Essex County inventory continues to decline

Total inventory of Single Family Homes (SFH) for sale on September 1 is down 13% from a year ago and by 33% compared with two years’ ago.

Essex County inventory

Source: MLS, Oliver Reports

SFH Inventory by price
Not surprisingly, the biggest declines in inventory are at the lowest price levels, but there are still significant declines up to $1 million. Only over $1.5 million have inventory levels been maintained.

Essex County inventory

Source: MLS, Oliver Reports

Median Price
Strong demand, low mortgage rates and low supply continue to drive prices upwards. The median price of a SFH in Essex County for the first 8 months of the year was $440,000, up 7.5% from the year 2016 figure of $409,000, the first time the median price reached $400,000.  Unless and until the supply position changes, and while the economy continues to grow steadily, there is no reason to expect a change in the formula which is driving prices higher.

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Are you thinking about selling? Read  Which broker should I choose to sell my house?

Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports

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