Housing Inventory at highest level since 2020
The inventory of Single Family Homes (SFH) more than doubled from April to June, taking the level to the highest level in June since 2020:
Condo Inventory increased 60% from April to June and also reached the highest level in June since 2020:
And these recent articles:
Marblehead House sell for $1.2 million OVER List Price
Marblehead Q1 2024 Market Summary
Swampscott Q1 2024 Market Summary
Salem Q1 2024 Market Summary
Essex County Q1 2024 Market Summary
How was MY assessment calculated? Q&A with Marblehead Assessor Karen Bertolino
My Marblehead Current article on Property Taxes
Marblehead FY 2024 Property Tax Explained
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 [email protected].
Andrew Oliver, M.B.E.,M.B.A.
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
m 617.834.8205
www.OliverReportsMA.com
““If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReportsMA.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”
“Thank you for the wonderful, wonderful job you do for the community (explanation of property tax process and calculation) – it is so helpful and so clearly explained.”
March Inventory shows no improvement
Inventory usually starts the year low and remains that way for the first quarter, a pattern that is repeating this year.
Single Family Homes
Condos
Condo inventory has followed a similar pattern:
Mortgage rates (more…)
Essex County 2022 Housing Market Review
Single Family Homes (SFH)
After sharp increases Year-over-Year (YOY) in Q2 and Q3, the median SFH price in Essex County showed a more modest increase (YOY) in Q4, and also showed the usual seasonal decline from Q3 into Q4. Overall, the median price increased 5% for the year to $640,000, taking the increase in the last 3 years to 35%. Reflecting the low levels of inventory recently, SFH sales declined 11% in H1 and 18% in H2.
The share of sales over $600,000 increased from 52% in 2021 to 58% in 2022, driving the median price for the year well over $600,000.
Condos
The median condo sale price moved more steadily upwards in 2022, increasing by 11% in both H1 and H2, and by 34% since 2019. Sales fell 11% in H1 but by a startling 27% in H2. It seems likely that the increase in mortgage rates had a bigger impact on Condo sales – often bought as a first home with a significant mortgage – than on SFH sales, where mortgages – especially at the higher-end – tend to be less important with many buyers using cash or a large down-payment. (more…)
October Inventory shows modest decline
After 5 months when Single Family inventory ran ahead of last year’s numbers, in October there was a modest year-on-year drop.
Single Family Homes
Condos
Condo inventory continues to lag both 2020 and 2021 levels.
New Listings and Latest Inventory August 24
Here are this week’s New Listings and the latest Inventory:
Click on these links for details: (more…)
February Inventory – Marco? Marco? Where are you?
There are 34 cities and towns in Essex County and, according to the 2019 US Census, some 202,000 owner-occupied housing units. As of February 1st there were just a combined 261 Single Family Homes and Condos available for sale – or 0.13% of the total.
Single Family Homes
Condos (more…)
Just 0.15% of Essex County Housing Units For Sale
According to the 2019 US Census, Essex County has some 202,000 owner-occupied housing units. There are currently a grand total of 300 for sale – 178 SFHs and 122 Condos – representing just 0.15% of that number. Here are the very few new listings this week:
Click these links for details: (more…)
New Listings and Inventory Update
Here are the latest New Listings (the state of inventory is shown later in this article).
Click these links for details: (more…)
Mid-week New Listings and Inventory Report
Here are the latest New Listings (a link to my report on the current state of inventory is shown later in this article):
Click these links for details: (more…)
New Listings and Inventory Update
Here are the latest New Listings (the state of inventory is shown later in this article):
Click these links for details: (more…)
Latest Housing Inventory and Market Activity
While Single Family Inventory picked up, as usual, after Labor Day, and has been on an increasing trend this year, it is recovering from a very, very low level, and is still some 55% below levels of 2019. See the charts and comment later in this article for more details.
Single Family Homes
Condos (more…)
Is Inventory picking up at last?
There have been reports – including this chart from the Federal Reserve Bank of St. Louis – that housing inventory is finally increasing:
Has Inventory picked up recently in Essex County?
At first blush the answer may appear to be yes – note the sharp increase since the beginning of July: (more…)
Housing Inventory little changed in July
Housing inventory for the 34 cities and towns of Essex County in pictures. Note that not only are numbers low but that there was no pick-up in the spring/summer market:
Single Family Homes
Condos (more…)
June Housing Inventory: same old same old
Housing inventory for the 34 cities and towns of Essex County in pictures:
Single Family Homes
Condos
Mortgage rates
After moving up for several weeks the 30-year Fixed rate Mortgage dropped blow 3% again. Note how cheap 15-year mortgages are for those who can afford the extra payment.
Comment (more…)
Recent Comments