How many Million Dollar Homes are there in Marblehead?
As I have been asked this question on a number of occasions I thought I would answer it: 743 according to my calculations, based upon Assessed Value (AV). Such homes represent 12% of Marblehead’s total housing stock. All data is taken from Patriot Properties.
Two disclosures: first, the numbers I am using are Assessed Values (AV) for the 2014 Fiscal Year and these are based upon sales during 2012. In my mid-year review I reported that the median sale in the first half took place at about a 12% premium to the current AV. As a reminder – and as explained in Twenty Questions with Marblehead Assessor – the FY 2015 tax rate, due to be announced in December, will be based on 2013 sales, while this year’s sales will be used in the FY 2016 assessments.
The second disclosure is that I calculated my numbers manually (and in case you care there are 175 pages of numbers on the Patriot Properties’ website). When I compared my numbers with the official aggregate statistics, however, I found that I was out by just 8 in over 6,000 Single Family Homes (SFH) and by 15 in nearly 1,000 condos. Close enough.
Source: Patriot Properties; Oliver Reports
I also looked at the data for Manchester-by-the-Sea and Swampscott. Clearly Marblehead offers the most choices for the luxury market with the exception of the very high end, over $5 million, where Manchester has the largest selection.
Sources: Dept of Revenue; Patriot Properties; Oliver Reports
One area where Swampscott is the clear winner is condos. It has 21 with an AV of $1 million or more compared to just 2 each in Marblehead and Manchester.
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
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Awesome! I have not been thinking in terms of raw numbers of homes as I am so focused on available homes for sale. This was very helpful to me to take a much broader view and to examine the listings in relation to overall homes in each of the three towns you compared. Very interesting about the Swampscott condos data also thanks to the new developments on Humphrey Street. Thank you- I really learned some new information today. Good work, Andrew!