Million Dollar Home Sales Jump 20% in 2017
While overall sales of Single Family Homes (SFH) in the 34 cities and towns of Essex County fell 1% in 2017, it was a different story at the higher end, with a 20% increase in sales over $1 million, from 242 in 2016 to 291 in 2017.
Moving up the food chain, the number of sales of $2 million or more increased 14% from 42 in 2016 to a new record of 48, although this was only marginally better than the prior peak of 47 in 2006.
This article will look first at Essex County overall and then at individual towns.
Essex County
Two charts: sales over $1 million and sales over $2 million.
Source: MLS, Oliver Reports
Towns
Marblehead has reported the highest number of sales over $1 million in every year except 2008. In 2017, Andover and Gloucester both showed sharp increases in sales, as did Newburyport, Beverly and Essex.
Marblehead leads again in sales over $2 million, except in 2006. In 2017, sales in Marblehead declined slightly while Gloucester saw a strong increase to tie Marblehead, with Manchester just behind.
Comment
These sales figures are not surprising given the strength of the housing market in recent years.In my 2016 year end reviews I suggested that 2017 might be the year when activity picked up at the higher end and these numbers confirm that did happen.
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…)
Million Dollar Home Sales
The first half of the year saw a modest increase in Million Dollar Home Sales in Essex County.
The second half of the year generally sees higher sales. So far in July there have been 20 completed sales with 57 more pending.
Here is a breakdown of sales by price:
Source: MLS, Oliver Reports
And finally the leading towns for sales year to date:
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