ESSEX COUNTY
SINGLE FAMILY HOMES
June - 2023
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| | STRONG SELLERS MARKET | ACTIVE
336 ↓
Inventory of Active Listings
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$1,573,558 ↑
Average List Price
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| PENDING
508 ↓
Went Pending
$854,036 ↓
Average List Price
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| | | SOLD
469 ↑
Sold
$830,681 ↑
Avg. Sales Price
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104% ˜
Percent of Original Price
105% ˜
Percent of List Price
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MLSPIN: SF HOMES IN ESSEX COUNTY FROM 06.01.2023 - 06.30.2023
CHANGE AS COMPARED TO LAST MONTH 05.01.2023 - 05.31.2023 |
| | THE INSIDER SCOOP |
June offers us an opportunity to review both month-to-month activity and assess year-to-date numbers through the first half of 2023.
Active inventory this month is about 12% lower than last month and nearly 33% lower than the same period last year. The number of new listings taken in June was down by over 15%. Yet, continued demand resulted in over 61% of the newest listings (298 homes) going under contract in less than one week.
Overall, 508 homes went under contract in June, down slightly from last month. Closed sales were up 49% over last month, somewhat typical of a May to June cycle, yet year-to-date sales through the end of June are down nearly 25% compared to 2022. The average sale price both month-to-month and year-to-date is up about 4%, at $830,681.
Half of all sales in June were priced between $500K - $800K. Nearly 18% of all sales were between $1M - $1.5M. Less than 10 active listings are priced below $400,000 while over 50% of all active listings are priced over $1M.
The highest recorded sale price this month was $4.9M for an estate property in Swampscott, and the lowest sale price was $250K for a fixer in Salem.
What does this mean for Sellers:
It is a great time to sell... if you have a place to go. Most listings, whether single family homes or condominiums, properly priced, are selling in less than one week at prices that are typically 3-5% over list price.
That said, many prospective sellers are hesitating for the same reason that benefit their sale in today's market, limited inventory!
Contact me to explore what it takes to successfully sell your home in today's market... and find a suitable replacement property.
What does this mean for Buyers:
There is limited relief for home buyers. Prices are up (fewer than 15 single family homes priced below $400,000), quality/condition is down and interest rates continue to rise. There are fewer variety of homes to meet the diverse needs of every buyer and the best homes (location/condition/price) result in competitive bidding.
That said, there are fewer highly qualified buyers and we are beginning to see the return of home inspection contingencies, something beneficial to all. Buyers flexible on location and amenities can find success with their home purchase.
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Mortgage interest rates continue to display volatility. The Fed finally took a pause on rate increases this past month as home affordability and bank stability has come into play in the financial markets.
That said, the economy continues to be strong and unemployment remains low, supporting continued strength of a qualified buyer pool. As of this report, the average 30-year fixed mortgage rate was 7.31%.
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The market needs more inventory. If you know of someone thinking about making a move... please forward this along or have them contact me today!
978-239-1056
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