Swampscott Q3 Housing Market Report
[Click here to download a copy of this report]The median price of the Single Family Homes (SFH) sold in the first 9 months of 2020 increased 4.1%, breaking $600,000 for the first time. Sales were steady, while the median Days to Offer (DTO) was just 7 days. (more…)
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
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
Swampscott: where have all the sellers gone?
Recently, I published Swampscott homeowners: now is a GREAT time to sell.
Since then, all 3 of the houses listed at the time for under $1 million have had offers accepted, while this week two more were listed :
11 Bay View Drive at $665,000, and 85 Walker Road at $459,900.
There are currently just 11 houses for sale in Swampscott and 5 of those are new construction in a 55+ community; 3 others are $2.9 million or more, and the last one is 20 One Salem Street at $1.2 million.
So…. if you have been thinking of selling it is hard to imagine a better opportunity: 3,462 SFHs in Swampscott and only 6 of them (the other 5 are new construction) for sale. The demand is there, but where is the supply?
If you would like to know what your home might sell for in this market please contact me to arrange for Team Harborside to visit you and give you a current market opinion.
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
Swampscott Homeowners: now is a GREAT time to sell
The lack of housing inventory has been a feature of markets for several years, but nowhere to my knowledge has reached the situation currently prevailing in Swampscott.
Guess how many Single Family Homes are for sale currently? Just 12. Let me repeat that – there are 12 SFHs for sale in Swampscott. A town which has 3,462 SFHs.
And wait, there is more. (more…)
Swampscott 2019 Housing Market Summary
[Click Swampscott 2019 to download a copy of this report.] Single Family HomesAfter three years of strong growth the median price of the SFHs sold in 2019 increased less than 1%. Sales remained well below the peak level of 2015.
Condos
The median price of the condos sold dropped 2.5% to $345,000. Excluding sales at the Avery development in both years the median price increased $4,000.
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
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
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
Swampscott Mid-Year 2019 Market Summary
[Click here to download a copy of this report.]Single Family Homes (SFH)
The median price of the SFHs sold in H1 2019 edged higher on lower sales.
Condos
Condo sales dropped sharply, in part only because of fewer sales at Avery.
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
Swampscott Q1 2019 Housing Market Review
[Click Swampscott Q1 2019 Housing Market Review to download a pdf of this report]Q1 is always the slowest quarter of the year for sales, but in 2019 that was especially true in Swampscott. Sales of Single Family Homes (SFH) dropped from 22 to 14 and of Condos from 20 to 10. There were no condo sales at Avery included in either year. (more…)
Swampscott 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 Swampscott in 2018 increased 10.5% to a new record of $587,250. Sales recovered, but only to the 2016 level.
Condos
The median price was influenced by the sale of 16 units in the new Avery development. Excluding those, the median price was $329,950, which was still a 12% increase. Sales were a new record, helped by the 16 at Avery.
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
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
Housing Supply is limited in Marblehead and Swampscott
In my Inventory starts 2019 continuing rising trend article yesterday I commented: While inventory has been increasing steadily for some months, in absolute terms it is still low.
Inventory in New England is always low in the first few months of the year, and activity in the first quarter of the year is very weather dependent, but in this article I show the current inventory (in terms of months of supply*) for Marblehead and Swampscott, as well as for Essex County overall.
Marblehead
Only 3 houses currently for sale under $600,000 and only 18 under $1 million.
Swampscott
Just 10 houses for sale under $1 million.
Essex County
Very limited supply under $1 million.
* a market is generally regarded as being in equilibrium between buyers and sellers when supply is 6 months
Comment
The economy is still strong, if slowing somewhat, and mortgage rates have dropped back to 4.5%.
It is early January and it is New England and winter, but there do seem to be opportunities for sellers in many price ranges.
Andrew Oliver
Realtor, Sagan Harborside Sotheby’s International Realty
www.OliverReports.com
617.834.8205
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
Swampscott Q3 2018 Housing Market By The Numbers
[Click here to download a copy 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. Sales recovered somewhat from last year’s drop.
Condos
As reported previously, sales at the new Avery development have had a major impact on the overall median price. YTD there have been 11 sales at Avery between $370,000 and $500,000, adding $27,000 to the YTD overall median price, which increased 19% from 2017.
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
Swampscott Mid-Year 2018 Housing Market Report
(Click here to download a PDF of this report.)
The recent strong growth in the median price of the Single Family Homes (SFH) sold in Swampscott continued in the first half, with the median price increasing by 7% from a year ago to $577,750.
While quarterly prices can and do fluctuate, the median price has now exceeded $500,000 for seven consecutive quarters.
SFH Sales
After a sharp drop in 2017, sales recovered in 2018 to the levels of 2014-2016.
Sales by Price
The increase in the median price can also be demonstrated by the fact that the percentage of houses that sold for less than $500,000 dropped from 51% in 2016 to 32% in 2017 and to just 27% in 2018.
Of the 73 sales, 11 took place at list price and 28 above list price.
SFH for sale
As of July 1, there were just 7 houses for sale in Swampscott under $600,000. At the other end of the scale there were 9 for sale over $1.5 million, while there were only 2 sales at that level in the first half of the year. Notably, one of those sales occurred at $7.7. million, one of only 10 sales over $7.5 million in Essex County in MLS records, and almost double the previous highest price recorded in Swampscott.
Condos
As we saw in Beverly with Elliot Landing, a large new development can have a major impact on the reported median price since new developments are usually of higher-priced units. The 42 units at Avery will have a similar impact on the median price in Swampscott. In the first half of 2018 there were 9 sales recorded at Avery at prices from$370,00 to $500,000. Without the Avery sales, the median price for the first half would have been $299,900.
Sales by Price
Without the Avery sales the percentage of sale under $250,000 would have been 20%, down from 43% in 2016.
Condo for Sale
The MLS numbers for July 1 include only 2 units at Avery, although there are 21 currently available.
Summary
It took 12 years for the median SFH price to beat the $517,300 achieved in 2005, but that figure has now been put firmly in the rear view mirror. With only 13 of 30 pending SFH sales at list prices under $600,000, and just 7 of the 30 SFHs for sale listed under $600,000, there is every chance that the median price will top $600,000 in the second half of 2018. Meanwhile, Avery continues to transform the condo market in Swampscott.
Sagan Harborside Sotheby’s International Realty
Are houses coming to the market in Marbehead and Swampscott?
This article follows up a couple of recent posts demonstrating that while 50% of houses may be selling in 30 days or less, that means that 50% are taking 30 days or longer to sell.
The tables below shows that houses are coming on to the market. While the number of houses for sale in the last 6 weeks has increased by just 7 in both Marblehead and Swampscott, there have been 40 new listings in Marblehead during that period and 37 in Swampscott.
There are houses for sale: you need to be ready to act and also willing to look at those houses which have been on the market for a little while.
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 Sagan Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
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