Lynn Q1 2016 Housing Market by the Numbers
This is a report of the Lynn Q1 Housing Market by the Numbers, followed by a snapshot of current inventory compared with a year ago, a comparison which shows a huge change for Single Family Homes.
Median Prices and Sales
Sales of SFHs recovered from last year’s drop and were close to the record levels of 2004-2005. While condo sales also jumped, they remain well below the average of 60 sales in the 2004-2007 period.
The median price of a SFH was in the range of most of 2015, while that for condos was somewhat lower. 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 median SFH price in Lynn is around $270,000. A year ago there were 48 houses available below $300,000, but today there are just 21. Overall, inventory is down over 40%.
The median condo price is around $175,000. Here again, there is a sharp drop in supply under $200,000, while overall inventory is down just slightly.
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.
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