Million Dollar home sales also picking up in Essex County
Two weeks ago I wrote about Million Dollar Home Sales picking up in Marblehead.
My thesis has been that the slowness of sales hitherto at the higher end in Essex County was in part at least the usual delay in activity and price increases rippling out from the centre, starting in Boston, moving to the nearer areas such as Brookline and Newton, and then reaching further out.
This week I have been looking at million dollar plus sales throughout Essex County to see if the same trend I spotted in Marblehead is happening more widely. It is.
Here’s the chart and table for 2000 to 2013.
Sources: MLS, Oliver Reports
The number of sales above $3 million has been pretty constant, while in the $1-2 million range there was a sharp drop before a recovery last year. Sales in the $2-3 million range, however, remain well down on the numbers of 2004-06 (but see below.)
Now let’s look at 2014. So far there are 43 sales and pending sales in the $1-2 million, range, 6 in the $2-3 million range, and 1 above $3 million.
And in Marblehead, since my last report, two $1 million plus properties have had offers accepted after being on the market for less than two weeks.
This activity at the higher end despite the brutally cold weather augurs well for sales – and maybe pricing – in 2014.
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 781.631.1223 or andrew@HarborsideRealty.com.
Andrew Oliver is a Realtor with Harborside Realty in Marblehead
Wow – I like the idea that the luxury market is improving but I do not see it in Marblehead. If you look at MLS sales of homes priced $1,500,000 and above there were 11 sales in the past 12 month. Looking at the same 12 month period in 2012 – 2013 there were also 11 sales.
While there are not many bargains to be had they can be found in the $1,500,000 plus range. The average days on market of the available homes is 344 days. And many of the homes with fewer days on market were listed before and the days on market have started over – which would likely bring the average days on market into the 500 range or more. There are homes that have been on the market for 2 years or longer. Many sellers are tired. We have seen homes in this price range sell for more than 25% less than their asking price and 37% less than their original asking price. Now is the time to buy.
We’ll see how 2014 plays out! With 11 sales or pending sales in the $1-2 million range already this year, compared with 19 in the whole of 2013, I remain optimistic. And yes the bargains are at the very top end, at least for now.