New Listings mid-week May 29
A few more New Listings, and homes are selling quickly – read Accepted Offers remain high despite low Inventory – as sellers become comfortable with the new protocols for safe viewings:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
How does inventory compare with a year ago?
Goodbye Boston, Hello Marblehead
Mortgage applications spike
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Sale, Beverly, Lynn and Swampscott.”
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Mortgage applications spike
U.S. applications for home mortgages jumped last week, in a sixth straight weekly increase, suggesting the housing market could lead the economy’s recovery from the novel coronavirus crisis even as high unemployment is expected to linger.
The Mortgage Bankers Association (MBA) said on Wednesday its seasonally adjusted Purchase Index increased 8.6% from a week earlier. On an unadjusted basis, the index rose 7.4% from the prior week and was 9% higher compared to the same week a year ago. It was the sixth consecutive weekly gain and a 54% surge since early April.
“The home purchase market continued its path to recovery as various States reopen, leading to more buyers resuming their home search,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “The purchase loan amount has increased steadily in recent weeks and is now at its highest level since mid-March.” (Reuters).
This national news confirms the trends reported in my latest report Accepted Offers remain high despite low Inventory .
For the last three years the inventory of SFHs for sale in Essex County has been quite stable. That is about to change as these are the numbers with a few days left until June 1:
Goodbye Boston, Hello Marblehead
Accepted Offers remain high despite low Inventory
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Sale, Beverly, Lynn and Swampscott.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Accepted Offers remain high despite low Inventory
The number of Accepted Offers (AO) for SFHs received in Essex County last week increased modestly to a 2020 high of 159.
This is the chart I post each week showing the weekly numbers compared with 2019. Note that Holy Week was week 14 in 2020 and week 16 in 2019. To make it easier to read I have started the chart at week 9 (March 6, 2020; March 8, 2019):
And this is the percentage change compared with the same week in 2019.
Ignoring the spike in week 16 as a result of the timing of Holy Week, the trend shows that the percentage decline slowed from around 50% to under 10% before increasing to 20% last week. Note, however, that the corresponding week in 2019 saw a spike compared with the weeks before and after it.
And… look at this table:
Inventory is down more than 40% from last year – and has been running 30-40% below last year’s numbers all year – yet the number of Accepted Offers recently has been quite close to last year’s levels,
Comment
The real estate industry – professionals involved in transactions, as well as buyer and sellers – has adapted to the COVID-19 world. Buyers are out there, inventory remains low and bidding wars are back. In fact, with inventory down 40% YOY it is clear that properties are now selling more quickly than they were a year ago. Thus buyers need to have all their ducks in line – most importantly, a current pre-approval letter – before considering making an offer.
Also, bear in mind that some sellers – a diminishing number as confidence in the measures now in place for viewing become established- are requesting that their properties not be listed in MLS, so if you are checking on Zillow you might not be seeing all that is available.: you need to speak to a real estate agent.
Goodbye Boston, Hello Marblehead
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Sale, Beverly, Lynn and Swampscott.”
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Goodbye Boston, Hello Marblehead
Here are my predictions of what will follow from COVID-19:
- People, especially families with young children, will look to move out of Boston and to towns like Marblehead with great schools, open spaces, history – and ocean
- The demand for open floor plans will give way to the desire for separate rooms. after families get bored of listening to everybody else’s Zoom calls, online classes, etc. etc.
- The perceived negative of Marblehead that commuting into Boston is a challenge (one which residents happily overcome) will diminish as more people work remotely at least some of the time.
- Did I mention the ocean?
Read Mid-Year 2020 Market Reports for in-depth reports on the markets Marblehead, Swampscott, Salem and Beverly, and a Summary of Essex County overall.
And then check out: Latest Inventory of properties for sale
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Latest Inventory of properties for sale
As new listings start to pick up (we hope) it is important for home buyers to check the full inventory of what is available. I am posting each week details of all houses and condos currently available for sale (and the links below continually update). Different arrangements are being made for viewing so please contact me to see what is possible. The market is very active at the moment with the number of Accepted Offers in the last week nearly back to 2019’s level.
