Swampscott’s shrinking Housing Inventory
Swampscott’s housing inventory has actually declined since the beginning of May, a period that has seen a 30% increase in inventory of Single Family Homes (SFH) in Essex County overall. (more…)
Housing Inventory still down heading to July 4
As we head towards July 4th, often the target date for home buyers wanting to be in their new homes for the start of the school year, housing inventory remains well down from a year ago. (more…)
Marblehead vs Swampscott
On BostonGlobe.com under Lifestyle, Real Estate, there is a tool to allow the reader to compare two towns. Here is a link to Marblehead vs Swampscott;
The most notable comparisons: (more…)
What’s happening – or not – in the Marblehead market?
I am always cautious about reading too much into short-term trends, especially in a market like Marblehead with a small number of sales, but at the same time I do try to report on current market conditions.
And I am puzzled by what has been happening over the last 2-3 weeks – or rather by what has not been happening. And that is houses receiving accepted offers. (more…)
We’re off: more listings, Open Houses
As expected, we have seen a decent number of new listings this week. We even have the promise of 60 degrees and sunshine on Sunday.
So make plans to visit these Open Houses:
(more…)
Beverly, Salem and Swampscott Housing Market Reports
In the world of small numbers it is necessary to be cautious about drawing too many conclusions. That is why, for example, I am not including percentage changes for the tables below. The message I take from these numbers is that, in general, the market continues to progress in an orderly manner. (more…)
Housing inventory: how low can it go?
A recent Boston Globe article Snow delays spring market highlighted the lack of inventory in the, you know, “important” markets such as Cambridge and Somerville.
We know inventory is down from last year, when if you remember we had the polar vortex, but where do we stand, here in Essex County and indeed throughout Massachusetts, compared with the last several years? (more…)
Swampscott housing market steady in 2014; condo sales explode
Here are the highlights of the market in Swampscott in 2014.
Single Family Homes (SFH)
– the median price eased 0.5% to $440,000, still down 15% from the 2005 peak of $517,300
– sales were up slightly to 168, but that was the best sales number since 2004
– the Assessed Value to Sales Ratio (ASR*) declined from 87.8% to 84.8%.
Condos
– the median price increased 4% to $267,500, still down 6% from the 2005 high
– sales exploded to 74, almost double the 40 of 2013 and more than the prior peak years (this century) of 70 in 2005 and 2006
– the ASR increased slightly from 80.9% to 82.7%.
Property Taxes
– While the tax rate for FY2015 has dropped from $18.70 to $17.15, the average tax bill will increase by 4% or $352. (more…)
Essex County 2015 property tax rates
FY2015 tax rates have now been announced for all 34 Essex County cities and towns. As usual, they show wide variations: for residential property, from$10.84 in Manchester to $20.56 in Amesbury; and for commercial, from $10.84 in Manchester to $33.58 in Lynn.
There have also been significant differences in the changes for tax rates for FY2015, ranging from a decrease of 14% in Wenham to an increase of 14% in Georgetown.
Recall that FY2015 tax assessments are based on values at January 1, 2014, using 2013 sales information; and that Proposition 2 1/2 limits the amount that can be raised through property taxes. In general, when assessed values increase, tax rates go down. But even when the tax rate goes down tax bills usually increase.
Here are the tax rates for the last 4 years for each city or town. The rate for FY2015 applies for the entire year to June 30, 2015, so the 3rd and 4th quarter tax bills will be adjusted for any changes occurring from the new rate.
Residential:
Source: Dept of Revenue, Assessors’ Offices
Commercial:
Source: Dept of Revenue, Assessors’ Offices
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].
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Would you prefer an 8% property tax rate cut or no change?
Would you rather your property tax rate went down 8% or stayed the same?
The answer may not be obvious. Look at Marblehead and Swampscott for FY2015:
Source: Assessors’ Offices
In both towns the average tax bill will increase 4%, but the average $ increase will be $309 in Marblehead and $352 in Swampscott.
Because Proposition 2 1/2 limits the increase in the amount that can be raised through property taxes, when assessed values increase, tax rates generally go down.
FY2015 tax rates are based on values as of January 1, 2014, so reflect prices in calendar year 2013. In 2013 the median sale price in Swampscott increased 11% vs a 5% increase in Marblehead.
In 2014, however, the median sale price in Swampscott was flat while it increased 10% in Marblehead.
Thus, other things being equal, the outlook for FY2016 is for the tax rate in Swampscott to tick up while Marblehead should see a decent reduction.
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].
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty
Affiliates LLC. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Swampscott 2015 property tax rate drops 8%
The good news for Swampscott property owners is that the residential tax rate for FY2015 has dropped 8% from $18.70 to $17.15. The driver of the lower tax rate was a 9% increase in the average assessed value.
The bad news is that the average tax bill will increase 4%, or $352, from $8,593 to $8,945, and that Swampscott has the second highest tax rate in Essex County.
Nevertheless, the headline tax rate decrease should be of some benefit to the perception of Swampscott in 2015.
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].
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Homes for sale in Essex County plummet in recent years
This week I am looking at the number of Single Family Homes (SFHs) for sale, as a follow up to last week’s Where have all the Condo sellers gone? article. In that article I pointed out that the number of condos for sale, in both Marblehead and Essex County, was down some 70% from the levels seen in the 2006/07 period, and offered some thoughts on why that might be. (more…)
Swampscott Third Quarter Housing Review
The Single Family (SFH) market
After enjoying good price gains in 2013 the median price in 2014 has been more or less flat all year. And the full year’s median price seems likely to come in as much as 15% below the peak of 2005: (more…)
Third Quarter Housing Review
Third quarter numbers for sales and median prices support the argument I have been making in recent weeks that we are now in a more stable market, having recovered from the 2008/2009 slump. As always, I caution against reading too much into one quarter’s numbers, particularly in those cases where the number of sales is small. Next week I shall publish a report for the first nine months of the year, which will provide a fuller picture of the market.
A good sign for the housing market is that the economy continues to improve with unemployment dropping below 6% for the first time since 2008, although the underemployment rate is still high at 11.8% and hourly earnings increased only 2% year over year. The latter numbers suggest that the Federal Reserve will not be rushing to raise interest rates, which is good news for mortgage rates. (more…)
So how does the Housing Market look after Labor Day?
After a summer which saw the highest number of sales of SFHs in Marblehead since 2004, where does the market stand after Labor Day?
Here are a few thoughts and, of course, numbers: (more…)
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