Swampscott housing market still lacks supply
The data I maintain on home sales is useful but, since sales can take 2-3 months to complete from the date an offer is accepted, they do not provide as current a picture of the market as accepted offers. This article covers month by month this year the listing prices of houses in Swampscott where the seller has accepted an offer, together with the Days on Market (the number of days since the house was listed for sale) of the current inventory. Read my comments at the end of the post.
Source: MLS, Oliver Reports
Note that just over half the accepted offers were on houses listed under $500,000.
Here is the month-by-month breakdown:
Source: MLS, Oliver Reports
The pace of sales has been very steady, despite the lack of inventory.
Source: MLS, Oliver Reports
This is the current inventory by price and by Days on Market (DOM):
Source: MLS, Oliver Reports
While the average DOM is 87, below $1 million that number drops to 40. Note also that with sales running at 4 per week, the current inventory represents just 2 months of supply – and even less under $1 million.
Comment
The median SFH sales price in 2016 in Swampscott was $460,000 and as of today there are just 2 houses for sale below that figure and only 5 in all under $500,000. Furthermore, the median list price of the 58 houses with accepted offers through April was $499,000.
Inventory in Swampscott is well below the level of recent years as shown here:
The law of supply and demand continues to point to a rising market in Swampscott. If you are thinking of selling, now would be an excellent time.
If you are considering selling your home please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports