Latest Housing Inventory

After increasing somewhat – albeit from a very low base – during 2021, the seasonal drop-off in late October has been just as sharp as in prior years – and again this is a reduction from a low level.

Single Family Homes
The November 1st SFH inventory number of 370 was a decline of 27% from 2020 and 65% compared with 2019:

Inventory now has less than 1 months’ supply overall and is only over 1 month – but still far below the 6 months deemed to reflect a market in equilibrium – at prices over $1.5 million.

Housing Supply

Condo inventory has followed a similar pattern in 2021. As of November 1st it was down 35% from a year ago and 56% from the 2019 level:

Condo inventory

Mortgage rates
The 30-year Fixed Rate Mortgage has fluctuated around 3% for most of this year. As the Federal Reserve is expected to announce today the start of the reduction in its purchases of both Treasuries and Mortgage-backed Securities, and as inflation continues to be an unwelcome guest, mortgage rates should remain above 3%.

15-year mortgages remain attractive are for those who can afford the extra monthly payment which produces substantial interest payments over the life of the loan.

Mortgage rates

The post Labor Day increase in inventory did not last long. While many commentators have focused on the impact the small increase in mortgage rates has had on demand, much more relevant in our markets is supply. As in lack of it.

In Marblehead, for example, a town with 6,300 Single Family Homes, there are just 19 – or 0.3% of the stock – currently available with the cheapest being $595,000.

Thus, the main issue remains supply and demand, which remains heavily skewed in favour of sellers.

And read these recent articles:
Marblehead Q3 2021 Market Report
Fall Market Report
Mortgage Rates back to 3% – again
Essex County 2021 Residential Property Tax Rates: a Town by Town guide
Naples September Market Overview

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

“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 |
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205

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 |

Naples, Bonita Springs and Fort Myers
m. 617.834.8205