Sullivan Team

Essex County Housing Reports: August 2017 vs August 2018

Essex County Housing Reports: August 2017 vs August 2018; June - August 2017 vs June - August 2018

Inventory down and sales prices up. - breakdown by property type:

Single Family: August: Inventory Down 8.6% and Sale Prices Up 4.4%:  3 Months Inventory Down 4.6% and Sale Prices Up 4.2%

Condo: August Inventory Down 10.2% and Sale Prices Up 3.5%:  3 Months Inventory Down 5.7% and Sale Prices Up 7.7% 

Muilti-Family: August Inventory Down 11% and Sale Prices Up 8.2%: 3 Months Inventory Down 6% and Sale Prices Up 11.2% 

To view data for every Essex County town, go to:  http://www.sullivanteam.com/Properties/Reports/Public/Charts.php 

To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

 

Consumers Can Now Request Credit Freezes for Free

Consumers Can Now Request Credit Freezes for Free

It’s common advice to freeze your credit information when cybersecurity breaches potentially put your personal financial data into the hands of criminals who seek to exploit it. However, the three major credit-reporting agencies have routinely charged a fee to put that credit freeze in place—except in the handful of states that forbid such payments. Now all of that has changed.

A federal law signed in May by President Donald Trump requires credit bureaus, starting Friday, to allow anyone in the United States to restrict access to their credit reports at no cost. Your clients also won’t have to pay a fee to unfreeze their credit so a mortgage provider, credit card issuer, or other entity can access their information in order to evaluate their creditworthiness. Reinstating the freeze after a credit inquiry will be free, too. Keep in mind that consumers need to individually approach ExperianEquifax, and TransUnion to freeze or unfreeze credit.

The new law, known as the Economic Growth, Regulatory Relief, and Consumer Protection Act, also allows you to freeze credit files belonging to children under 16 at no charge. In addition, the law requires credit bureaus to offer fraud alerts to victims of cybersecurity threats for a year rather than just 90 days. These alerts let businesses that examine your credit know that they should check with you before opening an account in your name.

—Sam Silverstein, REALTOR® Magazine  http://bit.ly/2MTuhwV

Essex County Housing Reports: July 2017 vs July 2018

Essex County Housing Reports: July 2017 vs July 2018; May - Juily 2017 vs May - July 2018

Inventory down and sales prices up. - breakdown by property type:

Single Family: July: Inventory Down 9.2% and Sale Prices Up 4.6%:  3 Months Inventory Down 4% and Sale Prices Up 4.5%

Condo: July Inventory Down 11.4% and Sale Prices Up 10.7%:  3 Months Inventory Down 7.6% and Sale Prices Up 7% 

Muilti-Family: July Inventory Down 13.6% and Sale Prices Up 12.5%: 3 Months Inventory Down 3.9% and Sale Prices Up 12.6% 

To view data for every Essex County town, go to:  http://www.sullivanteam.com/Properties/Reports/Public/Charts.php 

To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

                                                 

 

July Essex County Housing Report

Essex County Housing Reports: June 2017 vs June 2018; April - June 2017 vs April - June 2018

Inventory down and sales prices up. - breakdown by property type:

Single Family: June: Inventory Down 9.9% and Sale Prices Up 3.3%:  3 Months Inventory Down 2.2% and Sale Prices Up 5.5%

Condo: June Inventory Down 14.2% and Sale Prices Up 10.1%:  3 Months Inventory Down 8.9% and Sale Prices Up  6.7% 

Muilti-Family: June Inventory Down 6.8% and Sale Prices Up 6.9%: 3 Months Inventory Down 0.8% and Sale Prices Up  7.5% 

To view data for every Essex County town, go to:  http://www.sullivanteam.com/Properties/Reports/Public/Charts.php 

To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

 

 

Rising Demand Pushes Prices Higher - MA Average Home Equity Gain from Last Year + $24,000

Wow! MA average gian in home Equity from last year to this year is + $24,000.

With home prices rising across the country because of low inventory, homeowners gained over a trillion dollars in equity over the last 12 months, with the average homeowner gaining over $16,000!

Across the United States, there is a severe mismatch between the low number of houses for sale and the high demand for those houses! First-time homebuyers are out in force and are being met with a highly competitive summer real estate market.

According to the National Association of Realtors (NAR), the inventory of homes for sale “has fallen year-over-year for 36 consecutive months,” and now stands at a 4.1-month supply. A 6-month supply of inventory is necessary for a balanced market and has not been seen since August of 2012.

Is There Any Relief Coming? 

According to the CoreLogic’s 2018 Consumer Housing Sentiment Study, four times as many renters are considering buying homes in the next 12 months than homeowners who are planning to sell, “which is the crux of the available housing-supply imbalance.”

