Signs of life at higher end of market

I have commented before that I have been surprised at the low level of activity at the higher end here on the North Shore compared with Boston and its immediate neighbors. I have pondered – hoped? – that maybe it was a timing issue.

Well there does seem to be some activity developing. Since the start of the third quarter (July 1), there have been sales in the $2-3 million range in Andover, Manchester and Swampscott; in the $3-4 million range in Manchester; and $4-5  million in Hamilton and Manchester.

What is interesting is that these properties sold at: 90% of list price ($2-3 million); 94% of list ($3-4 million); and 95% of list ($4-5 million). No huge discounts, although some of the list prices had been reduced from their original asking prices.

A further indication of market activity is pending sales. There are sales pending in the $2-3 million range in Boxford, Gloucester, Manchester, Marblehead and Rockport; in the $3-4 million range in Gloucester; and in the $4-5 million range in Marblehead and Nahant. These last two have gone under agreement in the last couple of weeks.

There is still a large choice of homes at the upper end, but maybe there is some indication that activity at this level is reaching us – finally!

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 [email protected].

Andrew Oliver is a Realtor with Harborside Realty in Marblehead.