Open Houses in Marblehead, Swampscott, Salem and Beverly
Following last week’s Bizarre Open House activity, I am expecting a strong turnout at today’s Open Houses with the temperature expected to be over 50 degrees: (more…)
What happened to 4% mortgages?
On the way to the “inevitable” increase in mortgage rates this year, a funny thing has happened – they have gone down again, raising the question: what happened to 4% mortgage rates?
Where are rates now?
Here are this week’s rates:
Source: Freddie Mac Weekly Survey (more…)
Only 2 Oceanfront Homes for sale in Marblehead
Recently I published Marblehead sets record for sales over $3 million highlighting the spurt in sales of Oceanfront properties recently.
The pace of sales (and the withdrawal of some properties from the market) means that there are now only 2 Oceanfront homes for sale in Marblehead, one on Ocean Avenue and 11 Crown Way, and both have Open Houses this Sunday.
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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 [email protected].
Read Which broker should I use to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
New Listings this week
We are entering the home stretch of winter and mortgage rates are close to record lows, while inventory remains very low. Here are this week’s new listings:
Source: MLS, Oliver Reports
Marblehead new listings
Swampscott new listings
Salem new listings
Beverly new listings
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 [email protected].
Read Which broker should I choose to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Tiny house with great views for $40,000
As life seems to get more and more connected, allowing less and less time for quiet and reflection, a company named Escape Homes has produced a tiny house with great views for $40,000 (there are also larger models available).
The house is on wheels so you can park it wherever you like.
In the company’s words: “Vista is perfect for a guest house, fantastic for AIRBnB or rental space, excellent for weekend getaways to the beach or mountains and just right for that special space of your own to escape the stresses that invade all of our lives.”
Read the Escape Vista fact sheet.
EscapeVista.com
EscapeVista.com
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 [email protected].
Read
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Lynn 2015 Condo Market Review: a remarkable recovery
This Lynn 2015 Condo Market review chronicles the remarkable recovery in the market from the depths of 2009.
Sales
Sales were in the low 100s before exploding in the 2003-2006 years. The collapse was even more dramatic, as sales fell from 399 in 2005 to just 99 in 2008. Since then, sales have been more stable, although the second half of 2015 saw a sharp increase.
Source: MLS, Oliver Reports
Distressed Sales
Not only did the total number of sales plummet, but distressed sales – foreclosures and short sales – were almost half the total in the 2010-2012 period. Put another way, there were just 57 and 59 non-distressed sales in 2011 and 2012. In the last two years, distressed sales have fallen sharply to a much more modest share of the total.
Source: MLS, Oliver Reports
Median Price
The first half of 2009 saw the bottom of the market, with the median price down 48% from the peak, and the year overall seeing a 39% decline. The market was remarkable stable in the 2010-2014 period as the distressed sales worked their way through the market, but 2015 saw a sharp jump, taking the median price back to within 10% of the peak.
Source: MLS, Oliver Reports
ASR*
One way I measure prices is by the ratio (ASR) of Assessed Value (AV) to Sales Price (SP). The ASR is the AV divided by the SP: if the SP is rising (prices going up), the ASR will fall.
Note that the ASR for Lynn Condos has fallen sharply since 2012. In 2015 the median condo selling price was 26% (100/89.5 – 1) above its Assessed Value.
Source: MLS, Oliver Reports
*Properties selling above their AV will have an ASR below 100%. What this means is that in a period of rising prices the ASR is likely to be falling. So what we, as homeowners, want is an ASR below 100% and falling.
Remember that AVs are a lagging indicator: the tax bills for FY2016 are based on actual sales in 2014. Thus the 2015 sales data, reported in this review, will be the basis for FY2017 assessments.
Summary
Lynn, the largest city in Essex County, “is an urban manufacturing and commercial center, densely populated and culturally diverse.” Lynn suffered more than any other town on the North Shore during the Great Recession, so it is heartening to see the strong recovery taking place in the real estate market.
The announcement that GE is relocating its corporate HQ to Boston is a reminder that GE built the first jet engine in Lynn, while as this post Lynn, Lynn, city of……. revitalization records there are plans for Lynn’s development.
All in all, the outlook is for continued improvement in the housing market in Lynn.
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 [email protected].
Read Which broker should I choose to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Bizarre Open House activity
Last Sunday the temperature was in the single digits after the coldest night in 60 years. It was also the start of school vacation week in New England. And it was President’s Day weekend. And Valentine’s Day.
Being smart people, most real estate agents concluded that there was no point in holding an Open House.
But a bizarre thing happened. At one of the few Open Houses in Marblehead, 16 couples came through. At another there were 12. And both these houses were hosted by Harborside Sotheby’s International Realty (HSIR) agents.
There are two clear messages: buyers are out there, and HSIR agents really work hard for their clients – as well as having the best marketing plans. (more…)
When is the best time to buy or sell a home in Massachusetts?
We probably all “know” that the best time to sell a home is the spring or early summer, right? But is there evidence to back up that belief? This article provides the answer to the question: when is the best time to buy or sell a home in Massachusetts?
I looked at the median price of a Single Family Home (SFH) by quarter over the last 16 years. (Note that in all my reports, while sales numbers include all recorded MLS sales, median prices exclude distressed sales – foreclosures and short sales).
The highest price recorded each year is highlighted. This shows that in 14 of the 16 years the highest median price was recorded in Q3 – July to September. In the other two years the highest price was achieved in Q2, but in none of the years did Q1 or Q4 see the highest price.
Source: MLS, Oliver Reports
The next table shows the same data but with the lowest quarterly price highlighted. Here we see that in 12 of the 16 years the lowest median price was seen in Q1 and in the other 4 years it occurred in Q4, but never in Q2 or Q3.
Source: MLS, Oliver Reports
Let me summarize these in a table:
Conclusion
While the argument has always been made that the spring or summer is the best time to sell a house because that is when there are more buyers looking (hence, higher sales take place), the evidence here adds the additional information that the best prices are also achieved in the summer months.
Thus, as a seller one does indeed want to be ready to go to the market when the thermometer rises. Conversely, the best time to buy is :
In the bleak mid-winter
Frosty wind made moan,
Earth stood hard as iron,
Water like a stone;
Snow had fallen, snow on snow,
Snow on snow,
In the bleak mid-winter
Long ago.
Sounds a lot like today.
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 [email protected].
Read How should I choose the broker to sell my house?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Open Houses: “let’s be careful out there”
With the temperature likely to be in single digits today, I am reminded of the words of the desk sergeant in Hill Street Blues: “let’s be careful out there.” (more…)
Beverly 2015 Condo Market Review
This Beverly 2015 Condo Market review shows that sales jumped sharply in 2015 while the median price held steady.
Sales
Sales jumped 33% last year and were double the lows of 2009-2011, although still well below the highs of 2004 and 2007.
Source: MLS, Oliver Reports
Beverly 2015 Housing Market Review
This Beverly 2015 Housing Review covers the Single Family Home (SFH) market. In 2015 sales increased 5% to tie the record level of 2004, while the median price improved 6% to a new record $403,000, topping the prior peak of $400,000 in 2004.
Sales
Source: MLS, Oliver Reports
New listings go cold
New listings this week dropped with the temperature: (more…)
Massachusetts 2015 Condo Market Review
This Massachusetts 2015 Condo Market review shows that sales in 2015 were steady, while prices overall rose 3%. But – and it’s a big but – the inclusion of Boston in numbers for all 353 cities and towns in the State distort the result. In this report I break out Boston and show how the rest of the State fared in 2015.
Sales
Condo sales in Massachusetts have been steady for the last three years, but are still sharply down from the 2005 peak.
Source: MLS, Oliver Reports
Median Price
It may appear surprising, at first blush, that the median price of a condo in Massachusetts should show a 20% increase over the 2005 level. There is a one word explanation: Boston.
The first chart shows just the overall condo market, while the second breaks out Boston and shows Massachusetts ex Boston. Removing Boston from the calculation reduces the increase since 2005 to 10%, while the median price in Boston has increased more than 50% in the same period.
Source: MLS, Oliver Reports
Summary
The inclusion of Boston condos – the main market in the city – distorts the numbers for the State overall. Nevertheless, it is encouraging that the median condo price, excluding Boston, still reached a new paek level in 2015.
The Massachusetts economy remains strong – GE’s decision to relocate to Boston will only help – and mortgage rates are once again close to all-time lows.
Barring geopolitical disasters, the outlook for 2016 is for a gently improving market in Massachusetts.
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 [email protected].
Read Which broker should I hire to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Lynn 2015 Housing Market Review
This Lynn 2015 Housing Market Review shows how far the market has recovered. In 2015 sales jumped 16% and the median price improved 9%, although both numbers remain below their 2005 peaks. The biggest improvement has been seen in distressed sales – foreclosures and short sales – which have plummeted from 34% of total sales as recently as 2011 to just 8% in 2015.
Sales
Distressed sales
The big drop in distressed sales means that non-distressed sales have almost doubled – from 257 in 2011 to 504 in 2015.
: MLS, Oliver Reports
Median Price
The increase of 9% in 2015 took the median price back to within 7% of the 2005 peak.
2012 was unusual in that the highest price occurred in Q4 (it is normally in Q2 or Q3), this was an indication of an improving market.
Source:MLS, Oliver Reports
ASR
One way I measure prices is by the ratio (ASR) of Assessed Value (AV) to Sales Price (SP). The ASR is the AV divided by the SP: if the SP is rising (prices going up), the ASR will fall.
Properties selling above their AV will have an ASR below 100%. What this means is that in a period of rising prices the ASR is likely to be falling. So what we, as homeowners, want is an ASR below 100% and falling.
Remember that AVs are a lagging indicator: the tax bills that have just been sent out for FY2016 are based on actual sales in 2014. Thus the 2015 sales data, reported in this review, will be the basis for FY2017 assessments.
In Lynn in 2015 the ASR dropped from 83.2% to 81.7%. Although this is a small drop, it means that the median SFH sold at a 22% premium to its Assessed Value.
Source: MLS, Oliver Reports
Summary
The dramatic increase in non-distressed sales over the last four years, coupled with improved prices, indicate that the Lynn market is well on its way to recovery.
The announcement that GE is relocating its corporate HQ to Boston is a reminder that GE built the first jet engine in Lynn., while as this post Lynn, Lynn, city of……. revitalization records there are plans for Lynn’s development.
All in all, the outlook is for continued improvement in the housing market in Lynn.
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 [email protected].
Read Which broker should I choose to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Massachusetts 2015 Housing Market Review
The Single Family (SFH) market in Massachusetts in 2015 saw a 10% increase in sales and a 3% increase in the median price, returning the latter to within 1% of the 2004 peak.
Sales
The 10% increase in 2015, all of which came in the second half of the year, took sales just above the prior peak in 2004.
Source: MLS, Oliver Reports
Median Price
The median price increased a modest 3%, taking it to within 1% of the 2005 peak.
As is quite normal, the highest prices were achieved in Q2 and Q3.
Source: MLS, Oliver Reports
Summary
While it is hard to draw meaningful conclusions from numbers covering 353 cities and towns, the overall picture is of a market that has largely returned to normal.
The Massachusetts economy remains strong – GE’s decision to relocate to Boston will only help – and mortgage rates are once again close to all-time lows.
Barring geopolitical disasters, the outlook for 2016 is for a gently improving market in Massachusetts.
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 [email protected].
Read Which broker should I hire to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
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