Salem Q3 2022 Report: Median Single Family price breaks through $600,000
The median price of the Single Family Homes (SFH) sold in Salem reached $600,000 or more in each of the first three quarters of 2022, and increased 10% to $617,500 in the first 9 months (YTD Q3) The median condo price increased 7% YTD Q3 to $450,000.
Single Family Homes (SFH)
The median price of the SFHs sold in Salem in the first 9 months of 2022 (YTD Q3 2022) increased 10% to $617,500 on sales exactly in line with the 3-year average.
As the percentage of sales over $600,000 increased from 39% YTD in 2021 to 58% YTD in 2022, so the median price moved from under to over $600,000. Sales over $1 million YTD increased from 5 to 11. (more…)
Open Houses Sunday October 23
Here are today’s Open Houses:
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House (more…)
Marblehead Q3 2022 Report: Median Price tops $1 million
The median price of the Single Family Homes (SFH) sold in Marblehead in the Third Quarter (Q3 2022) topped $1 million for the first time, while for the first 9 months of 2022 (YTD Q3) it increased to $925,000. The median condo price increased 7% YTD Q3 to $552,000.
Single Family Homes (SFH)
The median price of the SFHs sold in Marblehead in the first 9 months of 2022 (YTD Q3 2022) increased 9% to $925,000 on the smallest number of sales since 2011.
As the percentage of sales over $1 million increased from 34% YTD in 2021 to 44% YTD in 2022, so the median price moved closer to $1 million – and in fact exceeded that figure in Q3. Sales over $1 million YTD increased from 56 to 66, with 14 sales over $2 million vs 12 YTD in 2021. (more…)
Swampscott Q3 2022 Report: Median Price hits $800,000
The median price of the Single Family Homes (SFH) sold in Swampscott in the first 9 months of 2022 (YTD Q3) increased 12% to $800,000. The median condo price also increased 12% YTD Q3 to $447,500.
Single Family Homes (SFH)
The median price of the SFHs sold in Swampscott in the first 9 months of 2022 (YTD Q3 2022) increased 12% to $800,000 on the smallest number of sales since 2012.
As the percentage of sales over $800,000 increased from 36% YTD in 2021 to 51% YTD in 2022, so the median price moved from just over $700,000 to $800,000. Sales over $1 million YTD increased from 13 to 25. (more…)
New Listings week ending October 21
Here ae the latest New Listings:
Click on these links details: (more…)
Open Houses weekend October 22/23
Here are the 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 (more…)
New Listings mid-week October 19
Here ae the latest New Listings:
Click on these links details: (more…)
Marblehead median price breaks $1 million
The median price of the 74 Single Family Homes sold in Marblehead in the Third Quarter reached $1,000,500, breaking $1 million for the first time after 5 Quarters in the $800,000s.
For the first 9 months of the year the median price was $925,000, up 9% from $849,000 in the first 9 months of 2021.
I will publish a more detailed report on Marblehead and the other cities and towns of Essex County shortly.
And these recent articles:
Economic and mortgage commentary (more…)
Open Houses Sunday October 16
Here are today’s Open Houses:
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House (more…)
Open Houses weekend October 15/16
Click on these links for this weekend’s Open Houses (an updated list for Sunday will be posted tomorrow at 8 a.m. by which time I hope Internet will be restored):
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House (more…)
New Listings week ending October 14
Click on these links for the latest New Listings:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings (more…)
New Listings mid-week October 12
Here ae the latest New Listings:
Click on these links details: (more…)
Open Houses Sunday October 9
Here are today’s Open Houses:
Click on these links for details:
Marblehead Open Houses
Swampscott Open Houses
Salem Open Houses
Beverly Open House (more…)
Marblehead house sells for 35% above list price
Housing market slowdown? Tell that to Marblehead buyers.
A house listed at $1.5 million just sold for a tad over $2 million.
And in the Third Quarter overall two-thirds of the 74 Single Family sales in Marblehead took place above list price with more than a quarter at 10% or more above list price.
Inventory in Essex County
A market is traditionally deemed to be in equilibrium between buyers and sellers when there is enough supply to meet 6 months of demand (I actually think that number has been reduced by the speed with which buyers now become aware of new listings and are able to view them online, but 6 months is still the most quoted figure).
Here are the numbers for Essex County SF homes as of October 1:
Comment
Mortgage rates have doubled, the stock market has swooned, there is increasing talk of recession, etc, etc. And yet, there is no sign that the imbalance between buyers and sellers in Essex County has changed in the slightest.
I find myself wondering whether the spike in mortgage rates will be the latest factor in keeping supply in check, as homeowners are reluctant to give up their cheap mortgage rates and pay current rates if they buy a new home. (more…)
October Inventory shows modest decline
After 5 months when Single Family inventory ran ahead of last year’s numbers, in October there was a modest year-on-year drop.
Single Family Homes
Condos
Condo inventory continues to lag both 2020 and 2021 levels.
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