November Inventory down 60% from 2019
Overall in Essex County, while Inventory has been reasonably consistent in the last 3 years, it is running 60% below 2019 levels for Single Family Homes and 50% below for Condos.
Single Family Homes (SFH)
In the early months of 2023 SFH was up 50% or more from the extremely low levels in 2022. By the summer, YOY inventory was down by around 1/3. October showed an increase of 1/3 from September 1. By November inventory was above 2021 levels- but that was in the early staages of the COVID-buying surge.
Condo inventory has increased 70% since August,taking it back to 2021 levels.|
As inflation has slowed significantly this year (read Core Inflation Prices Barely Budged in August), the Federal Reserve has finally stopped hiking rates. Meanwhile, the yield on the 10-year Treasury – which influences mortgage rates – has soared in rcecent months, in part as the market has realised that there will be record sales of Treasuries at a time when the Federal Reserve has tuned seller, and foreign countries are not increasing their holdings and purchases of Treasuries. Just like the housing market, the Treasury market is influenced by supply and demand.
After falling to the low 6% range earlier in the year, the 30-year Fixed Rate Mortgage (FRM) has marched upwards, reaching a more than 20-year.
For my 2024 mortgage forecast read Why Mortgage Rates will fall in 2024.
And these recent articles:
Why Mortgage Rates will fall in 2024
2 of Every 25 U.S. Homes Worth at Least $1M
Marblehead Mid-year 2023 Market Stats
Swampscott Mid-year 2023 Market Stats
Salem Mid-year 2023 Market Stats
Federal Reserve increase rates; Mortgage Rates drop
What drives Mortgage rates in one chart
How Marblehead’s 2023 Property Tax Rate is Calculated
Essex County 2023 Property Tax Rates: Town by Town guide
Why Mortgage Rates Will Fall
Bidding Wars return to North Shore
Q1 2023 Market Stats
Marblehead 2022 Housing Market Review
Swampscott 2022 Housing Market Review
Beverly 2022 Housing Market Review
Salem 2022 Housing Market Review
Essex County 2022 Housing Market Review
July Inventory shows Sharp Drop
Essex County Town by Town Guide: 2022 Median Prices and Sales; 2023 Tax Rates
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or firstname.lastname@example.org.
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”
Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
800 Laurel Oak Drive, Suite 400, Naples, FL 34108