Months of Inventory by Price Band

Months of Inventory by Price Band

Property Type: Single Family
Towns: Rockport, MA; Gloucester, MA

 

Price Band

Active Listings

Sold Listings
4/12/2016 - 4/11/2017

Sales Per Month

Months of Inventory

# Listings

% Total

DOM

# Listings

% Total

DOM

$92,300 - $99,999

0

0.00%

0

1

0.35%

20

0.1

0.0

$100,000 - $149,999

0

0.00%

0

3

1.04%

89

0.2

0.0

$150,000 - $199,999

0

0.00%

0

11

3.81%

85

0.9

0.0

$200,000 - $249,999

0

0.00%

0

18

6.23%

77

1.5

0.0

$250,000 - $299,999

0

0.00%

0

25

8.65%

45

2.1

0.0

$300,000 - $349,999

2

3.33%

118

34

11.76%

49

2.8

0.7

$350,000 - $399,999

4

6.67%

50

41

14.19%

53

3.4

1.2

$400,000 - $449,999

3

5.00%

63

36

12.46%

75

3.0

1.0

$450,000 - $499,999

0

0.00%

0

23

7.96%

64

1.9

0.0

$500,000 - $599,999

8

13.33%

65

31

10.73%

102

2.6

3.1

$600,000 - $699,999

6

10.00%

58

16

5.54%

83

1.3

4.6

$700,000 - $799,999

3

5.00%

348

11

3.81%

89

0.9

3.3

$800,000 - $899,999

1

1.67%

651

8

2.77%

175

0.7

1.5

$900,000 - $999,999

4

6.67%

88

5

1.73%

118

0.4

9.7

$1,000,000 - $1,099,999

1

1.67%

46

1

0.35%

10

0.1

12.1

$1,100,000 - $1,199,999

4

6.67%

354

2

0.69%

40

0.2

24.3

$1,200,000 - $1,299,999

2

3.33%

126

2

0.69%

92

0.2

12.1

$1,300,000 - $1,399,999

3

5.00%

245

2

0.69%

57

0.2

18.2

$1,400,000 - $1,499,999

2

3.33%

87

1

0.35%

237

0.1

24.3

$1,500,000 - $1,599,999

1

1.67%

7

1

0.35%

175

0.1

12.1

$1,600,000 - $1,699,999

0

0.00%

0

2

0.69%

191

0.2

0.0

$1,700,000 - $1,799,999

1

1.67%

10

0

0.00%

0

0.0

no sales

$1,800,000 - $1,899,999

2

3.33%

167

4

1.38%

137

0.3

6.1

$1,900,000 - $1,999,999

0

0.00%

0

2

0.69%

58

0.2

0.0

$2,000,000 - $2,499,999

4

6.67%

102

6

2.08%

147

0.5

8.1

$2,500,000 - $2,999,999

4

6.67%

126

1

0.35%

64

0.1

48.5

$3,000,000 - $3,499,999

0

0.00%

0

1

0.35%

431

0.1

0.0

$3,500,000 - $3,999,999

3

5.00%

91

0

0.00%

0

0.0

no sales

$4,500,000 - $4,999,999

0

0.00%

0

1

0.35%

33

0.1

0.0

$5,000,000 - $5,999,999

1

1.67%

260

0

0.00%

0

0.0

no sales

$9,000,000 - $9,999,999

1

1.67%

706

0

0.00%

0

0.0

no sales

 

60

100%

144

289

100%

78

23.8

2.5

If there is no data in a price band, the price band is not displayed. 

Reports provided by iMaxWebSolutions.com

 

Total Solds from 4/1/2016 to 3/31/2017 for Gloucester & Rockport

Thinking of selling your home?  Take a look at the tables below.  They show the number of sales within each price band for the year beginning 4/1/2016 to 3/31/2017.  There’s a table for Gloucester and one for Rockport.

