Swampscott Q1 2020 Housing Market Summary

Single Family Homes (SFH)
The median SFH in Q1 2020 was almost unchanged at $567,500 compared with $568,000 in Q1 2019. SFH sales totaled 30 in Q1 2020, up sharply from just 14 in 2019 and compared with the 5-year average of 22.

The SFH median price increased 49% from the low in 2011 until 2019 and was 14% above the pre-Great Recession high.

Condos
The median price of the condos sold surged 53% to $515,000, reflecting the sale of units at Fisherman’s Watch at prices from $724,900 to $1,249,000. Condo sales increased from 10 to 16, with 5 of the sales in the new Fisherman’s Watch development.

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 was 35% below the 2019 level on May 1. In Swampscott there were 15 SFHs for sale compared with 22 in 2019.

Andrew Oliver

REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945

m. 617.834.8205

www.OliverReports.com
[email protected]

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated

Swampscott Q3 Housing Market Summary

[Click Swampscott Q3 Housing Market Summary to download a PDF of this report.]

Single Family Homes (SFH)
The median price of the SFHs sold in the first 9 months of 2019 edged higher, while sales dropped to the lowest figure since 2012. The median Days to Offer (DTO) declined from 12 to 10.5

Condos
Sales dropped sharply from last year’s number but were close to the 5-year average. The decline in the median price was accounted for by the smaller number of sales at Avery. DTO increased sharply from 8 to 20.

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
[email protected]

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated

Swampscott Q3 Report: Median Price nearing $600,000

[Click here to download a PDF of this report.]

The median price of the Single Family Homes (SFH) sold in Swampscott in the first 9 months of 2018 increased 11% to a new record $590,000, while the median condo price, boosted by the new Avery development, increased 19% to $359,000.

SFH Median Price
Through the first 9 months the median price is up 11% from a year ago and 22% from 2017.

After 7 consecutive quarters when the median price exceeded $500,000, Q3 saw the first quarter above $600,000.

SFH Sales
Sales overall recovered somewhat from last year’s drop. The impact of rising prices can be seen by the fact that the proportion of sales under $500,000 dropped from 54% in 2016 to 39% in 2017 and to just 27% in 2018.

Reflecting strong demand and the shortage of inventory, half the sales YTD have taken place at or above list price.

SFH Inventory
As of October 1, overall inventory, while still very low, was quite consistent with the last two years in terms of supply at different price points.

Condos
Traditionally, the condo market in Swampscott has been split between the older developments around Vinnin Squarer and newer, oceanfront units on Humphrey Street. That has changed somewhat with the new Avery development of 42 condominiums on Essex Street. In the first 9 months of 2018, 11 units were sold in Avery at prices between $370,000 and $500,000. These sales added some $27,000 to the median price YTD and contributed to the jump in sales over $350,000 from 20% of the total in 2016 to 52% in 2018.

Reflecting strong demand, three-quarters of sales YTD have taken place at or above list price.

Comment
It took 15 years, until 2017, for the median SFH price to exceed the $517,300 recorded in 2015, but since then the median price has turned on the rocket boosters. The condo market has also seen strong demand, with the new development at Avery giving an upward thrust to the median price.
It remains to be seen if the recent jump in mortgage rates will serve to bring supply and demand more in line in the coming months.

Sagan Harborside Sotheby’s International Realty
www.SaganHarborside.com

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated