Marblehead Mid-Year Housing Market Report
Single Family Homes (SFH)
The median price of Single Family Homes (SFH) sold in the 6 months to June 30, 2022 (H1) increased 8% to $875,000, while sales, reflecting the reduced inventory, dropped sharply to the lowest number this century, just above the numbers of 2008/09.
Condos
There were 19 condo sales in H1 2022, down from 25 in 2021, while the median price increased 4.1% to $505,000. (more…)
Marblehead Mid-Year Market Report
The median price of the Single Family Homes (SFH) sold in the first half of 2021 (H1 2021) jumped 19.4% from the COVID-influenced $678,500 in H1 2020 to $810,000, although this was lower than the $839,900 in H2 2020. Sales of 104 units increased from 93 in 2020 and compared with the 5-year average of 96.
The share of SFHs selling above list price increased from 23% in H1 2020 in 62% in 2021, with 25% of sales at 110% or more of list – against none in H1 2020.
Sales over $1 million doubled from 18 in H1 2020 to 35 in H1 2021. While there were only 2 sales over $2 million in H1 2020, there were 7 in H1 2021, including 2 at $4 million and 2 at $5 million. (more…)
Marblehead Housing Market 2020 Review
2020 was a year of two halves: in H1 the median SFH price was $678,500, in H2 $839,900, as demand from buyers from Boston and beyond drove up prices.
For a more detailed report, go to Team Harborside’s website: Marblehead 2020 Review (more…)
Marblehead Median Price Soars in Second Half of 2021
Here is the summary for 2021.
A full report will be published on Team Harborside’s website next week
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
Licensed Sales Agent in Florida
www.OliverReports.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
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.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.”
Does nobody want to leave Marblehead?
Marblehead has a population of around 20,000 and more than 6,250 Single Family Homes (SFH).
In a normal year perhaps 250-300 of these change hands, which is a remarkably low number. Once people move to Marblehead they are very reluctant to leave! And that was true even before COVID-19.
Everybody has heard how low inventory is, but how low is very low?I looked at the inventory of SFHs for sale on this date for the last 20 years. (more…)
Why now is a GREAT time to sell
The election, more COVID restrictions, Thanksgiving less than two weeks ago, Hanukkah starts on December 10 and Christmas is two weeks later.
All these are reasons not to sell right now but wait for the New Year – boy, aren’t we all waiting for and looking forward to the end of 2020!
But I would like to suggest that, in fact, this is a great time to sell. Inventory is remarkably low – read Does nobody want to leave Marblehead? (more…)
Marblehead Q3 2020 Housing Market Summary
[Click here to download a copy of this report]
In Q3, the first full quarter of sales post the COVID-19 slowdown in March and April, the median price of the Single Family Homes (SFH) sold jumped to $846,000, more than $100,000 higher than any prior quarter. The median price in the first 9 months of the year increased 5.3% to a new record of $750,000.
Sales were steady as was the median Days to Offer (DTO) at 12. (more…)
Are you thinking of selling in Marblehead?
With prices at record levels (the median price of the SFHs sold in Q3 was a staggering $846,000) and inventory at record lows, now is a great time to sell.
Here is the inventory by price compared with a year ago:
With buyers still actively seeking homes, the shortage of inventory makes this an ideal time to sell.
Team Harborside is the leading North Shore group. Please contact me to arrange a meeting with our team to discuss the options for selling your property.
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
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
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.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.”
Marblehead Q1 2020 Market Summary
Single Family Homes (SFH)
The median price of Single Family Homes (SFH) sold in Q1 2020 was $692,500. This compared with $602,500 in Q1 2019 and $730,000 in Q1 2018, a clear indication of the quarterly fluctuations that can occur, especially during the winter months, when the number of sales is small.
The SFH median price increased 48% from its low in 2009 to 2019 and was 23% above its pre-Great Recession peak in 2005.
Condos
There were just 9 condo sales in Q1 2020, but that was more than the 5 in Q1 2019. Condo sales occurred between $280,000 and $1.1 million
COVID-19
Sales are a lagging indicator, reflecting offers that were accepted some 6-8 weeks earlier.A more current indicator is the number of new offers accepted.
Not surprisingly, accepted offers dropped sharply at the end of March and in early April, before recovering, slowly at first, and then more strongly as buyers and sellers adapted to the new way of doing business.
The 30-year Fixed Rate Mortgage dropped from 3.74% at the end of 2019 to 3.5% at the end of March and to 3.25% by the end of April, but the mortgage market was in some disarray, especially in the jumbo and non-conventional market, as a result of the disruption caused by COVID-19.
