2020: The Top End comes Roaring Back
One of the surprise of the last 2-3 years – to me at least – has been that there has not been more activity in the top end of the market, even as activity increased at lower levels. But that changed in 2020.
Million dollar sales – now vs the peak
Million dollar sales in Essex County continue to pick up and are approaching the levels of 2005/06, but there are some marked variations from town to town, while sales at the highest level continue to lag.
Million Dollar home sales picking up
Million dollar home sales were flat in the first four months of 2015 compared with 2014, but both years showed a strong increase over 2013.
But the pace of million dollar sales is picking up with 74 pending* sales currently. As usual, Marblehead leads the way.
What does $4 million buy in and around Boston?
A prospective buyer looked at a $4 million listing in Marblehead recently and commented: “this house would sell for $18 million in the Hamptons.”
Million Dollar sales jump in Essex County
Sales of Million Dollar homes in Essex County in 2014 jumped by 40% and are within 10% of peak levels of 2005/2006.
Record Marblehead Million Dollar Sales
Sales of Million Dollar houses in Marblehead reached a new record level in 2014.
Marblehead leads the way in Million Dollar sales in Essex County
This report shows sales data for each city and town in Essex County. The numbers show some surprising changes in sales in different towns since the market peaked in 2005-2007, with Marblehead clearly showing the strongest growth, while several towns have seen sales drop quite sharply.
Marblehead’s Top End – was 2013 the bottom?
At various times over the last year I have wondered why activity at the top end in Marblehead was lagging elsewhere, closer to Boston, and speculated that it might be a timing issue, with activity spreading out like the rippling effect of a stone on water.
The data – coupled with record sales in the $1-2 million range – suggests that the ripple is now reaching Marblehead and that the top end in Marblehead did indeed bottom in 2013.
Marblehead Million Dollar Homes – Record Sales and Record Inventory
Sales of properties between $1 million and $2 million in Marblehead in 2014 have already reached 17 with 11 more pending. Assuming all the pending sales close, the year’s total would be 28, matching the previous peak set in 2005.
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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