Marblehead SFHs For Sale
Marblehead Condos For Sale
Swampscott SFH For Sale
Swampscott Condos For Sale
Salem SFHS For Sale
Salem Condos For Sale
Beverly SFHs For Sale
Beverly Condos For Sale
Lynn SFHs For Sale
Lynn Condos For Sale
The number of Accepted Offers is increasing
Mortgage applications almost back to 2019 levels
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Sale, Beverly, Lynn and Swampscott.”
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Swampscott Q1 2020 Housing Market Summary
Single Family Homes (SFH)
The median SFH in Q1 2020 was almost unchanged at $567,500 compared with $568,000 in Q1 2019. SFH sales totaled 30 in Q1 2020, up sharply from just 14 in 2019 and compared with the 5-year average of 22.
The SFH median price increased 49% from the low in 2011 until 2019 and was 14% above the pre-Great Recession high.
Condos
The median price of the condos sold surged 53% to $515,000, reflecting the sale of units at Fisherman’s Watch at prices from $724,900 to $1,249,000. Condo sales increased from 10 to 16, with 5 of the sales in the new Fisherman’s Watch development.
COVID-19
Sales are a lagging indicator, reflecting offers that were accepted some 6-8 weeks earlier. A more current indicator is the number of new offers accepted. Not surprisingly, accepted offers dropped sharply at the end of March and in early April, before recovering, slowly at first, and then more strongly as buyers and sellers adapted to the new way of doing business.
The 30-year Fixed Rate Mortgage dropped from 3.74% at the end of 2019 to 3.5% at the end of March and to 3.25% by the end of April, but the mortgage market was in some disarray, especially in the jumbo and non-conventional market, as a result of the disruption caused by COVID-19.
Inventory
After years of decline, the number of SFH for sale in Essex County on the first of the month compared with a year earlier (YOY) increased from August 2018 until June 2019, and of Condos from June 2018 until August 2019, whereupon the decline resumed.
With the uncertainty caused by the pandemic, the inventory of SFHs in Essex County was 35% below the 2019 level on May 1. In Swampscott there were 15 SFHs for sale compared with 22 in 2019.
Andrew Oliver
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m. 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Marblehead Q1 2020 Market Summary
Single Family Homes (SFH)
The median price of Single Family Homes (SFH) sold in Q1 2020 was $692,500. This compared with $602,500 in Q1 2019 and $730,000 in Q1 2018, a clear indication of the quarterly fluctuations that can occur, especially during the winter months, when the number of sales is small.
The SFH median price increased 48% from its low in 2009 to 2019 and was 23% above its pre-Great Recession peak in 2005.
Condos
There were just 9 condo sales in Q1 2020, but that was more than the 5 in Q1 2019. Condo sales occurred between $280,000 and $1.1 million
COVID-19
Sales are a lagging indicator, reflecting offers that were accepted some 6-8 weeks earlier.A more current indicator is the number of new offers accepted.
Not surprisingly, accepted offers dropped sharply at the end of March and in early April, before recovering, slowly at first, and then more strongly as buyers and sellers adapted to the new way of doing business.
The 30-year Fixed Rate Mortgage dropped from 3.74% at the end of 2019 to 3.5% at the end of March and to 3.25% by the end of April, but the mortgage market was in some disarray, especially in the jumbo and non-conventional market, as a result of the disruption caused by COVID-19.
Inventory
After years of decline, the number of SFH for sale in Essex County on the first of the month compared with a year earlier (YOY) increased from August 2018 until June 2019, and of Condos from June 2018 until August 2019, whereupon the decline resumed.
With the uncertainty caused by the pandemic, the inventory of SFHs in Essex County overall was 35% below the 2019 level on May 1. In Marblehead there were 32 SFHs for sale compared with 50 in 2019.
Andrew Oliver
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m. 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
New Listings jump in Marblehead
The traditional spring market did not occur this year, but it may now be starting – at least in Marblehead, which has seen 17 new SFH listings over the last few days. This compares with a total of just 32 SFHs for sale as recently as last Monday. Elsewhere, apart from Lynn, the number of New Listings remains small, but the market is active, as buyers and sellers adjust to the new way of doing business.
