Swampscott Q3 report: prices up, inventory well down
For the first 9 months of 2015 the median price of a Single Family Home (SFH) in Swampscott increased 6% to $485,000. This is the highest figure since the exceptional $507,000 in the first 9 months of 2005. While sales held up quite well in the first half of the year the acute shortage of inventory started to make an impact on sales in Q3. The last table in this report graphically illustrated the decline in the number of houses for sale in the last two years.
In this report I will look at the Q3 numbers, the YTD numbers and also give a preview of where I think the year will end up.
Q3 median price
YTD Median Price
Steady in the first half, but note the drop in Q3.
SFHs for sale
Note the huge decline since 2014.
Outlook for 2016
At this stage of the quarter most of the sales that will close in 2016 are under agreement. Based upon a reasonable estimate of the prices at which those sales will occur, the outlook for the whole of 2016 is for a median price in the $470,000-480,000 range, which will compare with $460,000 in 2015.
But the big story in Swampscott remains the shortage of inventory.
If you are considering selling your home 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.
Not sure which broker to use to sell your home? Read Which broker should I choose to sell my house?
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