Sales by Price Band

Period: 4/1/16 - 3/31/17
Property Type: Single Family
Gloucester, MA

 

Sold Price Range

# Sold Listings

% Total

Avg Days on Market

Avg Sale Price

$92,300 - 99,999

1

0.4%

20

$92,300

$100,000 - 149,999

4

1.8%

110

$119,050

$150,000 - 199,999

9

4.0%

59

$170,035

$200,000 - 249,999

17

7.5%

67

$223,861

$250,000 - 299,999

24

10.6%

43

$279,423

$300,000 - 349,999

29

12.8%

53

$326,465

$350,000 - 399,999

32

14.2%

56

$374,981

$400,000 - 449,999

28

12.4%

77

$424,286

$450,000 - 499,999

15

6.6%

73

$471,392

$500,000 - 599,999

19

8.4%

131

$544,374

$600,000 - 699,999

10

4.4%

103

$647,602

$700,000 - 799,999

11

4.9%

89

$754,173

$800,000 - 899,999

4

1.8%

254

$837,250

$900,000 - 999,999

4

1.8%

98

$946,000

$1,000,000 - 1,099,999

1

0.4%

10

$1,065,000

$1,100,000 - 1,199,999

1

0.4%

65

$1,125,000

$1,200,000 - 1,299,999

2

0.9%

92

$1,232,500

$1,300,000 - 1,399,999

1

0.4%

80

$1,360,000

$1,500,000 - 1,599,999

1

0.4%

175

$1,590,000

$1,600,000 - 1,699,999

3

1.3%

207

$1,633,333

$1,800,000 - 1,899,999

2

0.9%

194

$1,865,000

$1,900,000 - 1,999,999

2

0.9%

58

$1,930,000

$2,000,000 - 2,499,999

4

1.8%

113

$2,156,250

$3,000,000 - 3,499,999

1

0.4%

431

$3,000,000

$4,500,000 - 4,999,999

1

0.4%

33

$4,650,000

 

Total Sold
Listings

Average
Days On
Market

Median
Price

Average
Price

Lowest
Price

Highest
Price

226

81

$395,250

$538,258

$92,300

$4,650,000

 

The vast majority of sales took place in the $250,000 to $449,999 price ranges.  Homes in those ranges that are priced right sell in less than 75 days.

 

Now, take a look at Rockport… 

Sales by Price Band

Period: 4/1/16 - 3/31/17
Property Type: Single Family
Rockport, MA

 

Sold Price Range

# Sold Listings

% Total

Avg Days on Market

Avg Sale Price

$155,000 - 199,999

3

4.6%

140

$165,333

$200,000 - 249,999

1

1.5%

250

$202,000

$250,000 - 299,999

2

3.1%

103

$293,750

$300,000 - 349,999

5

7.7%

27

$333,800

$350,000 - 399,999

9

13.8%

46

$379,197

$400,000 - 449,999

8

12.3%

68

$425,381

$450,000 - 499,999

8

12.3%

48

$477,913

$500,000 - 599,999

11

16.9%

60

$540,182

$600,000 - 699,999

6

9.2%

49

$663,842

$800,000 - 899,999

4

6.2%

95

$849,993

$900,000 - 999,999

1

1.5%

200

$975,000

$1,100,000 - 1,199,999

1

1.5%

14

$1,160,000

$1,300,000 - 1,399,999

1

1.5%

34

$1,363,013

$1,400,000 - 1,499,999

1

1.5%

237

$1,450,000

$1,800,000 - 1,899,999

2

3.1%

80

$1,856,250

$2,000,000 - 2,499,999

2

3.1%

216

$2,170,000

 

Total Sold
Listings

Average
Days On
Market

Median
Price

Average
Price

Lowest
Price

Highest
Price

65

73

$479,000

$614,141

$155,000

$2,175,000

 

The most popular price range was $500,000 to $599,999. And, the Average Days on Market for the low ranges indicates price was too high or the problems/conditions prevented buyers from making an offer until the price was brought into line with the value perceived by the buyer.

Housing Inventory in Gloucester and Rockport

Recently you’ve heard a lot about the lack of inventory.  It is a reality here on Cape Ann.  Well-priced properties are going under agreement fairly quickly.  The following two tables illustrate the situation in Gloucester (1st table) and Rockport (2nd table).

The table shows the number of single family homes that are currently on the market in each specific price brand.  The next column is how much of the total on the market properties that number represents.  The DOM column is the number of days those homes have been on the market.  Then, for Sold Listings, the table shows the same information.  By dividing the number sold by 12 months you get the number of sales per month.

Then go back to the first column and look at the number of homes FOR sale and compare that with the number of sales PER month and you will see how many months’ supply is on the market given the same rate of sales.

In Gloucester the average days on market for sold homes is well under 90 days (3 months) until you reach $500,000+ in list price.  The most interesting price point is $1,100,000 to $,199,999 where there are 4 active listings, in the price range all last year only 1 sold, therefore there is a 4 year (48 month) supply of homes for sale in that price range.

