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.
Condos
Condo inventory has increased 70% since August,taking it back to 2021 levels.|
Open Houses weekend November 4/5
Here are this weekend’s Open Houses (an updated list for Sunday will be posted tomorrow at 8 a.m.*):
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
*due to the timing of the MLS feed many of Sunday’s OHs do not show up in today’s links until later today and will be in tomorrow’s post
And these recent articles:
Why Mortgage Rates will fall in 2024
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023
SALEM Q3 MARKET REPORT 2019-2023 (more…)
New Listings, Inventory after Halloween
Here are the latest New Listings:
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
And here are the latest inventory numbers:
And these recent articles:
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
MARBLEHEAD Q3 MARKET REPORT 2019-2023
SWAMPSCOTT Q3 MARKET REPORT 2019-2023
SALEM Q3 MARKET REPORT 2019-2023 (more…)
Marblehead Q3 Market Report 2019-2023
Median Price and Sales
The median price of the Single Family homes sold in Marblehead increased 31% from $718,500 in 2019 to $938,0000 in 2022. Sales were steady from 2019 to 2021, but dropped in 2022, and again YTD in 2023. The YTD 2023 median price is $964,750, up 4% from 2022 YTD.
The median price of the Condos sold increased by 38% from $398,900 in 2019 to $550,000 in 2022, with sales following a similar pattern to that for SFs. Q3 2023 saw 5 of the 7 sales YTD over $750,000 and, with only 11 sales in the Quarter, this drove up the median price. By contrast, 4 of the 6 sales under $400,000 took place in Q1, driving down the median price. YTD the median price is $575,000, more in line with the 2022 number.
Just as in prior periods of housing market strength, the market in Marblehead saw a steady – rather than spectacular – increase in prices during the boom days of asset price increases which were fueled by cheap credit, during and after the pandemic.
Similarly, Marblehead did not see the correction experienced by other parts of the country in the second half of 2022, as interest rates rose sharply.
The reasons are as old as the town itself: Marblehead is a great place to live and bring up children, which is why people stay in their houses longer than they do elsewhere. Add to that, WFH (Work from Home), making the commute to Boston less of an issue.
The more than doubling of mortgage rates has also been a major factor in encouraging people to stay in their existing homes, further reducing the supply of homes for sale.
Finally, fluctuations in median prices can and do occur when the numbers are small, which is why the trend is more important than the exact numbers.
Go HERE to download a copy of the full report.
And read these recent articles:
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
October Inventory shows Sharp Jump from September</a.
Credit Score Change Could Help Millions of Buyers
August Sales still mostly over List Price
2023 Sales Continue Strongly over List Price (more…)
SWAMPSCOTT Q3 MARKET REPORT 2019-2023
Median Price and Sales
The median price of the Single Family homes sold in Swampscott increased 34% from $590,000 in 2019 to $790,000 in 2022, and further to $840,000 through Q3 2023. Sales were steady from 2019 to 2021, but dropped in 2022, and again YTD in 2023.
The median price of the Condos sold increased by 20% from $345,000 in 2019 to $415,000 in 2022, and to $440,000 through Q3 2023, with sales following a similar pattern to that for SFs.
Swampscott’s focus on controlling its expenditures and hence the property tax rate has brought increased buyer interest in recent years, with two-thirds of all sales this year being at or above list price.
Just as in prior periods of housing market strength, the market in Swampscott saw a steady – rather than spectacular – increase in prices during the boom days of asset price increases which were fueled by cheap credit, during and after the pandemic.
The more than doubling of mortgage rates has also been a major factor in encouraging people to stay in their existing homes, further reducing the supply of homes for sale.
Finally, fluctuations in median prices can and do occur when the numbers are small, which is why the trend is more important than the exact numbers.
If you are thinking of selling, please contact me for a current market analysis for your property.
Go HERE to download a copy of the full report.
This report analyses the Median Price and Sales per quarter since 2019, along with the Sales by Price point, Price per Sq.Ft., and the Days properties were on the market before receiving an offer (DTO).
Median numbers are used in all calculations.
And read these recent articles:
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
October Inventory shows Sharp Jump from September</a.
Credit Score Change Could Help Millions of Buyers
August Sales still mostly over List Price
2023 Sales Continue Strongly over List Price (more…)
SALEM Q3 MARKET REPORT 2019-2023
The median price of the Single Family homes sold in Salem increased 42% from $431,250 in 2019 to $611,000 in 2022, and eased back to $589,000 YTD Q3 2023. Sales dropped slightly from 2019 to 2022, but fell sharply in 2023, especially in Q3.
