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.
YTD the median price of sales is $524,000; the median list price of pending sales and homes available for sale are both well in excess of $550,000.
In markets such as Swampscott with a small number of condo sales I do not report in depth on Q1 numbers, which saw sales increase from 9 to 14 while the median price declined from $268,050 to $245,000.
More significant is the inventory situation: there are just 2 condos for sale in Swampscott.
While it is important to understand that the median price reflects what is actually selling or available for sale, rather than the entire market, it is a reliable guide to activity as sellers (and real estate agents) price new listings based on comparable sales.
What is very clear is that there is an extreme shortage of both SFHs and condos for sale in Swampscott. And we all know what that means for prices.
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
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