Months of Inventory by Price Band

Property Type: Single Family
Towns: Gloucester, MA

 

Price Band

Active Listings

Sold Listings
3/26/2016 - 3/25/2017

Sales Per Month

Months of Inventory

# Listings

% Total

DOM

# Listings

% Total

DOM

$92,300 - $99,999

0

0.00%

0

1

0.43%

20

0.1

0.0

$100,000 - $149,999

0

0.00%

0

4

1.72%

110

0.3

0.0

$150,000 - $199,999

0

0.00%

0

9

3.88%

59

0.7

0.0

$200,000 - $249,999

0

0.00%

0

18

7.76%

67

1.5

0.0

$250,000 - $299,999

1

2.63%

141

24

10.34%

43

2.0

0.5

$300,000 - $349,999

3

7.89%

85

31

13.36%

51

2.6

1.2

$350,000 - $399,999

2

5.26%

96

32

13.79%

56

2.6

0.8

$400,000 - $449,999

2

5.26%

72

28

12.07%

75

2.3

0.9

$450,000 - $499,999

0

0.00%

0

14

6.03%

77

1.2

0.0

$500,000 - $599,999

5

13.16%

78

20

8.62%

131

1.6

3.0

$600,000 - $699,999

4

10.53%

66

11

4.74%

124

0.9

4.4

$700,000 - $799,999

3

7.89%

331

12

5.17%

90

1.0

3.0

$800,000 - $899,999

1

2.63%

634

4

1.72%

254

0.3

3.0

$900,000 - $999,999

1

2.63%

25

4

1.72%

98

0.3

3.0

$1,000,000 - $1,099,999

0

0.00%

0

1

0.43%

10

0.1

0.0

$1,100,000 - $1,199,999

4

10.53%

273

1

0.43%

65

0.1

48.5

$1,200,000 - $1,299,999

2

5.26%

258

2

0.86%

92

0.2

12.1

$1,300,000 - $1,399,999

0

0.00%

0

1

0.43%

80

0.1

0.0

$1,400,000 - $1,499,999

2

5.26%

70

0

0.00%

0

0.0

no sales

$1,500,000 - $1,599,999

0

0.00%

0

1

0.43%

175

0.1

0.0

$1,600,000 - $1,699,999

0

0.00%

0

3

1.29%

207

0.2

0.0

$1,800,000 - $1,899,999

0

0.00%

0

2

0.86%

194

0.2

0.0

$1,900,000 - $1,999,999

0

0.00%

0

2

0.86%

58

0.2

0.0

$2,000,000 - $2,499,999

3

7.89%

48

5

2.16%

105

0.4

7.3

$2,500,000 - $2,999,999

2

5.26%

188

0

0.00%

0

0.0

no sales

$3,000,000 - $3,499,999

0

0.00%

0

1

0.43%

431

0.1

0.0

$3,500,000 - $3,999,999

1

2.63%

209

0

0.00%

0

0.0

no sales

$4,500,000 - $4,999,999

0

0.00%

0

1

0.43%

33

0.1

0.0

$5,000,000 - $5,999,999

1

2.63%

243

0

0.00%

0

0.0

no sales

$9,000,000 - $9,999,999

1

2.63%

689

0

0.00%

0

0.0

no sales

 

38

100%

169

232

100%

81

19.1

2.0

If there is no data in a price band, the price band is not displayed. 

Reports provided by iMaxWebSolutions.com

 

 

When you examine Rockport’s situation you see a different picture.  There are very few homes for sale below $500,000 (5 to be specific).  The ones under $500,000 that sold last year must have had significant problems in that their average time one market was between 145 and 250 days.  The 31 homes that sold between $300,000 and $499,999 were on market less than 60 days on average.

 

That is why I say, if your home is on the market for more than 90 days, the price is too high and it should be reduced because the longer a house stays on the market the less appeal it has for buyers.  They wonder what is wrong with it and begin to look at all its flaws.