The median price of the Condos sold increased by 27% from $355,000 in 2019 to $450,000 in 2022, and further to $485,000 through Q3 2023. Sales started to fall in the second half of 2022 and were also down sharply in 2023.
The many attractions of Salem continue to attract buyers, especially younger buyers moving out of Boston. Perhaps surprisingly in a time when mortgage rates have more than doubled, sales have continued to be brisk, and in most months more than 60% of sales have taken place over list price.
Fluctuations in median prices can and do occur from quarter to quarter, based upon those properties which actually sell in any quarter, which is why the trend is more important than the exact numbers.
If you are thinking of selling, please contact me for a current market analysis for your property.
Go HERE to download a copy of the full report.
This report analyses the Median Price and Sales per quarter since 2019, along with the Sales by Price point, Price per Sq.Ft., and the Days properties were on the market before receiving an offer (DTO).
Median numbers are used in all calculations.
And read these recent articles:
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
October Inventory shows Sharp Jump from September</a.
Credit Score Change Could Help Millions of Buyers
August Sales still mostly over List Price
2023 Sales Continue Strongly over List Price (more…)
Open Houses Sunday October 29
Here are today’s Open Houses:
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Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
And read these recent articles:
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
October Inventory shows Sharp Jump from September</a.
Credit Score Change Could Help Millions of Buyers
August Sales still mostly over List Price
2023 Sales Continue Strongly over List Price (more…)
Open Houses weekend October 28/29
Here are this weekend’s Open Houses (an updated list for Sunday will be posted tomorrow at 8 a.m.*):
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
*due to the timing of the MLS feed many of Sunday’s OHs do not show up in today’s links until later today and will be in tomorrow’s post
And read these recent articles:
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
October Inventory shows Sharp Jump from September</a.
Credit Score Change Could Help Millions of Buyers
August Sales still mostly over List Price
2023 Sales Continue Strongly over List Price (more…)
New Listings week ending October 27
Here are the latest New Listings:
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
And here are the latest inventory numbers:
And these recent articles:
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
Two More Ways the Mortgage Market differs from 2007/2008
October Inventory shows Sharp Jump from September
Credit Score Change Could Help Millions of Buyers (more…)
New Listings mid-week October 25
Here are the latest New Listings:
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
And here are the latest inventory numbers:
And these recent articles:
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
Two More Ways the Mortgage Market differs from 2007/2008
October Inventory shows Sharp Jump from September
Credit Score Change Could Help Millions of Buyers (more…)
Open Houses Sunday October 22
Here are today’ss Open Houses:
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
And read these recent articles:
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
October Inventory shows Sharp Jump from September</a.
Credit Score Change Could Help Millions of Buyers
August Sales still mostly over List Price
2023 Sales Continue Strongly over List Price (more…)
Most Sales Still Over List Price
Sales in September in Marblehead, Swampscott and Salem continued to be mostly over List Price:
And read these recent articles:
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
October Inventory shows Sharp Jump from September</a.
Credit Score Change Could Help Millions of Buyers
August Sales still mostly over List Price
2023 Sales Continue Strongly over List Price (more…)
New Listings week ending October 20
Here are the latest New Listings:
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
And here are the latest inventory numbers:
And these recent articles:
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
Two More Ways the Mortgage Market differs from 2007/2008
October Inventory shows Sharp Jump from September
Credit Score Change Could Help Millions of Buyers (more…)
Open Houses weekend October 21/22
Here are this weekend’s Open Houses (an updated list for Sunday will be posted tomorrow at 8 a.m.*):
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House
*due to the timing of the MLS feed many of Sunday’s OHs do not show up in today’s links until later today and will be in tomorrow’s post
And read these recent articles:
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
October Inventory shows Sharp Jump from September</a.
Credit Score Change Could Help Millions of Buyers
August Sales still mostly over List Price
2023 Sales Continue Strongly over List Price (more…)
New Listings mid-week October 18
Here are the latest New Listings:
Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
And here are the latest inventory numbers:
And these recent articles:
Core Inflation Prices Barely Budged in August
Two More Ways the Mortgage Market differs from 2007/2008
October Inventory shows Sharp Jump from September
Credit Score Change Could Help Millions of Buyers (more…)
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