Essex County Q1 Housing Market by the Numbers
This report gives a picture of the Essex County Q1 Housing Market by the Numbers, followed by a snapshot of current inventory compared with a year ago, a comparison which shows a significant shift by price.
Median Prices and Sales
Sales of SFHs increased sharply from the levels of the last few years and were back to levels last seen in 2005. Condo sales were also well up, although they remain well below the levels of 2004-2007. The median prices for both SFHs and condos edged down slightly.
Always remember that quarterly numbers can be – and frequently are – volatile, especially during the winter months. We will get a truer picture of the underlying market trends when we get the numbers for the first half of the year.
The changing housing market is well illustrated by the change in inventory compared with a year ago. The median SFH price in Essex County is a little below $400,000. A year ago there were 450 houses available below this level, but today there are just 278, a drop of 38%. Above $750,000, there is an increase in supply.
A similar pattern is seen in condos, where the median price is around $250,000. The supply of condos for sale only increases above $500,000.
If you are considering selling your home 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.