Sharp jump in home sales in 2013

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As the housing market improved in 2013  we heard less about the impact of foreclosures (FC) and short sales (SS) on the market. Because of the well documented pricing difference between FCSS, collectively known as distressed sales, I have excluded FCSS from my analyses of median prices since I first started reporting housing statistics in 2008. I do, however, include FCSS sales in total sales figures.

Overall sales, including FCSS, in Essex County increased 11% for Single Family Homes (SFHs) in 2013 and by 12% for condos. But excluding FCSS sales, non-distressed sales jumped 18% for SFHs and 27% for condos.

Here are the numbers:

Source: MLS, Oliver Reports

Source: MLS, Oliver Reports

FCSS are often bought by professional investors. Traditional buyers, who want to occupy the home, normally buy non-distressed properties. Thus, despite the inventory shortages, buying by owner occupiers showed a very sharp increase in 2013.

If you are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 781.631.1223 or andrew@HarborsideRealty.com.

Andrew Oliver is a Realtor with Harborside Realty in Marblehead