Months of Inventory by Price Band

Property Type: Single Family
Towns: Rockport, MA

 

Price Band

Active Listings

Sold Listings
3/26/2016 - 3/25/2017

Sales Per Month

Months of Inventory

# Listings

% Total

DOM

# Listings

% Total

DOM

$155,000 - $199,999

0

0.00%

0

3

4.41%

140

0.2

0.0

$200,000 - $249,999

0

0.00%

0

1

1.47%

250

0.1

0.0

$250,000 - $299,999

0

0.00%

0

3

4.41%

247

0.2

0.0

$300,000 - $349,999

0

0.00%

0

5

7.35%

27

0.4

0.0

$350,000 - $399,999

3

15.79%

156

10

14.71%

60

0.8

3.6

$400,000 - $449,999

0

0.00%

0

8

11.76%

68

0.7

0.0

$450,000 - $499,999

2

10.53%

13

8

11.76%

48

0.7

3.0

$500,000 - $599,999

2

10.53%

22

11

16.18%

60

0.9

2.2

$600,000 - $699,999

1

5.26%

42

6

8.82%

49

0.5

2.0

$700,000 - $799,999

1

5.26%

93

1

1.47%

266

0.1

12.1

$800,000 - $899,999

0

0.00%

0

4

5.88%

95

0.3

0.0

$900,000 - $999,999

2

10.53%

132

1

1.47%

200

0.1

24.3

$1,100,000 - $1,199,999

0

0.00%

0

1

1.47%

14

0.1

0.0

$1,300,000 - $1,399,999

2

10.53%

346

1

1.47%

34

0.1

24.3

$1,400,000 - $1,499,999

0

0.00%

0

1

1.47%

237

0.1

0.0

$1,600,000 - $1,699,999

1

5.26%

284

0

0.00%

0

0.0

no sales

$1,800,000 - $1,899,999

1

5.26%

284

2

2.94%

80

0.2

6.1

$2,000,000 - $2,499,999

1

5.26%

194

2

2.94%

216

0.2

6.1

$2,500,000 - $2,999,999

2

10.53%

31

0

0.00%

0

0.0

no sales

$3,500,000 - $3,999,999

1

5.26%

24

0

0.00%

0

0.0

no sales

 

19

100%

130

68

100%

85

5.6

3.4

If there is no data in a price band, the price band is not displayed. 

Reports provided by iMaxWebSolutions.com

Year To Year Comparisons for Cape Ann in 2014, 2015, and 2016

Year to Year Comparisons for Cape Ann Single Family Homes

Gloucester

Year

Lowest Price

Highest Price

Median Price

Average Price

Total Volume

# of Units Sold

Avg Days to Offer

Sales Price to Original Price

2014

$110,000

$2,950,000

$380,500

$534,079

$100,940,970

189

62

93 %

2015

$96,000

$2,500,000

$375,000

$541,892

$112,171,608

207

59

93 %

2016

$92,300

$4,650,000

$393,000

$516,624

$114,173,810

221

60

94 %

 

Rockport

Year

Lowest Price

Highest Price

Median Price

Average Price

Total Volume

# of Units Sold

Avg Days to Offer

Sales Price to Original Price

2014

$240,000

$1,900,000

$457,500

$548,935

 $44,463,751

81

105

91 %

2015

$250,000

$3,700,000

$531,250

$672,096

$52,423,490

78

91

93 %

2016

$155,000

$2,175,000

$479,000

$615,926

$44,962,586

73

72

92 %

 

 

Year to Year Comparisons for Cape Ann Homes $1M+

Gloucester

Year

Lowest Price

Highest Price

# of Units on the Market

# of Units Sold

Avg Days to Offer

Sales Price to Original Price

2014

$1,060,000

$2,950,000

36

20

81

92 %

2015

$1,085,000

$2,500,000

41

23

111

90 %

2016

$1,065,000

$4,650,000

49

17

165

85 %

                                                  There are an additional 6 properties Under Agreement

 

Rockport

Year

Lowest Price

Highest Price

# of Units on the Market

# of Units Sold

Avg Days to Offer

Sales Price to Original Price

2014

$1,000,000

$1,900,000

11

8

88

90 %

2015

$1,010,000

$3,700,000

15

9

228

90 %

2016

$1,160,000

$2,175,000

22

8

113

92 %

Year to Year Comparisons for Cape Ann Condominiums

Gloucester

Year

Lowest Price

Highest Price

Median Price

Average Price

Total Volume

# of Units Sold

Avg Days to Offer

Sales Price to Original Price

2014

$75,000

$862,000

$287,000

$356,931

$30,339,098

85

83

94 %

2015

$90,000

$1,100,000

$292,750

$348,772

$29,994,392

86

59

96 %

2016

$75,000

$1,100,000

$287,087

$359,942

$33,834,507

94

52

97 %

 

