We are pleased to announce the release of our Q3, 2019 Market Reports. These reports are designed to answer your most pressing questions about what’s trending in North Shore real estate. You can view all of our reports here.
After examining housing data across the 34 cities and towns that make up Essex County, here’s what we are seeing.
1. Strong growth in median prices in Q3 in Essex County, but variations from town to town.
The median price of sold single-family homes (SFH) increased 5.1% in Q3 compared with Q3 2018, taking the Year to Date (YTD) increase to 3.7% and an all-time high of $477,000. Sales increased 3.2% and were close to the 2004 record level. 23 towns saw Year on Year increases, while 11 saw declines.
The condo/townhomes sales price saw an increase of 6.0% in Q3 and 5.4% YTD, reaching $315,000. The number of units sold was in line with recent years, but far below the boom year of 2005.
2. Overall inventory remains tight
At the end of Q3, just 2.1 months of housing supply existed (a market is considered to be in equilibrium between buyers and sellers when there is 6 months of supply). Supply varies greatly by price: from just 1 month for SFHs under $750,000, 3 months from $750,000 to $1.5 million; and more than a year at prices over $1.5 million.
3. Slight increase in Days To Offer (DTO)
The number of days a property was on the market before receiving an accepted offer (DTO) dropped, for SFHs, from 20 in 2015 to 11 in 2018, before increasing slightly to 13 YTD 2019; for condos the drop was from 22 in 2015 to just 10 in 2018, before slowing slightly to 12 YTD 2019.
Navigating a shifting market
The market is constantly changing, partnering with a real estate team with an in-depth knowledge of current activity is in your best interest. Team Harborside of Sagan Harborside Sotheby’s International Realty is the premier real estate group on the North Shore.
We have a laser focus on what’s going on right now in the North Shore housing markets and we can help advise you on your next move. Do not hesitate to contact us for expert guidance.