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Essex County Housing Report July 2020

 

Essex County July Housing Report 7/9/2020 - Covid 19

 
Month Over Month, June 2020 vs May 2020
1. Median Sales Prices Have Big One Month Gains: Single Families +8.2%;  Condos +4.5%;  Multi-Families +7.6%
2. Unit Sales Have Big Moves: Single Families Up 18.1%; Condos Up 63.8%;  Multi-Families Down 14.8%
3. Number of Active Listings Mixed: Single Families Down -3.5%; Condos Up 1.4%; Multi-Families Down -19.4%
 
Year Over Year, June 2020 vs June 2019
1. Median Sales Prices Up:  Single Families +7.1%; Condos +11.3%;  Multi-Families +9.0% 
2. Unit Sales Plunged: Single Families -26%; Condos -18.4%; Multi-Families -44.6%
3. Number of Active Listings Plunged: Single Families -45.6%; Condos -34.8%; Multi-Families -50.9%
 
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
 
 

NAR, Existing March Home Sales Dip, Prices Up 8%, Inventory Drops to 3.4 Months

 

https://bit.ly/2yEaakK

Despite a Dip in March, Home Sales Push Ahead

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While existing-home sales dipped in March as the COVID-19 pandemic sparked stay-at-home restrictions across the country, they're not far off from the numbers a year ago, and home prices continue to rise.

The National Association of REALTORS®’ monthly existing-home sales—which includes completed transactions for single-family homes, townhomes, condos, and co-ops—dropped 8.5% in March compared to February. Sales were at a seasonally adjusted annual rate of 5.27 million in March—down just 0.8% from a year ago.

All four major regions of the U.S. reported a dip in sales last month. The West saw the largest drop, down 13.6% in March compared to February.

“Unfortunately, we knew home sales would wane in March due to the coronavirus outbreak,” says Lawrence Yun, NAR’s chief economist. “More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise.”

Home prices remain strong, even early in the pandemic. The median existing-home price for all housing types in March was $280,600, up 8% from a year ago. Also, home prices rose in every region of the U.S. last month.

REALTORS® are still finding ways to get sales done amid social distancing and stay-at-home measures aimed at slowing the spread of the coronavirus.

“We have seen an increase in virtual home tours, e-signings, and other innovative and secure methods that comply with social distancing directives,” says Vince Malta, NAR president. “I am confident that REALTORS® and brokerages will adapt, evolve, and fight, ensuring the real estate industry will be at the forefront of our nation’s upcoming economic recovery.”

Here is a closer look at additional housing indicators from NAR’s report, reflecting March housing data:

Housing inventory: Total housing inventory at the end of March totaled 1.50 million units, up 2.7% from February but down 10.2% from a year ago. Unsold inventory is at a 3.4-month supply at the current sales pace.

“Earlier in the year, we watched inventory gradually tick upward, but with the current quarantine recommendations in place, fewer sellers are listing homes, which will limit buyer choices,” Yun says. “Significantly more listings are needed and more will come on to the market once the economy steadily reopens.”

Days on the market: Properties stayed on the market an average of 29 days in March, down from 36 days in February and down from 36 days in March 2019. Fifty-two percent of homes sold in March were on the market for less than a month.

First-time buyers: First-time buyers comprised 34% of sales in March, up from 32% in February and from 33% a year ago. “Despite the social distancing restrictions, with many REALTORS® conducting virtual open home tours with mortgage rates on the decline, a number of first-time buyers were still able to purchase housing last month,” Yun says.

Investors: Individual investors or second-home buyers purchased 13% of homes in March, down from 17% in February and down from 18% a year ago. Investors tend to account for the biggest bulk of all-cash sales. All-cash sales comprised 19% of transactions in March, down from 21% a year ago.

Distressed sales: Foreclosures and short sales comprised 3% of sales in March, unchanged from a year ago.

Regional Breakdown

Here’s how existing-home sales fared across the country in March.

Midwest: Existing-home sales decreased 3.1% in March, reaching an annual rate of 1.25 million. Sales were down 4.2% from a year ago. Median price: $219,700, up 9.7% from a year ago.

Northeast: Existing-home sales dropped 7.1% in March. Sales were at an annual rate of 650,000, a 3% decrease from a year ago. Median price: $300,400, up 8.3% from March 2019.

South: Existing-home sales fell 9.1% to an annual rate of 2.29 million in March, up 0.9% from a year ago. Median price: $245,100, up 7.5% from a year ago.

West: Existing-home sales dropped 13.6% to an annual rate of 1.08 million in March, a 0.9% decline from a year ago. Median price: $420,600, up 8% from March 2019.

Essex County Housing Report February 2020

February 2020 Housing Report: 

Month Over Month: Unit Sales and Active Listings were down double digit for all categories.
Prices rose for Singles and Multies but fell for Condos.   
 
Year Over Year: Prices were up for all categories.  Unit Sales were down for Singles and Multies and were flat for condos.  
Active Listings were down double digit for all catagories.  
 
Mortgage Interest rates remain low and MA Unemployment is at a record low.
 
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

 

Essex County Housing Report January 2020

January 2020 Housing Report:

 
Month Over Month: Unit Sales were Up and Inventory was down for all categories;  Prices were down for SF,  flat for CC and Up for MF.  
 
Year Over Year: Unit Sales were Up, Prices were Up and Inventory was down for all categories
 
Mortgage Interest rates and MA Unemployment remain very low.
 

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

 

 

Essex County Housing Report December 2019

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

 

Essex County Housing Report October 2019

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

 

Essex County Housing Report September 2019

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

 

 

 

 

Essex County Housing Report August 2019

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

 

Essex County Housing Report March 2019

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

Essex County Housing Report February 2019

Essex County Housing Reports: January 2018 vs January 2019 Plus 3 Month and 6 Month Comparisons

Inventories fell in January for all property types but turned positive for single family  and multi-family over past 3 months.

Prices rose for all property types over all time frames.

Unit Sales contined to fall for all property types over all time frames 

Here is breakdown by property type:

Single Family: January: Inventory Down 1.8% and Sale Prices Up 3.3%:  3 Months Inventory Up 3.3% and Sale Prices Up 1.4%

Condo: January Inventory Down 0.3% and Sale Prices Up 3.4%:  3 Months Inventory Down 2.3% and Sale Prices Up 8.9% 

Muilti-Family: January Inventory Down 3.6% and Sale Prices Up 9.4%: 3 Months Inventory Up 2.9% and Sale Prices Up 5.6% 

6 Months comparisons are also included. 

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