Latest Housing Inventory and Market Activity
While Single Family Inventory picked up, as usual, after Labor Day, and has been on an increasing trend this year, it is recovering from a very, very low level, and is still some 55% below levels of 2019. See the charts and comment later in this article for more details.
Single Family Homes
Condos
Condo inventory has also increased somewhat, but is still down 46% from 2019 levels: :
Mortgage rates
After moving up earlier in the year the 30-year Fixed Rate Mortgage dropped well below 3% before rallying this week back to 3%. Read Mortgage Rates back to 3% – again published yesterday for an up to date analysis.
Note how cheap 15-year mortgages are for those who can afford the extra monthly payment.
Comment
While there has been some pick-up in inventory in recent months, this next chart shows how the number fluctuates on a daily basis.
Overall inventory remains extremely low at just 1 month of supply:
And despite much lower inventory levels than in 2019 the number of Accepted Offers during the July-September period actually increased 5%.
A month ago a major concern was the impact the Delta variant would have on both the economy and the real estate market – the latter not so much in terms of pricing as a question whether activity would slow again. The good news is that new COVID cases have been falling steadily in recent weeks as much of the country moves past a summer surge, and there are now about 20,000 fewer coronavirus patients hospitalized nationwide than there were at the start of September.
We can now refocus on the main issue: supply and demand, which remains heavily skewed in favour of seller.
Read these recent articles:
Fall Market Report
Mortgage Rates back to 3% – again
Essex County 2021 Residential Property Tax Rates: a Town by Town guide
Naples Housing Market August Review
Team Harborside recognized on America’s Best Real Estate Professionals list
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or [email protected].
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of Oliver Reports . He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Sale, Beverly, Lynn and Swampscott.”
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReportsMA.com
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Andrew Oliver
Sales Associate | Market Analyst | DomainRealty.com
REALTOR®
Naples, Bonita Springs and Fort Myers
[email protected]
m. 617.834.8205
www.MarbleheadSouth.com