What is for sale in your town?

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Overall inventory in Essex County is down around 15% from a year ago. Here is a town by town guide to inventory:

Single Family Homes (SFH)

Inventory is down 15% overall, but some of the declines are staggering. There were 253 SFH sales in Salem in 2016 yet only 11 are currently for sale. There is a similar story in Saugus where there are just 9 SFHs for sale against 2016 sales of 279.This means homes are selling very quickly.

Essex housing inventory

Essex housing inventory

source: MLS, Oliver Reports

Condos
Inventory is down 16% year over year. Salem has seen a marked drop, with current inventory of 23 units against 2016 sales of 435.

Essex housing market

Source: andrewJoliver.com

Comment
The law of supply and demand is quite straight forward: if demand exceeds supply prices rise. With mortgage rates also expected to rise this year, buyers are demonstrating urgency. With so little supply, sellers are also able to ask higher prices.

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer

If you are looking to buy, I 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.

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

@OliverReports

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