Swampscott market surges to new high in 2017
The median price of the Single Family Homes (SFH) sold in Swampscott in 2017 jumped $42,000, or 8.6%, to a new high of $530,000, finally surpassing the prior 2005 peak of $517,300. Sales, however, reflecting the low inventory all year, dropped to 135 from 157 in 2016 and 183 in 2015.
Swampscott Q3 2017 Housing Report: prices break through $500,000 – at last.
The startling decline in inventory at lower price levels over the last two years has contributed to a 9% increase in the median price of SFHs sold in the first 9 months of 2017 to a record level of $530,000. It is likely that 2017 will see the old 2005 record median price of $517,300 broken – finally
Swampscott 2017 Mid-Year Review: Prices hit new high
Reflecting the low level of inventory, sales of Single family Homes (SFHs) dropped sharply in the first half of 2017, but the median price increased by 10% to a new high for the first half of the year of $539,900 and is on track – finally – to surpass the 2005 peak of $517,300 for the full year.
Swampscott Q1 2017 Housing Market Report: inventory shortage
Sales of Single Family Homes (SFH) dropped in Q1 while prices rose sharply. Caution is needed because of the low volume of sales, but the chart below the table, showing sales YTD, pending sales and current inventory, clearly suggests that the median price is going to remain above $500,000 and threaten, at last, to break the 2005 peak of $517,300.
Swampscott 2016 Housing Market by the Numbers
In 2016 the median price of a Single Family Home (SFH) in Swampscott rose 6% to $488,000, still well below the exceptional $517,300 of 2005. Sales dropped 14% as supply was sharply lower throughout the year.
The median price of a condo rose 4% to $255,000, 11% below the 2005 peak. Sales fell back from the levels of the prior two years.
Swampscott 2016 housing market: prices up, supply really low
In 2016 the median price of a Single Family Home (SFH) in Swampscott increased by $28,000, or 6%, to $488,000, a sharp recovery from the Great Recession lows but still 6% below the exceptional peak of $517,300 in 2005 (read What happened in Swampscott in 2005?). Sales dropped back, largely in the second half of the year, but the big story was the continuing shrinking of the number of homes for sale, which averaged only half the level of 2014.
Swampscott Q3 2016 Housing Market Summary
Through the Third Quarter, the median price of a Single Family House (SFH) in Swampscott rose 6% to $485,000, while that for a condo rose 4% to $253,700. Both median prices remain well below their 2005 peaks.
Swampscott 2016 Q3 report: prices up, inventory well down
For the first 9 months of 2015 the median price of a Single Family Home (SFH) in Swampscott increased 6% to $485,000. This is the highest figure since the exceptional $507,000 in the first 9 months of 2005. While sales held up quite well in the first half of the year the acute shortage of inventory started to make an impact on sales in Q3.
Swampscott Mid-Year 2016 Review: median price up 10%
The main feature of the first half was a 10.5% increase in the median price of a Single Family Home (SFH) to $491,500. Inventory is very low at lower price levels, especially in condos.
Swampscott Q1 2016 Housing Market by the Numbers
Sales of both SFHs and condos were down slightly from last year, while the median price for both categories increased somewhat
2015 Swampscott Housing Market Review
SFH sales reached a new record and the median price improved by 5%
Swampscott 2015 Condo market review
Sales were down slightly from last year’s record level, while the median price declined as a result of a change in the mix of sales. Perhaps the most striking number, however, is the ASR which suggests a significant increase in Assessed Values for condos in Swampscott next year.
2015 Swampscott Housing Market Summary
Just the numbers
What happened in Swampscott in 2005?
This report looks at the housing market in 2005 and shows why that year was an anomaly.
Swampscott Mid-Year Housing Market Review
Inventory remained well down on last year, while sales were slightly up. The outlook is for an increase, possibly a sharp one, in the median price in the second half of the year.
Beverly, Salem and Swampscott Housing Market First Quarter 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.
Swampscott 2014 housing market highlights
The SFH market was basically steady in 2014 while condo sales exploded
Swampscott Third Quarter Housing Review
The market in Swampscott has recovered to a lesser extent than that in other communities. The number one topic that arises during discussions about the housing market in Swampscott is tax rates. In Swampscott it is $18.70, the second highest rate on the North Shore.
Swampscott 2013 Housing Review and 2014 Outlook
2013 was a strong year for the Swampscott SFH market in terms of both sales and median price increase.
Sales jumped 38% to a level exceeded only once – in 2004, and then by only 7 units – this millennium.
The median price increased for the second year in a row, by 11% to $442,000, although it is still below the 2010 level and 15% below the peak level of 2005 which increasingly looks like an anomaly.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty in Marblehead.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
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