Do Real Estate Agents Work over New Year?
Well it seems that some do and some don’t.
The starting point of all my data is MLS and so the timing of my reports depends on when real estate agents update their pending listings to actual closed sales, or change the anticipated sale date. Agents in Beverly , Marblehead and Swampscott are clearly hard workers and I have published reports on those markets. There are, of course, other markets where I am sure the same applies but I do not publish individual stats on all 351 cities and towns! (more…)
Beverly 2014 housing market: steady progress
Here are the highlights for the Beverly market for 2014.
Single Family Homes (SFH)
– the median SFH price increased 3.3% to $380,000, which is 5% below the peak of $400,000 in 2004
– sales increased to 329, the best year since 2004
– the ASR* fell sharply from 92.5% to 82.9%, an indication of rising prices
Condos
– the median condo price increased 4.2% to $237,500, which is 7% below the peak of $255,000 in 2005
– sales were down slightly and are still well below the levels seen in the 2004-07 period
– the ASR* fell from 94.9% to 87.5%, an indication of rising prices
Tax rate
– the FY2015 tax rate is $14.11, a slight decrease from $14.16 in FY2014. (more…)
Marblehead 2014 housing market reaches new high
Here are the highlights of the market in Marblehead in 2014.
Single Family Homes (SFHs)
– the median SFH price increased 10.3% to a record high of $590,000, beating the previous peak of $585,000 in 2006
– sales of SFHs increased to 245, the best year since 2004
– the Assessed Value to Sales Ratio (ASR*) dropped from 90.5% to 88.0% overall, an indication of rising prices
Condos
– the median condo price in 2014 was down 0.6% to $328,000. Because the condo market is small and bifurcated in Marblehead I will break the numbers down into segments in a later report
– sales were 43, much the same as the two previous years and, in fact, in line with the average for the last 9 years
– the ASR* dropped from 94.5% to 88.5%
Property Taxes
The tax rate for FY2015 is $11.08, virtually unchanged from $11.09 in FY2014. The average tax bill will increase by $309 or 4%. (more…)
Swampscott housing market steady in 2014; condo sales explode
Here are the highlights of the market in Swampscott in 2014.
Single Family Homes (SFH)
– the median price eased 0.5% to $440,000, still down 15% from the 2005 peak of $517,300
– sales were up slightly to 168, but that was the best sales number since 2004
– the Assessed Value to Sales Ratio (ASR*) declined from 87.8% to 84.8%.
Condos
– the median price increased 4% to $267,500, still down 6% from the 2005 high
– sales exploded to 74, almost double the 40 of 2013 and more than the prior peak years (this century) of 70 in 2005 and 2006
– the ASR increased slightly from 80.9% to 82.7%.
Property Taxes
– While the tax rate for FY2015 has dropped from $18.70 to $17.15, the average tax bill will increase by 4% or $352. (more…)
3% down mortgages from Fannie Mae are back!
Fannie Mae has announced its new 3% down mortgage program for qualified first-time home buyers who “may not have the resources for a larger down payment.” (more…)
Winterize your garage to gain more space
“In New England people don’t use their garages for cars but for storage.” This was said recently by the selling agent when I was showing the house to a buyer.
How true!
But you don’t have to limit your garage to storage. (more…)
The cost of The Twelve Days of Christmas: geese are expensive this year
For 31 years PNC has compiled an index of the cost of all the items in “The Twelve Days of Christmas”.
As my Christmas shopping list did not include any Geese or Swans this year, while I clean forgot to order any Dancing Ladies or Leaping Lords from Amazon (would they have been included in my Prime subscription I wonder?) I am indebted to PNC for pricing information. (more…)
Essex County 2015 property tax rates
FY2015 tax rates have now been announced for all 34 Essex County cities and towns. As usual, they show wide variations: for residential property, from$10.84 in Manchester to $20.56 in Amesbury; and for commercial, from $10.84 in Manchester to $33.58 in Lynn.
