Which town has the highest median property price?
It probably comes as no surprise that the highest median home price in 2016 in Essex County was in Manchester By The Sea, but there was a big gap until the next highest. Again demonstrating the power of larger numbers (read Essex County town by town prices) 22 of the 34 cities and towns enjoyed a median price above the median for the County, while all but 6 exceeded the State median price. And while Marblehead was edged out of the silver medal spot by Lynnfield it did boast the most Million Dollar Sales: (more…)
Essex County Million Dollar sales set new record
Sales of Million Dollar homes in Essex County in 2016 set a new record with a small increase from 2015. As the second table shows, all the increase in 2016 came in the $2-3 million bracket, similar to the trend I reported in Marblehead Million Dollar sales set new record (more…)
Housing inventory: what is available in your town?
This article, the third in a series after Demand up, supply down and Inventory by price, looks at the current supply of Single Family Homes (SFH) and Condos in each of Essex County’s 34 cities and towns and compares it with the numbers for the last two years. Bear in mind that in February 2015 we were in the midst of the polar vortex winter of record cold, while both 2016 and 2017 (at least so far) have been quite mild. (more…)
Essex County Housing Inventory by price
This report shows housing inventory, broken down by price, for both Single Family Homes (SFH) and Condos on February 1st for the last three years. Read also Essex County Housing Market: demand up, supply down for an analysis of the market over the last three years. (more…)
Essex County Housing Market: demand up, supply down
Some things don’t change around here: the Patriots are going to the Super Bowl and housing inventory continues to decline.
The number of Single Family Homes (SFH) for sale
I show below the number of SFHs for sale on the 1st of each month since 2014 and the average number for the year. Between 2014 and 2016 the average number of SFHs for sale dropped 25% from 1,648 to 1,236. (more…)
Essex County 2016 Housing market By The Numbers
The median prices for both Single Family Homes (SFH) and Condos set new records in 2016, each rising 5%. SFH sales also set a new high, while condo sales remained well below the peak level of 2005: (more…)
Housing Inventory down 20%
Housing inventory is down just over 20% from last year in the whole of Essex County and is down by a quarter since 2014. The drop from 2014 to 2015 was quite modest, but has been sharp over the last year. Just 3 of Essex County’s 34 cities and towns show an increase in supply from last year, with 31 showing declines, in many cases substantial ones.
As sales for September are updated in MLS over the next few days I will publish an article showing the inventory in terms of months of supply based upon sales for the last 3 and last 12 months.
Here are the numbers by town:
Source: MLS, Oliver Reports
Comment
Low mortgage rates, an economy growing steadily if not spectacularly and low inventory continue to drive the market in Essex County.
If you are considering selling your home please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Not sure which broker to use to sell your home? 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
Essex County Mid-Year Review: steady progress, low supply
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…)
Housing supply even tighter than a year ago
The supply of houses and condos for sale in North Shore towns, as well as throughout Essex County and Massachusetts, is down from last year’s levels – which were themselves low.
Housing markets are generally regarded as being in equilibrium between sellers and buyers when the supply of houses for sale is equal to the number that would be sold in 6 months. So a housing supply of 6 months represents equilibrium; more than 6 months means the supply is high enough to favor buyers; less than 6 months the lack of supply favors sellers – what is known as a sellers’ market.
The following tables show the numbers for 2016 in the left column and 2015 in the right one.
Single Family Homes (SFH)
Overall supply in both Essex County and Massachusetts is less than 4 months and down from a year go. In individual towns, only Marblehead has a slight increase in supply, but the number remains below 6 months:
Condos
The condo market is even tighter with supply of less than 3 months in Essex County and Massachusetts, and all areas showing a decline from this time a year ago.
Source: MLS, Oliver Reports
Comment
This analysis shows the overall markets. There will be differences at differing price points, but because higher-priced houses usually take longer to sell, that means supply at the lower prices is even less than shown.
The housing market here may not be crazy, but clearly there is less supply than buyers would like.
If you are considering selling your home please contact me on 617.834.8205 or [email protected] 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
Essex County Q1 Housing Market by the Numbers
This report gives a picture of the Essex County Q1 Housing Market by the Numbers, followed by a snapshot of current inventory compared with a year ago, a comparison which shows a significant shift by price.
Median Prices and Sales
Sales of SFHs increased sharply from the levels of the last few years and were back to levels last seen in 2005. Condo sales were also well up, although they remain well below the levels of 2004-2007. The median prices for both SFHs and condos edged down slightly.
Always remember that quarterly numbers can be – and frequently are – volatile, especially during the winter months. We will get a truer picture of the underlying market trends when we get the numbers for the first half of the year.
