Essex County Third Quarter 2017 Report: A Strong Market
After passing $400,000 for the first time in 2016, the median price of the Single Family Homes (SFH) sold in Essex County increased 7% in the first 9 months of 2017 to a new record of $440,000. Sales were flat, a reflection of continuing low inventory.
The median price of the condos sold in Essex County increased by 10% over 2016 to a new high of $286,250, while sales were up 11%. The condo market has seen a significant volume of new construction which, in general, occurs at higher prices, and these higher prices help to increase the median price overall.
Essex County Town by Town SFH Median Prices
This table shows median prices for the full years 2015 and 2016, and median prices and sales for the first 9 months of 2017. Note that a small number of sales can lead to price fluctuations, as in Nahant and Essex Town. In general, the larger the number of sales, the more reliable is the median price.
Essex County Housing Market: demand up, supply down
Often, the trend is more important than the actual numbers. In the case of the Essex County housing market, however, both the numbers and the trend tell the same story: supply is down and the demand is up, a recipe for higher prices.
Essex County 2016 Housing market By The Numbers
The median prices for both Single Family Homes (SFH) and Condos set new records in 2016, each rising 5%. SFH sales also set a new high, while condo sales remained well below the peak level of 2005,
Essex County Q3 2016 market: town by town
Of the 34 cities and towns, 15 are at a new high, while 19 remain below their prior peaks. Going deeper, 5 towns – Merrimac, Manchester, Lynnfield, Newburyport and Beverly – show increases of 10% or more; while 7 – Salisbury, Nahant, West Newbury, Rowley, Georgetown, Wenham and Essex – show prices 10% or more below the earlier peak.
Essex County Q3 2016 housing market: on track for new record
The median price of a Single Family Home (SFH) in the 34 cities and towns of Essex County rose 4% to $420,000 in the third quarter and was also up 4% to $410,000 for the first three quarters. The market is clearly on track to break the 2005 peak of $394,400.
Essex County Mid-Year 2016 Review:steady progress, low supply
The median SFH price increased nearly 4% to a new high for the first half of the year of $400,000, the first time we have seen a six month median price reach that level. The median condo price also increased 4% to a new high of $259,000.
Essex County Q1 2016 Housing Market by the Numbers
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
Essex County 2015 Housing Market Review
The SFH market in Essex County continued its recovery in 2015, with the median price increasing by 3% and sales by 10%. Both numbers are just below their prior peaks.
Essex County Mid-Year 2015 Housing Review
In the first half of 2015 the median price of a Single Family Home (SFH) increased slightly, while sales were basically flat, despite the low inventory. Distressed sales – foreclosures and short sales – were steady year on year, but are way down from the levels of 2010-2012.
First Quarter Housing Market Reports
In the world of small numbers it is necessary to be cautious about drawing too many conclusions. That is why, for example, I am not including percentage changes for the tables below. The message I take from these numbers is that, in general, the market continues to progress in an orderly manner.
Essex County 2014 Housing Review
Condo prices set a new record in 2014, while SFH prices recovered to within 4% of the prior peak.
Essex County Third Quarter Review
SFH prices are closing in on peak levels while condos are likely to set a new record in 2014.
Essex County 2013 Housing Review and 2014 Outlook
In 2013 the median price of a Single Family Home (SFH) in Essex Country increased 6% to a level just 6% below the peak of 2005, while sales continued the strong recovery of the last two years, and were 9% below 2004’s peak.
Essex County 2013 Condo Review and 2014 Outlook
The condo market in Essex County did not experience a big crash, with prices falling just 14% from their 2005 peak to 2009 low. Since then prices have recovered steadily and in 2013 were just 2% below peak levels. Sales, however, remain well below peak levels.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty in Marblehead, MA.
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