Lynn 2019 Housing Market Summary
[Click here to download a PDF of this report.]
Single Family Homes (SFH)
The median SFH price increased 9.2% to $385,000 in 2019, up from $352,500 in 2018, and up almost 30% since first reaching $300,000 in 2016.
Condos
The median sales price increased 12.4% to $281,000 from $249,900 in 2018, taking the gain to 44% since 2016.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Lynn Q3 2019 Housing Market Summary
[Click Lynn Q3 2019 Housing Market Summary to download a copy of this report.]
Single Family Homes (SFH)
The median price of the SFHs sold in Lynn in the first 9 months of 2019 (YTD Q3) Q1 2019 increased nearly 8% from YTD 2018. Sales dropped slightly from last year’s record level but were in line with the 5-year average.
Condos
The median price of the condos sold YTD Q3 jumped 11.1% from a year ago, taking the increase to almost 50% over the last 4 years. Sales were steady with recent years.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Lynn Q1 2019 Housing Market Report
[Click Lynn Q1 2019 Housing Market Report to download a copy of this report].
While the median price of Single Family Homes (SFH) sold in Q1 2019 increased nearly 8% compared with Q1 2018, it was only slightly higher than in the second half of 2018. Sales dropped slightly from last year’s record level. (more…)
Lynn 2018 Housing Market Review
The median price of Single Family Homes (SFH) sold in 2018 increased 5% to a new record, while sales dropped slightly.
Condos
The median price of condos sold in 2018 increased nearly 14% from 2017 on slightly lower sales. Lynn is seeing a wave of new construction and renovations, both of which have higher prices than older condos.
NB Numbers in bold represent record levels
Andrew Oliver
Realtor, Sagan Harborside
Sotheby’s International Realty
www.andrewJoliver.com
www.OliverReports.com
Tel: 617.834.8205
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Lynn Q3 2018 Report: Prices Continue Upwards
(Click here to download a copy of this report.)
The median price of the SFHs sold in the first 9 Months of 2018 increased a further 5% to a new high of $352,500. (Numbers in bold represent record levels.) (more…)
Lynn H1 2018 Housing Market By The Numbers
(Click here to download a PDF of this report.)
The median price of the SFHs sold in Lynn in the first half of 2018 increased 5.1% from a year ago, while sales increased slightly.
Condos
The median price of the condos sold in Lynn in the first half of 2018 jumped 19.3%, although the gain would have been 13.8% without new construction.
Sagan Harborside Sothebys International Realty
www.SaganHarborside.com
Lynn 2017 Housing Market Review
(Click here to download a pdf of this report.)
The median price of the SFHs sold in Lynn in 2017, after reaching $300,000 for the first time in 2016, increased by 11.7% to $335,000. This took the gain to over 40% since 2013. Sales continued their recent climb and were within a whisker of the record set in 2004.
There has been a dramatic change in the number of houses sold at lower prices, with the number under $200,000 dropping from 91 in 2015 to just 25 last year. There was also a big drop last year in sales under $300,000 and a jump in sales above that figure, all evidence of quite rapidly rising prices.
Condos
A 12.5% increase in the median price saw it break through $200,000 for the first time, finally eclipsing the 2006 peak. The gain occurred in the second half of the year. Sales maintained the 2016 pace but remain well below the 2004 level.
Sales under $200,000 have declined while there has been a sharp increase in sales over $400,000.
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
Lynn 2016 Housing Market By The Numbers
The median price of a Single Famil Home (SFH) in Lynn in 2016 rose 10% to a new record, finally topping the prior 2005 peak. The median price of a condo rose 9%, but was still 2% below the 2006 peak. Sales of both SFHs and Condos increased strongly, but while SFH sales are close to their 2005 level condo sales are still only about half the 2005 peak. (more…)
Lynn Q3 2016 Housing Market Report
Through the Third Quarter, the median price of a Single Family House (SFH) in Lynn rose 6% to $290,250 and of a condo by 8% to $196,000. Both numbers are within 1% of the record levels set in 2005-2006.
Source: MLS, Oliver Report; peak in bold
If you are considering selling your home 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.
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
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 Andrew.Oliver@SothebysRealty.com 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
Lynn Q1 2016 Housing Market by the Numbers
This is a report of the Lynn Q1 Housing Market by the Numbers, followed by a snapshot of current inventory compared with a year ago, a comparison which shows a huge change for Single Family Homes.
Median Prices and Sales
Sales of SFHs recovered from last year’s drop and were close to the record levels of 2004-2005. While condo sales also jumped, they remain well below the average of 60 sales in the 2004-2007 period.
The median price of a SFH was in the range of most of 2015, while that for condos was somewhat lower. 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 median SFH price in Lynn is around $270,000. A year ago there were 48 houses available below $300,000, but today there are just 21. Overall, inventory is down over 40%.
The median condo price is around $175,000. Here again, there is a sharp drop in supply under $200,000, while overall inventory is down just slightly.
Source: MLS, Oliver Reports
If you are considering selling your home 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.
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
Lynn 2015 Housing Market Review
This Lynn 2015 Housing Market Review shows how far the market has recovered. In 2015 sales jumped 16% and the median price improved 9%, although both numbers remain below their 2005 peaks. The biggest improvement has been seen in distressed sales – foreclosures and short sales – which have plummeted from 34% of total sales as recently as 2011 to just 8% in 2015.
Sales
Distressed sales
The big drop in distressed sales means that non-distressed sales have almost doubled – from 257 in 2011 to 504 in 2015.
: MLS, Oliver Reports
Median Price
The increase of 9% in 2015 took the median price back to within 7% of the 2005 peak.
2012 was unusual in that the highest price occurred in Q4 (it is normally in Q2 or Q3), this was an indication of an improving market.
Source:MLS, Oliver Reports
ASR
One way I measure prices is by the ratio (ASR) of Assessed Value (AV) to Sales Price (SP). The ASR is the AV divided by the SP: if the SP is rising (prices going up), the ASR will fall.
Properties selling above their AV will have an ASR below 100%. What this means is that in a period of rising prices the ASR is likely to be falling. So what we, as homeowners, want is an ASR below 100% and falling.
Remember that AVs are a lagging indicator: the tax bills that have just been sent out for FY2016 are based on actual sales in 2014. Thus the 2015 sales data, reported in this review, will be the basis for FY2017 assessments.
In Lynn in 2015 the ASR dropped from 83.2% to 81.7%. Although this is a small drop, it means that the median SFH sold at a 22% premium to its Assessed Value.
Source: MLS, Oliver Reports
Summary
The dramatic increase in non-distressed sales over the last four years, coupled with improved prices, indicate that the Lynn market is well on its way to recovery.
The announcement that GE is relocating its corporate HQ to Boston is a reminder that GE built the first jet engine in Lynn., while as this post Lynn, Lynn, city of……. revitalization records there are plans for Lynn’s development.
All in all, the outlook is for continued improvement in the housing market in Lynn.
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 Andrew.Oliver@SothebysRealty.com.
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
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@OliverReports
Lynn Mid-Year 2015 Housing Market Review
The first half of the year in Lynn saw a 6% increase in the median price of a Single Family Home (SFH), steady sales and a shortage of inventory.
Median Prices
The median price for the first half of 2015 was $269,000, up 6% from $249,900 in 2014, but still 10% below the 2005 peak of $293,000:
Source: MLS, Oliver Reports
In Essex County overall, the median SFH price in the first half of 2015 was $385,000, less than 2% below the 2005 peak of $390,000. (more…)
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