The Chinese are coming, the Chinese are coming
According to Bloomberg Business Week the LA suburb of Arcadia is enjoying a boom in home prices fuelled by Chinese buying.
“For buyers from mainland China, Arcadia offers excellent schools, large lots with lenient building codes, and a place to park their money beyond the reach of the Chinese government.The city, population 57,600, projects that about 150 older homes—53 percent more than normal—will be torn down this year and replaced with mansions. The deals happen fast and are rarely listed publicly.”
Ah here are a couple of obvious problems for Marblehead. I don’t think we can offer lenient building codes, while I am not sure a 6,000 sf lot in Old Town would meet the bill. Oh well, we can but dream that the Chinese will discover Marblehead one day.
Read the article Chinese home buying binge.
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 Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty.
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Marblehead’s 200th SFH sale earliest since 2004
Marblehead recorded its 200th Single Family Home sale on Friday, the earliest date that has been achieved since 2004. A further 45 SFHs are pending, with the majority likely to close this year. Total sales for 2014, therefore, are likely to be second only to 2004 this century.
Source: MLS, Oliver Reports
Who will be the next Somerville?
Contenders are vying for the on-deck slot Somerville is shedding: the hip, genuine, and affordable alternative to a more prestigious town.
Will it be Chelsea. Medford, Watertown or even Fitchburg?
Essex County Third Quarter Housing Review
The Single Family Home (SFH) market
The median price of a SFH in Essex County in Q3 2014 was flat compared with a year earlier, but Q3 2013 was the quarter with the highest median price of the year. Note that quarterly prices nearly always fluctuate to some extent during the year; it is very rare for prices to rise steadily throughout the year. Q3 has seen the highest price of the year in each of the last 4 years.
The record median price for the year was $394,400 in 2005 and it looks as though 2014 will be in the region of $385,000 so we are very close to returning to that previous peak. (more…)
Swampscott Third Quarter Housing Review
The Single Family (SFH) market
After enjoying good price gains in 2013 the median price in 2014 has been more or less flat all year. And the full year’s median price seems likely to come in as much as 15% below the peak of 2005: (more…)
Salem Third Quarter Housing Review
The Single Family Home (SFH) market
The market continued to improve in Q3 and it looks like the full year to be very close to, or even slightly exceed, the previous high of $349,000 in 2005: (more…)
Beverly Third Quarter Housing Review
The Single Family Home (SFH) market
The median price in Beverly in Q3 was flat with a year ago, consistent with the trend in Essex County overall. While prices have recovered from the effects of the great recession, the 2014 number is likely to come in some 4-5% below the peak level of $400,000 in 2004. (more…)
Today’s Posts will appear in the next hour
Third Quarter review for Beverly, Salem, Swampscott and Essex County will be published shortly. Check back!
Here’s where to pick a pumpkin today
After yesterday’s deluge today promises to be dry and sunny. Click on this post Where to pick pumpkins near Boston from Curbed Boston listing places where one can pick a pumpkin. And schedule the pumpkin picking around this Open House list. And watch the revitalized Patriots take on Buffalo.
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 Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Are you urban chic?
According to Tapestry, Marblehead is “urban chic”:
“We’re well-educated, married couple families and singles who live in the suburbs of major metros on both coasts. Professional and managerial positions in technical and legal occupations fund our exclusive, upscale, and sophisticated lifestyles. Portfolios are healthy, filled with stocks, bonds, and real estate investments. Our houses range in style from pre-war to new construction, high-rises or single-family homes; two-thirds of us own our homes. Tech savvy, we’re tops for owning Apple products, and use our devices to shop, bank, and research information. Leisure time is spent visiting museums, traveling, drinking imported wine, going out to the movies, skiing, and practicing yoga.” (more…)
Marblehead housing market now
The Single Family Home (SFH) market
The market in Marblehead continues to be quite active, with 15 Single Family Homes (SFHs) having received accepted offers already in October, compared with 21 in the whole of October 2013. New sales in September also showed a sharp increase over 2013, more than making up for the drop in August.
The first chart shows quarterly numbers for median prices for the last few years. The Q3 number is not a record. The YTD through September median price is $585,600 so for the full year we will end up very close to, or slightly higher than, the record of $585,000 set in 2006. It may come down to which of the houses under agreement actually closes before year end:
Source: MLS, Oliver Reports
The current composition of houses available for sale shows an increase in supply at the lower end of late and also in the $1-2 million bracket. Both these segments have been active this year.
Source: MLS, Oliver Reports
Looking at what has sold this year, note that sales from $500-749k have exceeded those under $500,000, a reversal of last year’s relationship, showing both that prices are increasing and buyers moving up.
Source: MLS, Oliver Reports
The Condo Market
The condo market looks likely to emulate the SFH market ending 2014 very close to the 2007 peak of $346,000, as through 9 months the median price was $347,750:
Source: MLS, Oliver Reports
It is important to remember that the law of small numbers applies to condos in Marblehead. For example, sales to date in the $3-400k range (which will determine the year’s median price) and the gaps between sales have been as follows:
Source: MLS, Oliver Reports
The median through 9 months is the average of $328,000 and $367,500, or $347,750. One more sale outside these prices would move the median price by almost $20,000. This is why I comment on prices in the condo market on a semi-annual rather than quarterly basis.
Talking of sales, here are the numbers for the first 9 months of 2014 compared with 2013 and broken down by price range. The increase in the $500-749k range was what drove the increase in the median price.
Source: MLS, Oliver Reports
There is little change year over year in condos available for sale.
Source: MLS, Oliver Reports
But look at the change over the last ten years:
Source: MLS, Oliver Reports
Marblehead is not only a small market for condos, but that market is split between a small number of purpose built condos and the HGTV-driven boom in “condo conversions” of older 2-4 unit apartment buildings. It is the latter market which has largely disappeared.
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 Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Housing Market 2014 – the first nine months
As promised last week I am publishing numbers for the first 9 months of 2014. These show that for Essex County and Massachusetts overall, sales of Single Family Homes (SFHs) are down slightly year-on-year, while prices are up slightly. There are, however, quite wide fluctuations from town to town: (more…)
Third Quarter Housing Review
Third quarter numbers for sales and median prices support the argument I have been making in recent weeks that we are now in a more stable market, having recovered from the 2008/2009 slump. As always, I caution against reading too much into one quarter’s numbers, particularly in those cases where the number of sales is small. Next week I shall publish a report for the first nine months of the year, which will provide a fuller picture of the market.
A good sign for the housing market is that the economy continues to improve with unemployment dropping below 6% for the first time since 2008, although the underemployment rate is still high at 11.8% and hourly earnings increased only 2% year over year. The latter numbers suggest that the Federal Reserve will not be rushing to raise interest rates, which is good news for mortgage rates. (more…)
Good news for 946,000 home owners
Another sign of the improving housing market came this week, as reported in this MarketWatch article 900,000 homes regain equity, about a report from CoreLogic that in the second quarter of 2014 some 946,000 home owners moved out of a negative equity position, meaning their houses were now worth more than their mortgage. (more…)
$50,000 reduction on this Sophisticated Marblehead home
Price reduced $50,000.
Come to Sunday’s Open House 12:00 – 1:45.
In much sought after Goldthwait neighborhood; 4/5 bedrooms; immaculate house.
Now only $899,000.
http://15vassar.com/
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