Essex County Mid-Year Review: steady progress, low supply

· by · in ,

Sales of Single Family Homes (SFHs) in Essex County in the first half of 2016 jumped 14% from a year ago and were close to the record levels of 2002-05. Meanwhile, the median price* increased nearly 4% to a new high for the first half of the year of $400,000, the first time we have seen a six month median price reach that level.

While condo sales also increased 14% year on year, they remain way below the peak levels of 2004-06, but the median price also increased 4%  to a new high of $259,000.

*In all my reports and analyses, median price calculations exclude distressed sales – foreclosures and short sales, which typically occur at a significant discount to the normal market. When I report on “sales” I refer to all sales, including distressed ones. (more…)