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

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

 

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