The latest numbers from the North Shore real estate market are in. How does our current market compare to the September 2016 market?
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How did the September 2017 real estate market compare to the same time last year? Let’s take a look at a few of the numbers. 

First of all, how many units were listed this year compared to last year? New listings are down by about 15% for single-family homes in Essex County. 

On the other hand, the median price increased from $400,000 last year to $432,000 this year, which is a $32,000 (or 8.13%) increase, which is pretty impressive. 

The number of days on market dropped from 53 to 26 days to get an offer. 

How close was the asking price to the actual sales price? The average agent got 98% of the list price last year. This year, they got 99% of the sales price. Here at the Quail Group, we get 101.5% of the list price for our clients, which is fantastic. 

Next, let’s take a look at the health of the market. In other words, how many distressed sales were there? In September of 2016, there were 87 short sales. This year, there were 61 short sales. Short sales are down 30% and foreclosures are down 11%, which means we have a very healthy market. 

That said, we do have a little bit of a shortage in the number of homes available on the market. Inventory has dropped 5% from 8,000 homes on the market to 7,800 homes on the market. 

What does all of this information mean for you? 

Sellers have been able to take advantage of this market and get way over asking price. Many homes are selling with multiple bids, which is fantastic. 

The market can be a little challenging for buyers. However, we have developed some aggressive, innovative techniques to get our buyers the homes they want without overpaying for the home. Our “ninja offer” techniques are great. 

As we look forward to the fall, the market is still good for sellers. That said, some sellers are getting too confident and overpricing their homes. Don’t do that or your home won’t sell. Talk to a professional agent to get a good idea of what the true market value of your home is.

If you plan on buying a home, now may be the time to do so. Interest rates are low but they are projected to go up over the next few months. If you want to lock in a low rate for the next 30 years, now is the time to make your move. Remember, we can help you navigate this competitive market.  
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We have a very healthy market right now.
”Ultimately, the market has been great for sellers so far. If you are a buyer you can still find really good deals if you have an agent who knows how to spot them. 

Remember, if you have any questions about your specific neighborhood or want to buy or sell a home, just give us a call or send us an email. My team and I would be happy to help you!