Housing inventory: what is available in your town?
This article, the third in a series after Demand up, supply down and Inventory by price, looks at the current supply of Single Family Homes (SFH) and Condos in each of Essex County’s 34 cities and towns and compares it with the numbers for the last two years. Bear in mind that in February 2015 we were in the midst of the polar vortex winter of record cold, while both 2016 and 2017 (at least so far) have been quite mild.
Single Family Homes(SFH)
Overall supply is down 24% from 2017 and 17% from 2016 alone in Essex County. The numbers are slightly higher for Massachusetts as a whole.
The decline in the supply of condos in Essex County is more even from year, down 12% in the last year and 25% in the last two years, while the State shows slightly lower numbers.
In the three posts this week I have tried to give as detailed a picture as possible of the current market in the 34 cities and towns of Essex County and put that into perspective. All three articles, however, produce variations upon the same theme: supply has been low and declining even further, while demand has been rising.
The last published unemployment rate in Massaachusetts, for December, was just 2.8%, down from 4.9% just a year earlier, and the lowest level in 16 years.
I repeat what I have been saying for some time: low supply plus strong demand is a formula for rising prices.
Not sure how to choose the broker to sell your home? 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
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.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated