Is it still a seller’s market or are the tides beginning to turn? It’s a question we hear everyday from anxious buyers and sellers. The latest North Shore Market Reports by Team Harborside holds the answer.
Mid-year numbers suggest that prices are still increasing in Essex County, albeit at a slower rate of around 2-3% per annum.
The median price of sold single-family homes increased 2.2% compared with the first half of 2018 to an all-time high of $465,000. Sales volume increased 1.9% and is in line with numbers from recent years. The condo/townhomes sales price saw an increase of 5.1% over the previous year to $310,000, as the price reached or exceeded $300,000 for the fifth consecutive quarter. The number of units sold declined 3.2%, but was also quite consistent with recent years.
Overall inventory remains tight and bidding wars are commonplace on homes in lower and middle price brackets.
At the close out of Q2, just 2.6 months of housing supply existed (a market is considered to be in equilibrium between buyers and sellers when there is 6 months of supply). The average time it takes homes to sell varies greatly by price: from less than 2 months for single family homes under $750,000, 6 months from $750,000 to $1.5 million; and more than 2 years at prices over $1.5 million.
A Deep Dive into Market Trends
We provide an in-depth look at how our markets are performing on a quarterly basis. Our Market Reports provide a thorough analysis of the residential real estate markets were we specialize North of Boston.
Our team serves all of Boston’s North Shore and beyond, so please contact us if you need a specific report. This data is as an invaluable resource for our clients, industry professionals, the media, and anyone else who wants a pulse on the housing 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.