Hello sub 3% mortgages – again
This week’s drop below 3% – again – reminded me that the only one thing more fraught than commenting on mortgage rates is trying to predict where rates are headed. (see below for some of my posts about mortgage rates.)
After rising steadily from 2.65% at the beginning of the year to 3.18% by the end of March, the 30-year Fixed Rate Mortgage (FRM) has backed off again and this week the rate dropped back under 3%.
Freddie Mac weekly survey
Open Houses weekend April 24/25
Here are the weekend’s Open Houses. Be aware that with such low inventory, many new listings receive offers before the weekend Open Houses.
This list will be updated on Sunday morning (because of the quirks of MLS many of the Sunday Open Houses don’t show up on Saturday.)
Click on these links for details: (more…)
New Listings week ending April 23
The number of New Listings is still small:
Click on these links for details: (more…)
The US is 3.8 Million Homes Short
The U.S. housing market needs nearly 4 million single-family homes to meet the nation’s demand, according to a new analysis from Freddie Mac. The 3.8 million shortfall marks a 52% increase in the housing shortage since 2018.
“This is what you get when you underbuild for 10 years,” says Sam Khater, Freddie Mac’s chief economist. “We should have almost four million more housing units if we had kept up with demand the last few years.”
Lawrence Yun, chief economist of the National Association of REALTORS®, has been among real estate economists leading the calls over the last few years for greater inventory and more homebuilding to meet demand. “We need to build more homes,” Yun told NPR, adding that since the housing crisis more than a decade ago, homebuilders have been building too few homes.
The housing shortage mixed with strong buyer demand since the pandemic is prompting home prices to rise rapidly. The median existing-home price for all housing types in February was $313,000, up 15.8% compared to a year earlier, according to the National Association of REALTORS®.
How to Win a Naples Smart Home plus Mercedes plus $100k Cash
Note: you can enter twice a day until June 11.
Click 2021 Smart Home tour for more photos. (more…)
New Listings mid-week April 21
A modest number of New Listings again this week:
Click on these links for details: (more…)
Swampscott Q1 2021 Housing Market Review
1. The median price of the SFHs sold in Q1 2021 increased 5.6% to $599,000, but this compared with $630,000 for the whole of 2020.
2. Without sales at Fisherman’s Watch – which occurred in Q1 2020 at prices between $724,900 and $1.25 million -the median price of the Condos sold dropped back to $415,000, more in line with the figure from Q2 to Q4 in 2020.
3. SFH sales have been volatile in the last 3 years: 14 in Q1 2019, 30 in 2020 and back to 15 in Q1 2021. Condo sales ticked up from 16 to 17, but with a very different mix.
For a more detailed report on the market in Q1 go to Team Harborside’s website and read: Swampscott Q1 Market Review (more…)
Salem Q1 2021 Housing Market Review
1. The median price of Single Family Homes (SFH) sold in Q1 2021 increased 14.4% to $527,410, only the second time a Quarterly price has exceeded $500,000.
2. The median price of the Condos sold increased 11.7% to $405,000, breaking $400,000 for the first time, although the median price in the second half of 2020 was close – $395,000.
3. Sales of SFH were sharply lower at 30 vs 42 and compared with a 5-year average of 37. Condo sales increased to 74 from 68, slightly above the 5-year average of 70.
4. 70% of both SFHs and Condos sold in Q1 2021 received an accepted offer in 15 days or less.
For a more detailed report on the market in Q1 go to Team Harborside’s website and read: Salem Q1 Market Review (more…)
Beverly Q1 2021 Housing Market Review
1. The median price of the Single Family Homes (SFH) sold in Q1 2021 increased 14.9% to $575,500 from the Q1 2020 figure of $501,000, which was by far the lowest number in 2020.
2. With no new major developments, the median Condo price dropped 5.3%% from $375,000 to $355,000, which was in line with the median price for the whole of 2020.
3. SFH sales increased from 41 to 44, in line with the 5-year average, while Condo sales jumped from 23 to 35.
4. 77% of SFHs and 69% of Condos sold received accepted offers in 15 days or less
For a more detailed report on the market in Q1 go to Team Harborside’s website and read: Beverly Q1 Market Review (more…)
Open Houses Sunday April 18
More Open Houses are scheduled for today than were in yesterday’s list:
Click on these links for details: (more…)
Marblehead Housing Market Q1 2021 Review
The median price of Single Family Homes (SFH) sold in Q1 2021 increased 10.5% to $765,000, well below the $839,900 in the second half of 2020. But Q1 can often be an anomaly because of the small number of sales.
SFH sales were 32 compared with 31 in 2020.
There were just 10 Condo sales in Q1 2021, compared with 9 in Q1 2020. Condo sales occurred between $260,000 and $599,000. 6 of the 2021 sales occurred below list price, 2 at list and 2 above list price.
For a more detailed report on the market in Q1 go to Team Harborside’s website and read: Marblehead Q1 Market Review (more…)
Essex County Housing Market Q1 2021 Review
- The median price of Single-Family Homes (SFH) sold in Q1 2021increased 11% to $550,000 from Q1 2020, but was in line with the $555,000 in the second half of the year 2020.
- Every one of the 34 cities and towns in Essex County saw Year-on-Year (YOY) increases in the median selling price; only 6 of the 34 cities and towns recorded a median SFH price under $500,000, while 3 saw that figure exceed $1 million.
- Numbers in any Q, especially Q1, need to be treated with caution: some of the largest apparent increases in median prices occurred on a small number of sales.
- The Condo median sales price increased 9.9% to $365,000. In Boston, the median price was very similar to the levels of the last 3 years, during which time the Essex County Condo median price has increased some 20%.
For a more detailed report on the market in Q1 go to Team Harborside’s website and read: Essex County Q1 Market Review (more…)
New Listings week ending April 16
Still a small number of New Listings:
Click on these links for details: (more…)
Open Houses weekend April 17/18
Here are the weekend’s Open Houses. Be aware that with such low inventory, many new listings receive offers before the weekend Open Houses.
This list will be updated on Sunday morning (because of the quirks of MLS many of the Sunday Open Houses don’t show up on Saturday.)
Click on these links for details: (more…)
New Listings mid-week April 14
A modest number of New Listings this week:
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Click on these links for details: (more…)
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