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
Condo inventory has also increased somewhat, but is still down 46% from 2019 levels: :
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.
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 Andrew.Oliver@SothebysRealty.com.
“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.”
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
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Sales Associate | Market Analyst | DomainRealty.com
Naples, Bonita Springs and Fort Myers