Swampscott Q3 Housing Report: prices break through $500,000 – at last

The startling decline in inventory at lower price levels over the last two years has contributed to a 9% increase in the median price of SFHs sold in the first 9 months of 2017 to a record level of $530,000. It is likely that 2017 will see the old 2005 record median price of $517,300 broken – finally.

Median Price
6 of the last 8 quarters have seen median prices above $500,000.

Sales by price
The number of sales under $500,000 has halved in the last two years, while the number of sales above $500,000 has increased slightly, leading to a movement in the median price from under to over $500,000. Note, however, the decline in sales above $1.5 million, from 3 in 2015 and 5 in 2016 to just 1 in 2017.

Sales above List Price
A consequence of the low inventory is that houses often attract multiple offers leading to sales at or above list price. Exactly half the sales this year have been at or above list price.

Inventory
The number of SFHs for sale as of October 1 was just 35, down from 53 in 2015. While the number of available SFHs under $1 million has halved in the last two years, the number over $1 million has actually increased.

Condos
The condo market in Swampscott sees extremes: from under $200,000 at Vinnin Square to almost $2 million on Humphrey Street. Well over half the sales this year have taken place at or above list price and the median price has jumped 18% to just over $300,000. In part, this reflects new construction and renovations which are normally higher-priced units.

Comment
It has been a long journey, but the median price of a SFH in Swampscott will likely finally break the old record of $517,300 set back in 2005. The story in Swampscott is like so many other towns: string demand and low supply leading to higher prices and bidding battles.

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.

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.

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports