Essex County: town by town guide to Median Prices
This table shows median prices for the full years 2015, 2016 and 2017, and median prices and sales for the first 9 months of 2017. Note that a small number of sales can lead to price fluctuations, as in Nahant, Essex Town and Wenham amongst others. In general, the larger the number of sales, the more reliable is the median price.
While the overall median price in Essex County was $460,000, only 12 of the 34 cities and towns had median prices below this level, while 22 had median prices above $440,000. The reason for this is that the median price for the the County is calculated by taking all individual property sales, and many of the towns with a large number of sales are in communities with lower prices.
Calculating the median price for Essex County using towns rather than individual sales produces a median price of $543,975.
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 Andrew Oliver on 617.834.8205 or Kathleen Murphy on 603.498.6817.
If you are looking to buy, we 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 and Kathleen Murphy are Realtors with Sagan Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Housing inventory jumps sharply in September
The number of Single Family Homes (SFH) for sale in Essex County jumped 15% in September from a year ago, the fourth consecutive month of year-on-year increases, and reached the highest level since October 2016:
The number of condos for sale jumped 13% from a year ago, the fifth consecutive month of year-on-year increases, and reached the highest level since November 2016:
Comment
After several years of decline, inventory bottomed out in the first quarter of 2018 and has been increasing year-on-year for 4 months for SFHs and 5 months for condos. While actual levels remain well below those of 2015, it is clear that buyers are now seeing more options than they have in recent years.
Sagan Harborside Sotheby’s International Realty
www.SaganHarborside.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Housing Inventory: town by town guide
Last week’s report Housing inventory increases again pointed out that year-over-year inventory in the 34 cities and towns of Essex County had increased for the 3rd consecutive month (4th for condos), but also commented that inventory still remains very low overall.
As promised, here is a breakdown of the current supply of Single Family Homes (SFH) for each city and town, as measured by the number of months of sales represented by the number of houses for sale.
As a general guide, a market is regarded as being in equilibrium between buyers and sellers when there is 6 months of supply. Thus, while there has been – finally – some increase in supply, overall it remains clearly a strong sellers’ market, although there are signs that pricing power for sellers is not as strong as it was in the spring.
Sagan Harborside Sotheby’s International Realty
www.SaganHarborside.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Housing Inventory increases again
The number of Single Family Homes (SFHS) for sale in the 34 cities and towns of Essex County, as measured on the first of the month and compared with a year ago, increased for the 3rd consecutive month in September. This date, of course, was just before Labor Day, and there has been a sharp jump in the number of SFHs for sale in the last few days.
The number of Condos for sale increased for the 4th consecutive month.
Comment
The percentage increases in the first few days of September was significantly greater in 2018 than in 2017, especially for condos. For both SFHs and Condos inventory is the highest in almost two years.
A later report will analyze the supply by individual city and town.
Sagan Harborside Sotheby’s International Realty
The North Shore’s only Sotheby’s International Realty affiliate
www.SaganHarborside.com
Housing Inventory increases for 2nd month in a row
(Click here to download a PDF of this report.)
After 26 months of declining inventory year-over-year, August marked the second consecutive monthly increase for Single Family Homes (SFH) in the 34 cities and towns of Essex County. But read on to the section about supply which shows that inventory remains extremely low despite the modest recent increases.
Condo inventory declined for 44 consecutive months, year over year, until June and has now increased for 3 months in a row.
Supply
A market is normally regarded as being in equilibrium between buyers and sellers when the current supply is equivalent to 6 months of sales. Anything less than that is seen as a sellers’ market, meaning there are more buyers than sellers.Thus, while inventory has shown some modest year over year increases in the last couple of months, supply remains very tight in most markets in Essex County. Overall, the supply of SFHs is just 2.6 months,with only 6 towns showing supply of 6 months or more.
The Condo market is even tighter, with only 1.9 months of supply and no individual town recording 6 months.
Comment
While inventory has shown a welcome year over year increase recently, overall supply still strongly favours sellers – at the right price.
Sagan Harborside Sotheby’s International Realty
www.SaganHarborside.com
Essex County H1 2018 Housing Market By The Numbers
(Click here to down load a copy of this report.)
The median price of Single Family Homes sold in the 34 cities and towns of Essex County in the first half of 2018 increased 5.8% from 2017, while sales were down slightly.
Condos
The median price of the condos sold in Essex County in the first half of 2018 increased 3.5% from a year ago, while sales were flat
*figures in bold represent record levels
Sagan Harborside Sotheby’s International Realty
www.SaganHarborside.com
Essex County Mid-Year 2018 Median Prices: Town by Town Guide
(Click hereto download a PDF of this report.)
The median price of the Single Family Homes (SFH) sold in the 34 cities and towns of Essex County in the first half of 2018 increased 6% from 2017, while the median condo price increased 3.5% – in both cases to new record highs.
The table below lists the towns by median price in the first half of 2018 in descending order. A few comments:
– the numbers in bold represent record figures
– 11 of the 34 towns did not record record highs in the first half of 2018, compared with 14 in the full year 2017
– in 22 of the 34 towns the median price exceeded the median price for Essex County overall. Why? Because the volume of sales varies greatly from town to town and the overall number treats the entire County as one. Looking just at the 34 towns the median price rises to $546,225, some $90,000 higher.
– which emphasizes a very important point: that the smaller the number the greater the likely variation, and the larger the number the greater the accuracy; hence I show sales number for each town.
– which emphasizes a very important point: that the smaller the number the greater the likely variation, and the larger the number the greater the accuracy. Hence, I show sales number for each town.
– Lynn had the largest number of sales at 259, and its 5.1% increase in median prices is, therefore, a good representation of pricing in that market
– Wenham, on the other hand, had just 17 sales, and its 45% increase in median prices simply reflects the mix of sales this year compared with last. This does not mean that the information is meaningless; but it does require further analysis. As always with statistics, informed analysis is needed to go with the bare numbers.
And now the actual numbers. Please feel free to ask your Sagan Harborside Sotheby’s International Realty agent for further information about any of these 34 cities and towns.
Essex County Mid-Year Housing Market Flash Report
A week after the end of the quarter we are still waiting for a handful of agents to update listings which were scheduled to close in June. Hence these numbers are not final but will be very close.
Single Family Homes (SFH)
Sales: flat in the second quarter, down about 2% YTD
Median Price: up nearly 6% to $455,000, a new record. The median price reached $400,000 for the first time in the first half of 2016.
Condos
Sales: flat in the second quarter, down about 3% YTD
Median Price: up 3.5% to $295,000, a new record. The second quarter may just have reached $300,000 for the first time.
Sagan Harborside Sotheby’s International Realty
Essex County Q1 2018 housing market: prices continue to increase
The first Quarter of the year is the slowest one for sales in Essex County (weather!), typically representing about 15% of the year’s total. The smaller the number of sales the less significant is the data, so the numbers for individual towns can and do fluctuate from quarter to quarter.
As the numbers get bigger so does the significance. In the 34 cities and towns of Essex County overall, sales of Single Family Homes (SFH) were down 4% from Q1 2017 while the median price increased 4.4%.
In the whole of Massachusetts, sales were flat and the median price increased 3%,
The table below shows the median SFH price for each town for the last three years; and the median price and sales for Q1 for 2017 and 2018. The mid-year data, which I shall publish in mid-July, will give a better feel for the market in individual cities and towns, but these numbers support the general perception that the housing market in Essex County continues to show price increases.
OliverReports.com
Town by Town 2017 Median Prices in Essex County
The median price of the 6,000 plus Single Family Homes (SFH) sold in the 34 cities and towns of Essex County in 2017 increased by $31,000, or 7.6%, to a new record $440,000 compared with 2016. While the overall market reached a new high, in 14 of the towns the median price is still below the prior peak level.
This report lists the prices in four ways: alphabetically by town; by price highest to lowest; by the increase in 2017 over 2016; and by the increase in 2017 compared with 2013.
I also show sales for the last two years, because the greater the number of sales the more reliable the median price as a gauge of the market. Record price levels are shown in bold. If no figure in bold is shown in the table that means that the peak for that town was achieved in the 2005/06 period.
Median price alphabetically (click here to download a pdf of this table).
Median price highest to lowest (click here to download a pdf of this table)
The calculation for the median price for Essex County considers all 6,000 plus sales in one bucket and produces a median price of $440,000. But if one looks at the sales by town, the median price jumps to $520,750. The reason for this difference is that several of the towns with the highest number of sales have the lowest median prices.
2017 compared with 2016 (Click here to download a pdf pf this table)
12 towns saw a double digit increases in 2017, although the largest increases occurred in markets with a small number of sales.
2017 compared with 2013(click here to download a pdf of this table)
The median price in Essex County has increased by 19.2% since 2013, with 14 towns showing gains of more than 25%.
Comment
2017 was a strong year for property prices in Essex County. As always, there were variations from town to town, but overall demand exceeded supply and supply was generally very low, except at the higher end of the price range.
2018 starts with uncertainty over the impact of the tax changes as far as the limitation on the ability to deduct State and property taxes. This, however, will not impact the lower price levels, where a growing economy and rising demand will once again run into a shortage of supply.
At the higher end, where supply remains adequate, lower personal and corporate taxes and a booming stock market should give buyers the wherewithal to step up and take advantage of attractive prices.
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 Andrew Oliver on 617.834.8205 or Kathleen Murphy on 603.498.6817.
If you are looking to buy, we 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 and Kathleen Murphy are Realtors with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Essex County Third Quarter Report: A Strong Market
After passing $400,000 for the first time in 2016, the median price of the Single Family Homes (SFH) sold in Essex County increased 7% in the first 9 months of 2017 to a new record of $440,000. Sales were flat, a reflection of continuing low inventory.
The median price of the condos sold in Essex County increased by 10% over 2016 to a new high of $286,250, while sales were up 11%. The condo market has seen a significant volume of new construction which, in general, occurs at higher prices, and these higher prices help to increase the median price overall.
Total inventory of SFH as of October 1 was down 14% from a year ago (and 33% from 2015), while condo inventory was down 25% (and also down 33% from 2015).
ESSEX COUNTY SFH
Through 9 months of 2017 the rate of increase in median prices has quickened compared with recent years.
Quarterly numbers in NEW England often show fluctuations. Note that Q4 has shown a drop in the median price from Q3, not just in the last few years, but in every year since 2000.
ESSEX COUNTY CONDOS
After three years of flattish prices, 2017 has seen a sharp increase of 10% YTD.
While quarterly fluctuations are the norm, the median price of condos sold in Essex County has increased for 7 quarters in a row.
INVENTORY
Total inventory of SFH as of October 1 was down 14% from a year ago (and 33% from 2015), while condo inventory was down 25% (and also 33% from 2015
Source: MLS, Oliver Reports
COMMENT
There is little new to say about the overall market in Essex County: strong demand and low inventory have led to rising prices. There are, however, wide variations from town to town as shown in this guide to Essex County town by town median prices.
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
Essex County Town by Town SFH Median Prices
This table shows median prices for the full years 2015 and 2016, and median prices and sales for the first 9 months of 2017. Note that a small number of sales can lead to price fluctuations, as in Nahant and Essex Town. In general, the larger the number of sales, the more reliable is the median price.
While the overall median price in Essex County was $440,000, only 10 of the 34 cities and towns had median prices below this level, while 24 had median prices above $440,000. The reason for this is that the median price for the the County is calculated by taking all individual property sales, and many of the towns with a large number of sales were in communities with lower prices.
If I calculated the median price for Essex County using towns rather than individual sales, the median price would be $511,750. Click Essex County Town by Town SFH Median Prices to download a copy of this report.
Andrew Oliver
Harborside Sotheby’s International Realty
Essex County Mid-Year 2017 Housing Market Report
Single Family Homes (SFH)
After passing $400,000 for the first time in 2016, the median price of a SFH increased 7.5% in the first half of 2017 to a new record of $430,000. Sales were down slightly, a reflection of continuing low inventory.
Source: MLS, Oliver Reports
Condos
The median price of the condos sold in Essex County increased by 10% over 2016, while sales were up 11%. The condo market has seen a significant volume of new construction which, in general, occurs at higher prices, and these higher prices help to increase the median price overall.
Source: MLS, Oliver Reports
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?
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
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Is there really an inventory shortage?
You have all read – and I have written enough – about the chronic shortage of inventory to assume that the answer to this question is a resounding yes. But it all depends on price.
A market is considered to be in equilibrium between buyers and sellers when the number of homes for sale equals about 6 months of sales. I have put together charts for Marblehead, Swampscott and Essex County overall, showing, by price, the number of sales so far this year plus the number scheduled to close by June 30 and compared that with the number of homes currently for sale. If the market were in equilibrium – the two bars for each price would be the same size.
Let’s see what we have. First, let’s look at the overall market for Marblehead and Swampscott: clearly supply is below the level of a market in equilibrium, so it is a sellers’ market.
Source: MLS, Oliver Reports
Now let’s look in more detail. First, Marblehead:
Source: MLS, Oliver Reports
At all price points up to $1 million, supply is way below sales levels for the first half of the year. But as soon as we go over $1 million the position is reversed. And the total number of homes for sale under $1 million is just 23.
Next, Swampscott:
A similar story here, except that the supply equation reverses at $700,000 – with one exception. Note that from $1-1.5 million there are fewer homes for sale than have sold so far in 2017.
Finally, let’s look at the 34 cities and towns of Essex County overall:
Source: MLS, Oliver Reports
And in more detail:
Source: MLS, Oliver Reports
Sellers are in control up to $700,000; the market is in balance between $700,000 and $1 million; and it is a buyers’ market over $1 million.
Comment
One of the surprises of the market this year has been how weak demand has been for higher-priced homes. Logically, with the market so active under $1 million, and macro-economic factors – the stock market at record levels, expectations/hopes of tax cuts coming – positive, one would expect to see sellers trading up. And that is especially true in a town Marblehead, a town people are reluctant to leave – meaning most sellers plan to buy another house in town.
The optimistic view is that this may be a timing issue and that sales of higher priced houses will soon pick up. But clearly this is an excellent time to trade up to a higher priced home – and you don’t have to compete with 90 groups at Marblehead Open House.
Are you thinking about selling? Read Which broker should I choose to sell my house?
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
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
Essex County Housing Market: strong start to year
The housing market in Essex County enjoyed a strong start to the year. Q1 is the lowest quarter for sales (“winter”) so the numbers have to be treated with some caution, but the median price of a Single Family Home (SFH) which sold in Q1 rose 12% to $415,000, while the median price of a condo rose 14% to $281,000.
Single Family Homes
Q1 2017 was the fourth consecutive quarter with a median price in excess of $400,000. (more…)
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