Rockport

Year

Lowest Price

Highest Price

Median Price

Average Price

Total Volume

# of Units Sold

Avg Days to Offer

Sales Price to Original Price

2014

$121,500

$724,000

$290,000

$316,252

$7,906,300

25

55

94 %

2015

$105,000

$499,000

$250,000

$269,032

$11,030,300

41

119

91 %

2016

$118,000

$830,000

$327,500

$353,826

 $10,968,600

31

101

93 %

 

 

Year to Year Comparisons for Cape Ann Multi Family

Gloucester

Year

Lowest Price

Highest Price

Median Price

Average Price

Total Volume

# of Units Sold

Avg Days to Offer

Sales Price to Original Price

2014

$90,000

$550,000

$332,500

$327,801

$15,078,825

46

51

90 %

2015

$210,000

$1,572,500

$340,500

$394,888

$17,769,950

45

53

93 %

2016

$120,000

$680,000

$357,000

$365,409

$14,250,956

39

64

93 %

 

Rockport

Year

Lowest Price

Highest Price

Median Price

Average Price

Total Volume

# of Units Sold

Avg Days to Offer

Sales Price to Original Price

2014

$325,000

$705,000

$462,500

$456,330

$6,388,625

14

68

88 %

2015

$385,000

$716,460

$456,000

$519,153

$1,557,460

3

28

93 %

2016

$350,000

$575,000

$395,000

$419,818

$4,618,000

11

53

91 %

 ©2017 MLS Property Information Network, Inc.      

December 2016 Newsletter

December, 2016

Market Update

             The figures are in for 2016 for Single Family, Multi Family, Condo, and Single Family $1M+ property sales.  It makes for very interesting reading.  You will find all the reports at the end of this newsletter.  Note worthy points:

  • Gloucester has seen a steady increase from 2014 to 2016 in units sold, dollar volume, and sales price to original price ratio in all segments except $1M+ single family and multi family properties.  There is a corresponding decrease in days on market as well.  It is a Sellers Market.
  • Rockport on the other hand has seen mixed results segment to segment.  The main factors are 1) lack of inventory, 2) pricing and 3) condition.  Much of Rockport’s inventory is older homes requiring significant updating.  Buyers are pushing back on that if the price is also high.

 

High End Market—Properties Over $1M

The $1M+ market segment in both communities is softening with a higher percentage of homes remaining unsold.  In Gloucester this year only 34% of properties sold; in Rockport only 36% of properties sold.  There were a total of  71 million dollar homes on the market in both communities and only a total of 25 sold.  Many sellers are facing the fact that today’s buyers are not all that enthusiastic for 3000+ Sq Ft homes.  High-end buyers are looking for more flexibility and are coming back into the second home market by purchasing smaller (2000—2500 Sq Ft) homes and then adding a vacation/winter property which can be rented when not in use by them.  This was not the case during the recession but I see it coming back into vogue now.

 

Community Differences

I know that Rockport really wants more young families in town but the current inventory is out of their reach.  But, you can find in Gloucester a single family home that’s on the market for $324,900.  It has 3 bedrooms, 1-1/2 baths, on 11,000+ sq. ft. lot near conservation land, recently connected to sewer.  It needs some work but is basically solid.  A down payment of $10,000 on a 30-year fixed mortgage at 4.325% rate (but not including PMI) would generate a payment of $1857 per month (including escrowed real estate taxes). This is within the budget of many young families.  This is one of five 3-bedroom homes in Gloucester that are under $350,000 that are within the budget of a young family.

In comparison, there is only one home in Rockport (a 2-bedroom home) that is on the market for under $350,000 (it’s listed just under $300,000).  There are two more (both on Long Beach) between $350,000 and $450,000 on the market with 3 more that are under contract.  One of which is the house at 4 Pleasant Rd that just went under contract after 7 days.  Asking price was $438,800.  With a down payment of $21,940 (5%) on a 30-year mortgage at a 4.325% fixed rate,  you would face a $2,358 monthly payment (including real estate taxes but no PMI).  PMI (private mortgage insurance) would add a few hundred more each month to the payment.  That is beyond many first time home buyers.