There have also been significant differences in the changes for tax rates for FY2015, ranging from a decrease of 14% in Wenham to an increase of 14% in Georgetown.
Recall that FY2015 tax assessments are based on values at January 1, 2014, using 2013 sales information; and that Proposition 2 1/2 limits the amount that can be raised through property taxes. In general, when assessed values increase, tax rates go down. But even when the tax rate goes down tax bills usually increase.
Here are the tax rates for the last 4 years for each city or town. The rate for FY2015 applies for the entire year to June 30, 2015, so the 3rd and 4th quarter tax bills will be adjusted for any changes occurring from the new rate.
Residential:
Source: Dept of Revenue, Assessors’ Offices
Commercial:
Source: Dept of Revenue, Assessors’ Offices
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].
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
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Would you prefer an 8% property tax rate cut or no change?
Would you rather your property tax rate went down 8% or stayed the same?
The answer may not be obvious. Look at Marblehead and Swampscott for FY2015:
Source: Assessors’ Offices
In both towns the average tax bill will increase 4%, but the average $ increase will be $309 in Marblehead and $352 in Swampscott.
Because Proposition 2 1/2 limits the increase in the amount that can be raised through property taxes, when assessed values increase, tax rates generally go down.
FY2015 tax rates are based on values as of January 1, 2014, so reflect prices in calendar year 2013. In 2013 the median sale price in Swampscott increased 11% vs a 5% increase in Marblehead.
In 2014, however, the median sale price in Swampscott was flat while it increased 10% in Marblehead.
Thus, other things being equal, the outlook for FY2016 is for the tax rate in Swampscott to tick up while Marblehead should see a decent reduction.
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].
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
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Swampscott 2015 property tax rate drops 8%
The good news for Swampscott property owners is that the residential tax rate for FY2015 has dropped 8% from $18.70 to $17.15. The driver of the lower tax rate was a 9% increase in the average assessed value.
The bad news is that the average tax bill will increase 4%, or $352, from $8,593 to $8,945, and that Swampscott has the second highest tax rate in Essex County.
Nevertheless, the headline tax rate decrease should be of some benefit to the perception of Swampscott in 2015.
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].
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
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
MIT invites HS girls to take science/engineering classes this summer.
MIT’s Women’s Technology Program seeks “to spark high school girls’ interest in the future study of engineering and computer science “ by inviting current 11th graders to attend a “four-week summer academic and residential experience where female high school students will explore engineering through hands-on classes, labs, and team-based projects.”
WTP is designed for girls who have already demonstrated their ability to excel at math and science in their high school classes, but who have no prior background (or very little) in engineering or computer science. “We accept students for whom our curriculum will be a new experience.”
Applications will be accepted only from current 11th graders and are due January 1.
Click here for more information and an application form.
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].
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
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Falling oil prices should be good for real estate markets
This Economist article Why the oil price is falling explains the background to falling oil prices which should, in general, be good for the US economy next year and by extension good for the real estate market which, having largely recovered from the Great Recession, is now more dependent upon economic growth for continued gains.
The table below shows forecasts from IHS Global Insight for the US economy in 2015 at different average oil prices: (more…)
Housing market in “early stages of recovery”
Two public house-building companies released strongly optimistic comments about the future of the housing market this week. (more…)
What Jon Lester can afford to buy in Chicago
While Jon Lester’s sale of his Newton home Why Jon Lester may not be returning to the Rex Sox did not necessarily indicate that he would not be coming back to the Red Sox, he is in fact going to Chicago. For $155 million for 6 years.
Which raises the question, obviously, of where he will live. (more…)
Check carefully before you buy that Greek Island
While, in the words of the Wall Street Journal, buying a Greek Island “drenched in sunshine and surrounded by turquoise water”may be the ultimate property dream, there are a few pitfalls of which buyers need to be aware. (more…)
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