Source: MLS, Oliver Reports
Current Inventory
The changing housing market is well illustrated by the change in inventory compared with a year ago. The median SFH price in Essex County is a little below $400,000. A year ago there were 450 houses available below this level, but today there are just 278, a drop of 38%. Above $750,000, there is an increase in supply.
A similar pattern is seen in condos, where the median price is around $250,000. The supply of condos for sale only increases above $500,000.
Source: MLS, Oliver Reports
If you are considering selling your home please contact me on 617.834.8205 or [email protected] 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
Essex County inventory: where have all the sellers gone?
During this mild winter, buyers have remained active, taking advantage of historically low mortgage rates, but Essex County inventory remains low.
While the end of February is low season for real estate sales in New England, some of the changes in inventory at different price levels are startling. I include a chart showing the overall numbers, followed by a breakdown by price, for both SFHs and Condos.
Single Family Homes (SFH)
Source: MLS, Oliver Reports
Condos
Source: MLS, Oliver Reports
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or [email protected].
Read Which broker will find the buyer for my house?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Essex County 2015 Housing Market Review
The SFH market in Essex County continued its recovery in 2015, with the median price increasing by 3% and sales by 10%. Both numbers are just below their prior peaks.
Median Price
The median price increased 3% in 2015 and is now just 1% below the 2005 peak.
There are always quarterly fluctuations, but for the seventh year in a row the highest median price was recorded in Q3.
Sales
Sales have bounced almost 50% from their great recession lows and were almost back to the 2004 peak.
Summary
2015 was another solid year in the recovery of the housing market in Essex County. With the Massachusetts economy strong – and the pending move of GE to Boston can only help – and mortgage rates still below 4%, the outlook for 2016 is for another year of increasing prices, which will very likely reach a new high.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or [email protected].
Read Which broker should I choose to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
El Nino: warmer than what?
I have written before about how this year’s forecast of warmer than normal weather in the Northeast could be good news for real estate markets, but this week’s brutally cold snap raises the question, El Nino: warmer than what?
I am sure my daughter got bored, as she was growing up, of hearing me say how important it was to understand the difference between relative and absolute. Thus, if the temperature tomorrow morning is say 15 degrees, it will be relatively warmer than today’s 8 degrees, but it will still be absolutely freezing.
Looking for guidance as to what to expect for the next three months I spotted this January-March 2016 outlook from the Weather Company, thanks to wunderground, my favourite source for weather information.
The report mentions the “potential for a significant cold snap in parts of the central and eastern states starting in the middle portion of January”, but goes on “… however, there are several other factors in the atmosphere, operating on shorter time scales, that can, at times, oppose the overall three-month trend.”
OK so now I am starting to struggle with the forecast. It doesn’t get any easier: “An individual cold front or an upper ridge of high pressure can lead to a brief period of colder or warmer weather, respectively, that bucks the overall three-month trend. The same front or area of high pressure can bring a brief period of enhanced precipitation or dry spell that may or may not be indicative of the overall trend that is forecast.”
I know this is blog is meant to be rated G but I could not help noticing the reference to PV – Polar Vortex – in the following: An Icelandic storm .. tugged above-freezing air to the North Pole between Christmas and New Year’s Eve. “The rapid and unexpected destruction of the tropospheric* polar vortex, via the historically strong North Atlantic storm this week, has thrown a significant monkey wrench into the January forecast.”
OK so I think I have this clear. In the Northeast the weather is going to be warmer this winter
unless that Polar Vortex thingy does something or other in which case it will be
colder. And neither warm nor cold spells should be taken as a guide to the weather for the rest of the winter.
I love science: it is so precise.
*I know you know this but just in case it has slipped your mind, “the troposphere is the lowest layer of Earth’s atmosphere and site of all weather on Earth. The troposphere is bonded on the top by a layer of air called the tropopause, which separates the troposphere from the stratosphere, and on bottom by the surface of the Earth.”
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or [email protected].
Read Marblehead 2015 Housing Market review and Marblehead 2015 Condo Market review. Further 2015 reviews will be published shortly.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
2016 property tax rates: waiting on Rockport
There are 34 cities and towns in Essex County and 33 of them have announced their 2016 property tax rates. The exception is Rockport which has posted this on its website: “The first half of Fiscal Year 2016 Real Estate taxes have been delayed.”
Once Rockport makes it announcement I shall post a full list of 2016 tax rates. (more…)
Sales and home prices rise in Essex County
In the first 11 months of 2015 sales and prices of both SFHs and Condos in Essex County and Massachusetts have increased at generally similar rates:
The sales increase for condos seems to be the one out of sync between Essex County and the State as a whole so I have looked at the breakdown by County, showing that sales were flat in the two largest Counties:
MLS, Oliver Reports
Overall, these numbers confirm the reports all year of a market that has returned to the normal condition of gently rising prices. (more…)
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