2017 Market Reports

Year End Reviews

Town by Town 2017 Median Prices in Essex County

The median price of the 6,000 plus Single Family Homes (SFH) sold in the 34 cities and towns of Essex County in 2017 increased by $31,000, or 7.6%, to a new record $440,000 compared with 2016. While the overall market reached a new high, in 14 of the towns the median price is still below the prior peak level.

Marblehead: 2017 Housing Market sets another record
In 2017 the median price of the Single Family Homes (SFH) sold in Marblehead increased by $45,000, or 7%, to $665,000, a new record high for the fourth year in a row. As in every year since 2000 except 2010 and 2011, the median price was higher in the second half of the year than in the first half, breaching $700,000 for the first time.

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.

Salem 2017 Housing Market Review
The median price of the SFHs sold in Salem in 2017 increased 4.1% to a new high of $385,000. Sales were down somewhat from 2016, reflecting the shortage of inventory.

Beverly 2017 Housing Market Review
The price of the SFHs sold in Beverly in 2017 rose 6.9% to a new high of $470,000, taking the two-year gain to 16.5%. As with many markets, sales were down, reflecting the shortage of inventory

Lynn 2017 Housing Market Review
The median price of the SFHs sold in Lynn in 2017, after reaching $300,000 for the first time in 2016, increased by 11.7% to $335,000. This took the gain to over 40% since 2013. Sales continued their recent climb and were within a whisker of the record set in 2004.

Amesbury 2017 Housing Market Review
The median price of a SFH in Amesbury increased 9.8% to $370,000, just shy of the record $375,000 set in 2005. Sales were down slightly, but in line with the last average of the last few years.

Andover 2017 Housing Market Review
The median price of the SFHs sold in Andover in 2017 increased 4.9% to a record $639,950. Sales were slightly higher, also setting a new record.

Boxford 2017 Housing Market Review
The median price of the SFHs sold in Boxford in 2017 rose 2.1% to $638,000, still below the $655,000 recorded in both 2004 and 2005. Sales were only slightly down from 2016’s record total.
Gloucester Housing 2017 Market Review
The median price of the SFHs sold in Gloucester in 2017 increased 15.4% to a record $461,750. Sales, as in many communities in 2017, slipped from the 2016 peak.
Manchester-By-The-Sea 2017 Housing Market Review
The median price of the SFHs sold in Manchester in 2017 declined 6.4% to $866,500, while sales were fairly steady. In a market like Manchester where the number of sales is small, the median price can and will fluctuate from year to year depending upon the mix of sales.

North Andover 2017 Housing Market Review
The median price of the SFHs sold in North Andover in 2017 increased 8.4% to $587,000, just a touch below the 2005 peak. Sales were consistent with recent years, but well below levels early in the 2000s.

Rockport 2017 Housing Market Report

The median price of the Single Family Homes (SFH) sold in Rockport in 2017 recovered from the decline in 2016 to set a new record of $562,500. Sales were steady but still somewhat below prior peak levels.

Wenham 2017 Housing Market Review

In a market with a small number of sales, the overall median price can and does fluctuate based on the mix of sales. As elsewhere, however, sales at the lower levels continued to decline in Wenham.

Third Quarter 2017

Marblehead Q3 2017 Housing Report: prices break through $700,000
The median price of a Single Family Home (SFH) exceeded $700,000 for the first time in the third quarter. YTD the median price increased 7% to a new high of $656,000. With most of Q4 sales already under agreement, it is quite likely that the median price will exceed $700,000 for the second half of the year. Sales were down slightly YTD, a consequence of the low inventory all year.

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

Salem Q3 2017 Housing Market

The SFH market in Salem continued its steady rise in 2017, with the median price in the first 9 months increasing by 3%, while sales were down slightly from the 2016 level.
The Salem condo market has been very active for some time, and in terms of unit sales is one of the two largest in Essex County. In the first 9 months of 2017, the median price increased 12%, breaking through the $300,000 level for the first time. Sale were down 15%, reflecting the shortage of inventory.

Beverly Q3 2017 Housing Market Report

Beverly has been a hot market in recent years. The median price of a Single Family Home (SFH) first broke through $400,000 in 2015 and in the first 9 months of 2017 increased by 6%. Sales were down a little from last year but in line with the average of the last 5 years.

Lynn Q3 2017 Housing Market: Strong Growth in Median Price
The third quarter saw a continuing strong market with the median price of the Single Family Homes (SFH) sold through 9 months rising 15% from the 2016 level. After a flattish first half, the median price of condos sold moved up sharply in Q3 leading to a 12% increase YTD. (Figures in bold represent record levels.)

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.

Massachusetts Q3 2017 Housing Market Report

Through the first 9 months of 2017 the median price of the Single Family Homes (SFH) sold in Massachusetts increased 7% to a new record, while the median price of the condos sold increased 4% also to a new record

Second Quarter 2017

Marblehead Mid-Year 2017 Report: Onwards and Upwards
Despite the low level of inventory all year, sales of Single family Homes (SFHs) were very similar to those of the previous 5 years, but the median price increased by more than 5% to a new high for the first half of the year of $628,000

Swampscott Mid-Year 2017 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.

Salem Mid-Year 2017 Review: By The Numbers
The median price of a Single Family Home (SFH) increased slightly in the first half of 2017, while sales fell back to the levels of 2014/15.
Sales of Condos were also down from the 2016 level, while the median price increased 9%, exceeding $300,000 for the first time.

Beverly 2017 Mid-Year Review: By The Numbers
Beverly is seeing a lot of new construction, particularly in the condo market, and as new construction is generally of higher-priced properties, this construction moves the median price of homes sold upwards

Lynn Mid-Year 2017 Housing Market: By The Numbers
The median price of the Single Family Homes (SFH) sold in the first half of 2017 jumped 16% to a new high, while the median price of Condos showed a modest 1% increase.

Essex County Mid-Year 2017 Housing Market Report
After passing $400,000 for the first time in 2016, the median price of a SFH increased 7.5% in the first half of 2017 to a new record of $430,000. Sales were down slightly, a reflection of continuing low inventory.

First Quarter 2017
Essex County Housing Market: strong start to year
The housing market in Essex County enjoyed a strong start to the year. Q1 is the lowest quarter for sales (“winter”) so the numbers have to be treated with some caution, but the median price of a Single Family Home (SFH) which sold in Q1 rose 12% to $415,000, while the median price of a condo rose 14% to $281,000.

Marblehead First Quarter Housing Market Report
In a very tight housing market, there were 35 Single Family Home (SFH) sales in Q1 2017, very consistent with the last two years. Because Q1 is the smallest quarter for sales numbers for the median price can – and do – fluctuate widely from year to 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.

Salem Q1 2017 Housing Market Report: chronic shortage of supply

As condo sales in Salem are about double the level of Single Family Home (SFH) sales, I will start with the condo market. After holding pretty steady for the last several quarters, the median price jumped 25% in Q1 from a year ago, driven by a shift from sales under $300,000 to sales over $300,000.

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