Swampscott Mid-Year Review: median price up 10%

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The main feature of the first half was a 10.5% increase in the median price of a Single Family Home (SFH) to $491,500.

For the last year I have been highlighting the shortage of inventory in Swampscott, especially at the lower end. In my 2015 mid-year review I wrote: “Of the 47 SFHs for sale today just 7 are listed below $445,000, the median sales price for the first half of 2015. And only 11 are below $500,000.” And in my review of this year’s Q1 I added:”The big story is the shortness of inventory compared with a year ago. The number of SFHs for sale under $500,000 is just 5 compared with 19 a year ago. Overall inventory for both SFHs and condos is about half that of a year ago.”

Low inventory + low mortgage rates + buyers looking = higher prices.

The condo market has seen an extraordinary shrinkage in inventory, with only 10 condos currently for sale – and 4 of those are over $1 million.

A breakdown of current inventory is shown further on in this report. (more…)

Homes are flying off the shelf

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It seems that not only sellers. but also buyers, have been galvanized into action since Easter, and as a result homes are flying off the shelf. Yesterday I published New listings – what a difference a week makes, referring to the spike in new listings since Easter.

This article traces sales that have been agreed since Monday – and bear in mind that this is before today’s monster
Open House day – and compares those with the number of properties for sale at the beginning of the week.

Homes flying off the shelf

MLS, Oliver Reports

Percentages can be high because inventory is low, but I find these numbers tell a compelling story of the pace of sales. And, of course, new inventory has come to the market this week and more will come next week.

One final set of numbers: of the 8 SFHs that received accepted offers in Marblehead this week, 4 received offers after being on the market just 1 day and 2 more after 3 days.

The message seems clear: buyers are out there, and a well-priced, attractive property will attract buyers quickly.

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 list my house for sale?

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

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