Inventory
After years of decline, the number of SFH for sale in Essex County on the first of the month compared with a year earlier (YOY) increased from August 2018 until June 2019, and of Condos from June 2018 until August 2019, whereupon the decline resumed.
With the uncertainty caused by the pandemic, the inventory of SFHs in Essex County overall was 35% below the 2019 level on May 1. In Marblehead there were 32 SFHs for sale compared with 50 in 2019.
Andrew Oliver
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m. 617.834.8205
www.OliverReports.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
Marblehead 2019 Housing Market Summary
[Click Marblehead 2019 report to download a copy of this report.]
Single Family Homes (SFH)
The median price increased 4.1%, breaking $700,000 for the first time. Sales recovered from last year’s dip and were in line with the average of recent years.
Condos
The median price increased 7.8% to just under $400,000, while sales were in line with the average of recent years.
NB Numbers in bold represent record levels. Sources: MLSPIN, OliverReports.com
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
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
Marblehead Q3 Housing Market Summary
[Click Marblehead Q3 Housing Market Summary to download a pdf of this report}
Single Family Homes (SFH)
The median price of SFHs sold in Marblehead in the first 9 months of 2019 increased 1.8% to a new record of $712,500. Sales recovered from the 2018 drop and were in line with the 5-year average. The median Days to Offer (DTO) was steady at 13.
Condos
Because it is such a small market, the median condo price can fluctuate from quarter to quarter. More significantly, the YTD median price is almost exactly the same as in the second half of 2018. Median DTO was 15 against 14 in 2018.
NB Numbers in bold represent record levels. Sources: MLSPIN, OliverReports.com
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
Marblehead Q1 2019 Housing Market Review
[Click here to download a pdf of this review.]
Single Family Homes (SFH)
The median price of SFH sold in Marblehead in Q1 2019 was $602,500. This compared with $730,000 in Q1 2018 and $605,000 in Q1 2017, a clear indication of the quarterly fluctuations that can occur, especially during the winter months, when the number of sales is small.
Marblehead 2018 Housing Market By The Numbers
[Click here to download a copy of this report.]
Single Family Homes (SFH)
The median price of the SFHs sold in 2018 increased 3.7% to a new record $689,500. Reflecting the shortage of supply, sales declined again to the lowest level since 2011.
Condos
The main feature of the condo market in 2018 was that two-thirds of the condos sold at or above list price.
NB. The numbers for Condos were updated on January 22 to remove an incorrect listing in MLS. The change was minor.
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
When is the best time to buy or sell a house?
The best time to sell a home is the spring or early summer, right? But is there evidence to back up that belief? This article provides the answer to the question: when is the best time to buy or sell a home?
I looked at the median price of the Single Family Homes (SFH) sold in Essex County by quarter over the last 19 years. (Note that in all my reports, while sales numbers include all recorded MLS sales, median prices exclude distressed sales – foreclosures and short sales).
The highest price recorded each year is highlighted. This shows that in 15 of the 19 years the highest median price was recorded in Q3 – July to September; in three years the highest price was achieved in Q2, and in just one – 2000 – the highest price was in Q4. But in none of the years did Q1 see the highest price.
The next table shows the same data but with the lowest quarterly price highlighted. Here we see that in 16 of the 19 years the lowest median price was seen in Q1 and in the other 3 years it occurred in Q4, but never in Q2 or Q3.
Let me summarize these in a table:
Conclusion
While the argument has always been made that the spring or summer is the best time to sell a house because that is when there are more buyers looking (hence, more sales take place), the evidence here adds the additional information that the best prices are also achieved in the summer months.
Thus, as a seller one does indeed want to be ready to go to the market when the thermometer rises. Conversely, the best time to buy is :
In the bleak mid-winter
Frosty wind made moan,
Earth stood hard as iron,
Water like a stone;
Snow had fallen, snow on snow,
Snow on snow,
In the bleak mid-winter
Long ago.
Sounds a lot like the forecast for this weekend.
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 How should I choose the broker to sell my house?
Andrew Oliver is a Realtor with Sagan Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
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@OliverReports
Housing Headlines for Marblehead and Swampscott
Marblehead
The median price of the Single Family Homes (SFH) sold in Marblehead in 2018 increased 3.7% to a new record of $689,500. Sales dropped to the lowest level since 2011.
Swampscott
After finally breaking the 2005 peak of $517,300 in 2017, the median price jumped 10.8% in 2018. Sales recovered to the 2016 level, but were below the levels of 2013-2015.
Detailed reports on both markets (and several others) will be published in the near future.
Andrew Oliver
Realtor, Sagan Harborside Sotheby’s International Realty
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Tel: 617.834.8205
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