The map below shows the breakdown by state:

 

 

https://www.mykcm.com/2018/07/18/demand-for-homes-to-buy-continues-to-climb/

June Essex County Housing Reports: Inventory Down and Sales Prices Up

Essex County Housing Reports: May 2017 vs 2018 and March - May 2017 vs March - May 2018

Inventory down and sales prices up. - breakdown by property type:

Single Family: May: Inventory Down 15.5% and Sale Prices Up 8.2%:  3 Months Inventory Down 8.7% and Sale Prices Up 7.2%

Condo: May Inventory Down 17.4% and Sale Prices Up 3.6%:  3 Months Inventory Down 8.5% and Sale Prices Unchanged  0% 

Muilti-Family: May Inventory Down 14.6% and Sale Prices Up 11.1%: 3 Months Inventory Down 2.6% and Sale Prices Up  9.9% 

To view data for every Essex County town, go to:  http://www.sullivanteam.com/Properties/Reports/Public/Charts.php 

To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

 

        

Rent VS Buy June 2018

        

American 6.7 Million Job Openings Now Outnumber the 6.3 Million Jobless

American Job Openings Now Outnumber the Jobless

 

U.S. job openings rose to 6.7 million at the end of April, compared with the 6.3 million Americans who were unemployed

WOW, Fabulous May Jobs Report, Unemployment Rate, 3.8% !

WOW, Fabulous Jobs Report, Unemployment Rate, 3.8% !
Good news for driving demand for housing.

Highlights:

Unemployment Rate 3.8%; For Women 3.6%, lowest since 1953; Blacks, 5.9%, a record low (https://cnnmon.ie/2J1DzKd) : 

Latinos, 4.9%, at record lows;  https://data.bls.gov/timeseries/LNS14000009

Labor Participation Rate dropped to 62.7%, still large pool of workers who could step into the job market.

Wages Up 2.7% From Last Year;

Fed expected to Raise Interest Rates;

 

Unemployment Rate Falls to 18-Year Low; Solid Hiring in May

Nonfarm payrolls rose seasonally adjusted 223,000; unemployment rate at 3.8%

https://on.wsj.com/2xyBpwt.    Updated June 1, 2018 11:12 a.m. ET

WASHINGTON—The U.S. labor market was firing on all cylinders in May: the unemployment rate fell to an 18-year low, employers added jobs at a faster pace and wages modestly improved.

The unemployment rate ticked down to a seasonally adjusted 3.8%, matching April 2000 as the lowest reading since 1969, the Labor Department said Friday. Nonfarm payrolls rose a seasonally adjusted 223,000 in May, a jump from gains from March and April. Average hourly earnings ticked up to a 2.7% from a year earlier—and raises were even stronger for nonmanagers.

“It’s pretty hard argue that the labor market is anything but right in the sweet spot,” said Dan North, chief economist at Euler Hermes North America. “There is tremendous demand for labor right now.”

U.S. employers have added to payrolls for 92 straight months, extending the longest continuous jobs expansion on record. And those gains are extending to all corners of the labor market.

The unemployment rate for women, 3.6% last month, was the lowest since 1953, when far smaller share of women sought jobs. The jobless rates for blacks, Latinos and those without high-school diplomas are trending near record lows.

A tighter labor market should also produce better wage growth, but overall gains have remained modest. Average hourly earnings for all private-sector workers increased 8 cents last month to $26.92.

Wages for nonsupervisor workers are rising at a faster rate than overall wage increases for the first time since 2014. The nonsupervisor increase, 2.8% in May from a year earlier, was the best annual gain since mid-2009, when the recession just ended.

Still, in April 2000 wages for those workers rose 3.9% from a year earlier.

“The tight labor market is putting employers under enormous pressure to invest as much as necessary to retain their best employees and attract the best talent,” said Rebecca Henderson, chief executive of employment firm Randstad Sourceright.

The historically low unemployment rate and growing wages should keep Federal Reserve policy makers in line to raise the central bank’s benchmark interest rate at a meeting later this month. Consumer inflation has strengthened in recent months to reach the Fed’s 2% annual target, another factor likely keeping the central bank in line to gradually lift rates further in an effort to make sure the economy doesn’t overheat.

One factor holding wage gains in check is the ability of employers in the past year to bring Americans who have been out of the labor market back into the workforce and dissuade existing employees from retiring or otherwise exiting.

In May, the share of American adults working or looking for a job edged down to 62.7%, but the share with jobs ticked up to 60.4%. Labor-force participation is up slightly from a recent low in 2015, but still near the smallest share of adults participating since the late 1970s

 

 

A broad measure of unemployment and underemployment that includes Americans stuck in part-time jobs or too discouraged to look for work fell to 7.6% from 7.8% the prior month. That rate, known as the U-6, remains somewhat elevated compared with the last time unemployment was similarly low. In April 2000, the broader measure was 6.9%.

        

 

Essex County Housing Report Jan through April; Inventory Down and Sales Prices Up

For First 4 months of 2018, Essex County housing inventory down and sales prices up. - breakdown by property type:

Single Family Inventory down 10.3% and Sale Prices Up 7.5%, 
Condo Inventory down 9% and Sale Prices Up 0.5%, 
Muilti-Family Inventory down 4.9% and Sale Prices Up 10.7%.

To view data for every Essex County town, go to:  http://www.sullivanteam.com/Properties/Reports/Public/Charts.php 

To dowload the full Housing Report go to: http://sullivanteam.com/pages/EssexCountyHousingReports