Housing Market 2014 – the first nine months

As promised last week I am publishing numbers for the first 9 months of 2014. These show that for Essex County and Massachusetts overall, sales of Single Family Homes (SFHs) are down slightly year-on-year, while prices are up slightly. There are, however, quite wide fluctuations from town to town:

Source: MLS, Oliver Reports

In both Topsfield and Wenham the size of the increase in median price in 2014 reflects the fact that their median price actually declined from 2012 to 2013.

In the  condo market, sales were well up in Essex County, while the median price rose 5%:

Source: MLS, Oliver Reports

As the market continues its steady improvement, it would be reasonable to expect that there would be an upwards movement in the price point of sales and this has indeed happened. Note the drop in the number of sales under $500,000 and the increase in all brackets over $750,000 and, in particular, over $1 million:

Sources: MLS, Oliver Reports

All in all, these numbers continue to support the hypothesis that the housing market in Essex County has returned to more normal conditions. Buyers remain active and well-priced, well-presented and well-marketed homes are selling.

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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