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.

In all likelihood, therefore, 2014 will see a new record. Along with increased sales we are also seeing more properties for sale, as the following table shows:

2014 sales including pending sales
Source: MLS, Oliver Reports

Here are the numbers in chart form:

2014 includes pending sales
Source: MLS, Oliver Reports

I have also looked at average Price per Square Foot (PSF) year by year and found quite a strong consistency in the $350-400 range.

2014 includes pending sales
Source: MLS, Oliver Reports

It is normal in a housing market recovery for activity to pick up first at the lower levels and then move up to higher price brackets. This clearly seems to be happening in Marblehead in 2014 in the $1-2 million range. Click here to read my report on the top end, over $2 million, to see a similar trend.

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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