stable, despite the daily barrage of headline-grabbing news.

Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®

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