Town of Essex 2016 Housing Market By The Numbers
Single Family Homes (SFH)
While sales in the town of Essex set a new record in 2016, the third year that they exceeded 40 units, the overall number was still quite small.
In a market with a small number of sales and a wide range in types of property – from seasonal summer cottages to waterfront farms – the median price can fluctuate quite widely depending upon the mix of sales in any year. For example, sales over $500,000 jumped from 7 in 2003 to 22 in 2005 before dropping to just 4 and 6 in 2009 and 2010.; and the number dropped again in 2016 to 19 from 24 in 2015. Overall, the median price has fluctuated around the $500,000 mark in recent years.
Because of the small number of sales a median price has no significance. Between 2011 and 2016 there were just 10 sales at prices ranging from $165,000 to $530,000.
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