While this spurt in listings is welcome news for buyers, inventory is still well down on last year’s level:
Click on these links for the New Listings:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
And read these recent articles:
Accepted offers jump to 2020 high
Mortgage applications almost back to 2019 levels
A Calmer Mortgage Market
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.
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of Oliver Reports . He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Sale, Beverly, Lynn and Swampscott.”
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Mortgage applications almost back to 2019 levels
Mortgage applications to purchase a home rose 6% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Purchase volume was just 1.5% lower than a year ago, a rather stunning recovery from just six weeks ago, when purchase volume was down 35% annually.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
New Listings mid-week May 20
A trickle of New Listings, but homes are still selling – read Accepted Offers jump to 2020 high – as buyers and sellers make creative arrangements for viewing. Also read Why are more Sellers opting for Private Listings?
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
How does inventory compare with a year ago?
The table below is from a year ago this week. While the number of new listings is not wildly different, look at the number of properties For Sale. Compared with a year ago the number of SFHs for sale in Marblehead is down 52%, in Swampscott down 33%, in Salem down 61%, in Beverly down 49% and in Lynn down 44%
A Calmer Mortgage Market
Recession and Recovery
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Would you like to buy John and Yoko’s “Beach House?”
John and Yoko’s Palm Beach house is for sale for $47.5 million. Please contact me to arrange a showing….
Many families are using a kitchen or dining table as a homework station for the kids. This dining-room table would accommodate quite a large family:
The bedroom shown is perhaps surprisingly under-stated:
But I haven’t see this sink at Home Depot:
For more photos click John and Yoko Palm Beach home
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Accepted Offers jump to 2020 high
The number of Accepted Offers (AO) for SFHs received in Essex County in the latest week jumped sharply to 151, compared with the prior high for 2020 in March of 125 and more than double the number of early April.
This is the chart I post each week showing the weekly numbers compared with 2019. Note that Holy Week was week 14 in 2020 and week 16 in 2019:
And this is the percentage change compared with the same week in 2019.
Ignoring the spike in week 16 as a result of the timing of Holy Week, the trend is clear as the percentage decline has slowed from around 50% to under 10%.
Comment
The real estate industry – professionals involved in transactions, as well as buyer and sellers – has adapted to the COVID-19 world. Buyers are out there, inventory remains low and bidding wars are back.
Also, bear in mind that some sellers are requesting that their properties not be listed in MLS, so if you are checking on Zillow you might not be seeing all that is available.: you need to speak to a real estate agent.
*Numbers in this report were updated on May 20
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Beware the dog!
Spot, a four-legged robot built by Waltham robotics company Boston Dynamics, has been sent to Singapore to stroll through a section of Bishan-Ang Mo Kio Park and serve as an “ambassador for social distancing,” the company said in this Boston Globe article:ambassador for social distancing.
But Spot is being used for more than just monitoring social distancing.
“In Boston, Spot has been used at Brigham and Women’s Hospital to interview patients who believe they’ve been infected with the coronavirus and to monitor basic vitals. Singapore is using Spot for medical assistance, as well, having the robot bring medication to patients at the Changi Exhibition Centre community isolation facility.”
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Current inventory of SFHs and Condos
In the continuing absence of Open Houses in Marblehead and Swampscott (there are a handful in Salem, Beverly and Lynn), I am replacing the normal Open House post with one showing details of all houses and condos currently available for sale (and the links below continually update). Different arrangements are being made for viewing so please contact me to see what is possible. The market is very active at the moment with the number of Accepted Offers in the last week nearly back to 2019’s level.
Marblehead SFHs For Sale
Marblehead Condos For Sale
Swampscott SFH For Sale
Swampscott Condos For Sale
Salem SFHS For Sale
Salem Condos For Sale
Beverly SFHs For Sale
Beverly Condos For Sale
Lynn SFHs For Sale
Lynn Condos For Sale
The number of Accepted Offers is increasing
A Calmer Mortgage Market
Recession and Recovery
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
New Listings week ending May 15
The number of New Listings remains small, but the market is active, as buyers and sellers adjust to the new way of seeing properties.
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings
The number of Accepted Offers is increasing
A Calmer Mortgage Market
Recession and Recovery
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
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