What’s happening – or not – in the Marblehead market?

I am always cautious about reading too much into short-term trends, especially in a market like Marblehead with a small number of sales, but at the same time I do try to report on current market conditions.

And I am puzzled by what has been happening over the last 2-3 weeks – or rather by what has not been happening. And that is houses receiving accepted offers.

We are in the peak selling season and the weather has even co-operated giving us a glorious spring. So why am I concerned? After all, it is only a couple of weeks since I posted Marblehead inventory – even worse than you think

In the first 8 days of May just 4 Single Family Houses (SFH) have received offers in Marblehead. As a percentage of houses available for sale that is not very different from last year because there are many fewer houses available, but it is lower than in other neighboring towns and throughout Essex County and Massachusetts as a whole.

Accepted Offers_For Sale_large

Next I looked at offers by the date on which houses were listed for sale:

List_Pending_1

Source:MLS, Oliver Reports

Source: MLS, Oliver Reports

Since April 21 some 23 SFHs have been listed in Marblehead and only 4 of them have received offers. School vacation week occurred during this time, but there has been no pick up in offers in the two weeks since then.

Now, if Marblehead were to receive just 3-4 more accepted offers its percentage would be more in line with that of neighboring towns and Essex County overall. The question is whether it is just the law of small numbers coming into play or whether there is a more significant situation developing.

What seems clear, however, is that the Marblehead market is not, at least not now, one of the “hot” markets we all read about. I will continue to monitor and report on the level of accepted offers.

 f you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated

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