Massachusetts pending home sales up 25% in 2012

Another indication of the recovery in the housing market in 2012 comes with the release of pending sales for Massachusetts. For the year pending sales of single family homes rose 25% and of condos 26%.
December was the 20th consecutive month of year over year increases.
Massachusetts Association of Realtors January 8, 2013

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Big Papi strikes Marblehead housing market again

My 2009 mid-year review published in the Marblehead Reporter described the phenomenon that the local real estate market was like David Ortiz’s season: starting so poorly that even with great numbers later in the season the year’s median price would still be quite low.
Well 2012 was much like 2009, at least for the local real estate market (Big Papi himself, courtesy of a new diet and/or because he was entering a contract year, hit 318). (more…)

2013 starts with very low housing inventory

After a stronger sales year in 2012 on the North Shore – sales were up 18% for SFHs and 23% for condos -2013 starts with very low levels of inventory, echoing a trend being seen across the country.

Nationally, the latest figures for November show supply at 4.5 months of average sales.

Locally, the market appears even tighter, with just 3 months of supply of SFHs and 3.7 months for condos at the beginning of the year.
2012_Year_End_Stats_North_Shore_SFH
2012_Year_End_Stats_North_Shore_Condos

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Good news, bad news for North Shore condo market in 2012

First, the good news: sales were up 23% in 2012.
Now the bad news: sales are still 47% below the peak in 2005.

Unlike SFHs which are, for the most part, built singly, condo developments often bring a large number of new units to the market, causing a spike in sales, followed by a sharp decline. Look at the figures for (more…)

North Shore Single Family Sales Up 18% in 2012

Sales of SFHS in the 17 cities and towns on the North Shore jumped 18% in 2012, reaching their highest level since 2005. All but Swampscott showed an increase over 2011. While Lynn remained the largest city for sales, its share of the overall North Shore market dropped from 23% in 2005 to 16% in 2012.
Sales remain 17% below peak levels of 2004, with Lynn, Ipswich, Georgetown and Swampscott all showing declines of more than 30%. At the other end, Lynnfield had a 26% increase, and Manchester,Peabody and Topsfield also showed gains. (more…)

Foreclosures and Short Sales for all North Shore cities and towns in 2012

Foreclosures and short sales have many variables. The process varies from State to State, while Federal attempts to halt the epidemic also influence and change underlying tendencies. With those caveats, I have put together a table that shows the number of foreclosed properties and short sales that actually closed in 2012 for SFHS and condo for each of the 17 North Shore communities.
Lynn saw the highest percentage of FC/SS sales at 34% of total sales, while (more…)

Twenty Questions with Marblehead’s Assessor

The FY2013 tax rate has been set at $10.85, up from $10.52 in FY2012. The median single family assessment declined 2.4% to $476,000, and the median single family tax bill increased 0.6%, or $31, to $5,165. The commercial rate has once again been set at the same rate as the residential rate.

Marblehead’s 2013 tax rate will be the third lowest of the 17 North Shore cities and towns and also the third lowest of 34 Essex County communities.

Real-estate assessments for Fiscal Year 2013 have just been mailed. Assistant Assessor Mike Tumulty answered questions about the process. (more…)

November home sales in MASS highest since 2005

Sales of SFHs increased 38% over a year ago in November. Condo sales were up 33%.
The SFH median price increased 2%, while for the condos the figure was 7%.
Median prices were the same – $275,000 – for both SFHs and condos.
Data comes from the Warren Group
Jennifer McKim boston.com December 27, 2012
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Essex County “8th healthiest housing market in country for 2013”

The healthy markets that made the list have strong job growth (Bureau of Labor Statistics), which bodes well for housing demand; low vacancy rates (U.S. Postal Service)–low enough to encourage new construction, but not so low that inventory and sales are restrained; and low foreclosure inventory (RealtyTrac), since foreclosures tend to hold back recovery.
Jed Kolko, Chief Economist, Trulia December 21, 2012

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MA pending home sales up in November for 19th straight month

MA pending home sales up in November for 19th straight month according to Massachusetts Association of Realtors
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Property Tax Rates for 2013 in Marblehead and the North Shore

Often lost in the shuffle in the hecticness of the holiday season is the announcement of the new property tax rate, which actually becomes effective from July 1, 2012. What this means is that most of us have been paying less than we owe during the first half of the year, which is why our bills will go up for the second half of the year. (more…)