Sizzling home sales beat summer heat
The Massachusetts Association of Realtors has just issued its July pending home sales report, showing an increase of 8.5% in pending SFH sales compared with a year ago and a 4.1% increase in pending condo sales.
“Historically, the summer tends to be a time when summer vacation and beach days take the place of home buying, but that’s not the case this year,” said 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate on Cape Cod. “Even with all the heat and burnt-out lawns because of water bans, buyers were in the market putting their best offers forward and having them accepted in record numbers for July.”
On Sunday evening I posted Open Houses swamped today, commenting on the very high turnout at Open Houses last weekend.
There seems to be at least one category of people not on vacation this August – home buyers.
If you are considering selling your home please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Open Houses swamped today
87 degrees? August? Expectations were for low attendance today at Open Houses – but instead they were swamped, according to agents I have spoken to who held Open Houses in Marblehead, Swampscott and Peabody.
Which makes me wonder why? Mortgage rates remain below 3.5%, but there has been little change over the last 2-3 weeks. What we did see on Friday, however, was a second consecutive strong jobs report ( the US economy added 255,000 jobs in July, after an upwardly-revised 292,000 in June), making it seem more likely that the May surprise – up only 24,000 jobs – was an aberration, in part because of the Verizon strike.
If companies are hiring that suggests confidence in the economy. Following Friday’s announcement many commentators suggested that the Federal Reserve may be more inclined to raise interest rates in the coming months.While the Federal Reserve does not directly influence mortgage rates (read What the Federal Reserve’s rate increase means for mortgage rates), the talk of higher interest rates often spurs home-buying activity.
There is one other factor. I have been concerned that the November elections might, at some point, start to cause both businesses and consumers to be more cautious, especially with polls showing the possibility of a major shock to the ecosystem. It is only one week, but polls widely suggest that shock is much less likely now, perhaps making it easier for businesses and consumers to make significant capital investment decisions.
Whatever the cause, there is no doubt that we saw a large number of actively-seeking home buyers today.
If you are considering selling your home please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Essex County Median Prices: town by town guide
Mid-year is a good time to look at Essex County Median Prices for Single Family Homes (SFH) on a town by town basis.
Guide to the tables
The 34 cities and towns are listed in alphabetical order. The first two columns show the median prices for the first half of 2005 and 2006 – I show both years because the peak year was 2005 in some towns and 2006 in others.
The next two columns show the median price for 2015 and 2016, followed by the percentage change of 2016 over 2015. Following that is a column showing the change in 2016 from the pre-great recession high, whether it be 2005 or 2006.
And finally, I show sales for the two years. This is important because the smaller the number of sales the greater the chance that median prices will show bigger swings.
Note that the median price for the whole of Massachusetts increased 3% and for Essex County 4% compared with 2015, while some towns with a very small number of sales often saw much bigger increases – and indeed decreases.
As always, having the numbers is a start – it is the interpretation that is important. I can produce, on request, for any of these towns the same detailed analysis I publish regularly on Marblehead, Swampscott, Salem, Beverly and Lynn. (more…)
Open Houses Sunday August 7
Another glorious New England summer’s day for visiting these Open Houses:
Source:andrewJoliver.com
And a perfect day to see this 46 Gallison Avenue house directly on the beach:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open Houses
If you are considering selling your home please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
MLS and Shakespeare: To Count or Not to Count
MLS has some strict, well fairly strict, listing requirements, in particular in the time that a listing has to be available in MLS before an offer is accepted on the property. But a recent instance makes me wonder whether one of the side effects of this rule is that it does not provide those of us who produce market statistics from MLS data – and those who rely upon those stats, which is everybody with an interest in property prices – with the full market information.
Let me explain.
A house in Marblehead was listed for sale in 2013 and was on the market for about 16 months. The house was then relisted in 2015 and was on the market for 8 months. Finally, in 2016 it was listed again and received an offer the following day. It remained as CTG in MLS for 3 months, but at closing the listing was changed to Cancelled – and therefore does not show in Sold stats – because, apparently, MLS did not believe the property had been widely enough available before the offer was accepted.
Now if this house had sold around the median price of about $600,000, it would be no big deal. But it sold for $3.7 million (I got that from the Registry of Deeds). Not only are sales at this price level less frequent and therefore more significant, but the price level achieved is an important data point for other sellers and brokers who either have properties for sale or are thinking of selling.
As a lover of murder mysteries, I have learned to ask cui bono – who benefits? In this case, I cannot think of anybody who benefits, but I do know that MLS data without this sale is less accurate than it would be if the sale had been included.
If you are considering selling your home please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Marblehead’s Fraternal Order of Cranks
This James Maroney MHTV video of Abbot Hall clock winding is fascinating in itself, has a great intro to Abbot Hall and also has wonderful views from the bell tower over Marblehead and the Islands and to Boston and elsewhere at the 5 minute mark. Even the earth’s curvature can be seen!
If you are considering selling your home please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
New Listings week ended August 6
A steady trickle of new listings this week:
Source:andrewJoliver.com
Marblehead new listings
Swampscott new listings
Salem new listings
Beverly new listings
If you are considering selling your home please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Massachusetts schools ranked number 1 in the country
A recent WalletHub study of States with the best schools had Massachusetts schools ranked number 1 in the country.
The WalletHub report used 17 weighted metrics, ranging from SAT scores to school safety.
Other New England States also ranked highly, with Connecticut at number 3, Vermont 4, New Hampshire 6 and Maine 8.
If you are considering selling your home please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Trulia shows why you need to read Oliver Reports
We live in a world of unlimited free information, in fact we drown in the volume that is provided, but how do we know whether the information we are reading is accurate and reliable?
Once again I turn to Trulia as an example of, presumably, an automated system of reporting that lacks human oversight to spot that it keeps reporting nonsense. Here are its comments and charts on the Marblehead market:
Source: Trulia
Source: Trulia
Pure nonsense.
To find out what is really happening in the market read my Marblehead Mid-Year Review. To stay informed about local market conditions, as well as factors such as mortgage and property tax rates, sign up to receive email alerts of new posts on the right-hand side of the home page at www.OliverReports.com.
If you are considering selling your home please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Open Houses Sunday July 31
It is Sunday and this morning’s forecast of rain means that the 8 a.m. Old North Church service at the Lighthouse in Marblehead is likely to be moved back to the church and I find myself thinking of references to the much-needed rain (which should not interfere with today’s Open Houses). Here are two:
The quality of mercy is not strained;
It droppeth as the gentle rain from heaven
Upon the place beneath.*
For He maketh His sun to rise on the evil and on the good,
and sendeth rain on the just and the unjust.**
Can you place the quotes? (more…)
New Listings week of July 30
Summer time and the living is…..slow. It’s a great time to be a buyer. Here are this week’s new listings:
Source: andrewJoliver.com
Marblehead new listings
Swampscott new listings
Salem new listings
Beverly new listings
If you are considering selling your home please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Essex County Mid-Year Review: steady progress, low supply
Sales of Single Family Homes (SFHs) in Essex County in the first half of 2016 jumped 14% from a year ago and were close to the record levels of 2002-05. Meanwhile, the median price* increased nearly 4% to a new high for the first half of the year of $400,000, the first time we have seen a six month median price reach that level.
While condo sales also increased 14% year on year, they remain way below the peak levels of 2004-06, but the median price also increased 4% to a new high of $259,000.
*In all my reports and analyses, median price calculations exclude distressed sales – foreclosures and short sales, which typically occur at a significant discount to the normal market. When I report on “sales” I refer to all sales, including distressed ones. (more…)
Open Houses today: two of Marblehead’s Unknown Oceanfront Properties
There are Open Houses today for two of Marblehead’s Unknown Oceanfront Properties, the term I have coined to describe the area from Preston Beach to Beach Street. It is “unknown” because a lot of the houses are at the end of dead end streets, down which many people have never passed.
Today’s Open Houses are a perfect beach house, with jaw-dropping views, directly on Goldthwait Beach at 46 Gallison Avenue from 12:00-1:30 and a beautifully restored 1850 house with carriage house at 11 Crown Way from 12:30-2:00. Both websites contain videos of the properties.
Open Houses Sunday July 24
The heat has gone and today looks like one of th0se perfect New England post-heat summer days. Perfect for visiting these Open Houses and taking advantage of today’s low, low mortgage rates: (more…)
New Listings week of July 22
Another quiet week for New Listings: (more…)
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