Here are today’s Open Houses in Marblehead, Swampscott, Salem, Beverly and Lynn:
(Click here to down load a copy of this report.)
The median price of Single Family Homes sold in the 34 cities and towns of Essex County in the first half of 2018 increased 5.8% from 2017, while sales were down slightly.
The median price of the condos sold in Essex County in the first half of 2018 increased 3.5% from a year ago, while sales were flat
*figures in bold represent record levels
Sagan Harborside Sotheby’s International Realty
Click here to download a PDF of this report.
The median price of the Single Family Homes(SFH) sold in Beverly in the first half of 2018 was slightly lower than in 2017, a year which saw a sharp increase.
Since breaking $400,000 in 2015, the median price has increased sharply, with the usual quarterly fluctuations.
Sales were in line with recent years.
SFH Sales by price
The percentage of sales under $400,000 was 44% in 2016 and 25% in both 2017 and 2018.
SFH For Sale
The biggest drop in inventory is in the $600,000-$1 million range, where the number for sale has dropped from 21 in 2016 to just 7 in 2018.
The apparent roller-coaster in the median price is explained by the development at Elliot Landing. Between Q3 2016 and Q2 2017, some 50 condos sold at a median price in excess of $500,000. The end of such sales has returned the median price to under $300,000.
Note that the number of sales over $500,000 dropped from 26 in 2017 to just 2 in 2018, reflecting the completion of sales at Elliott Landing
Condos for sale
There is a similar story with condos for sale, with the number over $500,000 dropping from 28 in 2016 to 6 in 2018.
The pattern of SFH sales was very similar in the first half of both 2017 and 2018, coming after the market has been strong in recent years, especially since breaking through the $400,000 barrier.
Significant new developments in Essex County are usually of condominiums and usually for higher-priced units than the existing stock, which is why the median price can be distorted during times of large numbers of new sales. We saw this in Beverly with Elliott Landing and the same phenomenon is occurring now in Swampscott with the sales of condos at The Avery.
Sagan Harborside Sotheby’s International Realty
(Click here to download a PDF of this report.)
The median price of the SFHs sold in Lynn in the first half of 2018 increased 5.1% from a year ago, while sales increased slightly.
The median price of the condos sold in Lynn in the first half of 2018 jumped 19.3%, although the gain would have been 13.8% without new construction.
Sagan Harborside Sothebys International Realty
Here are the latest new listings:
Here are this weekend’s Open Houses in Marblehead, Swampscott, Salem, Beverly and Lynn:
The Supreme Court has spoken — Gerry is pronounced with a hard “G.”
The Marblehead Board of Selectmen received a response to a letter it sent last month to Supreme Court Justice John Roberts taking issue with the pronunciation of the word “gerrymandering.”
Here is the article from the Marblehead Reporter:
Supreme Court rules on “gerrymandering” letter
The original cartoon of the “The Gerry-Mander” depicts the Sixth Congressional District as a strange animal with claws, wings and a dragon-type head, and first appeared in The Boston Gazette.
No we just have to get people actually to pronounce it correctly.
A quiet time for new listings in most markets:
9 Merritt St has an Open House today from 11:30 -1:00. The house features extraordinary, museum quality period details. Built before the Revolution this property was originally both a home and bakery for many years. The house still boasts details from these early years.
The master bedroom perfectly blends wonderful “Old World” character with a spacious walk-in closet and beautiful newer master bath. There are 3 additional good sized bedrooms, another full bath, 4 additional fireplaces, tall ceilings throughout and beautiful wood floors.
The gardens have been designed to afford amazing privacy with comfortable outdoor spaces. All this with a 2-car garage and additional 2-car parking make this a rare Marblehead gem.
Grab an umbrella and head to these Open Houses:
(Click hereto download a PDF of this report.)
The median price of the Single Family Homes (SFH) sold in the 34 cities and towns of Essex County in the first half of 2018 increased 6% from 2017, while the median condo price increased 3.5% – in both cases to new record highs.
The table below lists the towns by median price in the first half of 2018 in descending order. A few comments:
– the numbers in bold represent record figures
– 11 of the 34 towns did not record record highs in the first half of 2018, compared with 14 in the full year 2017
– in 22 of the 34 towns the median price exceeded the median price for Essex County overall. Why? Because the volume of sales varies greatly from town to town and the overall number treats the entire County as one. Looking just at the 34 towns the median price rises to $546,225, some $90,000 higher.
– which emphasizes a very important point: that the smaller the number the greater the likely variation, and the larger the number the greater the accuracy; hence I show sales number for each town.
– which emphasizes a very important point: that the smaller the number the greater the likely variation, and the larger the number the greater the accuracy. Hence, I show sales number for each town.
– Lynn had the largest number of sales at 259, and its 5.1% increase in median prices is, therefore, a good representation of pricing in that market
– Wenham, on the other hand, had just 17 sales, and its 45% increase in median prices simply reflects the mix of sales this year compared with last. This does not mean that the information is meaningless; but it does require further analysis. As always with statistics, informed analysis is needed to go with the bare numbers.
And now the actual numbers. Please feel free to ask your Sagan Harborside Sotheby’s International Realty agent for further information about any of these 34 cities and towns.
Here are the weekend’s Open Houses:
New listings for the week ending July 20:
Swampscott new listings
Salem new listings
Beverly new listings
Lynn new listings