The lack of inventory in Rockport will keep pricing beyond the reach of most average young families which will continue to accelerate the change in the character of the town.  Without more inventory in the $300K to $400K price range the situation will not change.

 

Mortgages

As predicted, mortgage rates have increased and, with an improved business climate in 2017, will continue to rise.  Most industry experts expect mortgage rates to rise to between 4.3% to 4.5% by the end of 2017.  That is still a reasonable rate for those of use who remember the days of 12% to 15% rates.  Except, back then, pricing was in the $200,000—$250,000 range for a lovely home.  Another fact of interest is the FICO score that lenders want to see.  Conventional mortgages like to see score of around 753, FHA is 686, VA is 709. The higher your FICO score the better the interest rate you will receive.

 

Always, always, always go through the preapproval process before beginning your property search even if you have a home to sell.  So many things have changed in the last 10 years that you want to be sure you understand the current process thoroughly before beginning your search.  You will save yourself much disappointment.

Spotlight on my Business Directory

             I encourage you to use my business directory to find help with your property issues.  Here’s a few businesses that have helped my clients recently:

 

Katherine McNally of Guaranteed Rate: Katherine has been in the mortgage business for years. She’s an expert at what she does and Guaranteed Rate has a slick program which keeps you up to date on the status of your loan processing. She’s very knowledgeable on the large number of programs the company offers and she takes a personal interest in her clients.  If you know any young buyers, have them contact her and inquire about a renovation loan.  Sometimes it’s the prefect solution if a property needs some immediate repairs.

 

Daniel Croce of Advantage Pest Control:  Every once in a while homeowners have a need for pest control—ants, mice, bats, etc. Dan’s company has a long record of dealing swiftly with the annoying critters and he has plans for ongoing maintenance. My home is set back from the road on the edge of woods and I have always had to spray for black ants. Any now that I don’t have a cat, I’ve had to treat for mice as well.  The hawk that used to visit us on a regular basis has been decided to seek other areas apparently and this year I was overrun with squirrels (that stayed out of my house) and mice which did get in.

 

You will find contact information for these companies as well as many others in the Business Directory that is located on my website at www.bettypool.com.

One More Thing...

I wish each and every one of you a wonderful New Year of 2017.  Let’s put 2016 to rest and move on to make 2017 the best ever.  Help one another, be kind to one another, and reach out to those who are in need.  Do that and 2017 will be the most rewarding  year.

 

I welcome your feedback on this newsletter and I am never too busy for your referrals.

Questions?

 Email me at betty@BettyPool.com or call at 978.290.1736 (cell).  Visit my website—http://www.BettyPool.com.

RE/MAX Advantage Real Estate  —  224 Washington St, Gloucester, MA 01930  —  978-283-8005

 

October 2016 Newsletter

Market Update

              You’ve heard all the talk about low inventory, well the results are in.  Check out these figures for the first nine months of 2016 as compared to the same period in 2015.             

 

Town

Avg  / Mo for Sale

Avg  / Mo Sold

 Avg Mo of

Inventory

Avg Original Price

Avg Price @ Offer

Avg Sold Price

Avg  Days

 to Offer

Gloucester 2015

108

17

6.4

$617,557

$596,680

$564,975

59

Gloucester 2016

109

18

6.1

$541,080

$523,698

$503,787

57

Rockport 2015

49

7

7.0

$754,505

$720,744

$699,370

106

Rockport 2016

40

6

6.7

$627,063

$597,690

$569,435

71

Essex 2015

28

4

7.0

$637,894

$623,864

$599,604

113

Essex 2016

23

4

5.8

$595,868

$566,638

$522,037

80

Ipswich 2015

60

11

5.5

$626,814

$614,173

$602,923

65

Ipswich 2016

61

10

6.1

$549,819

$537,568

$519,598

62

Beverly 2015

91

25

3.6

$498,994

$488,861

$477,745

46

Beverly 2016

87

31

2.8

$521,570

$507,517

$502,875

34

              There were fewer homes for sale this year in Rockport, Essex, and Beverly.  Pricing differences between Original Price and the eventual Sold Price varied the most in the communities of Essex 2016 ($73,831), Rockport 2016 ($57,728), and Gloucester 2015 ($52,582).  Now look at the Avg Days To Offer for those same communities, you can easily see how those communities are experiencing a slower market. Compare those figures to Beverly 2015 ($21,249 difference) and 46 days to offer and Beverly 2016 ($18,695 difference) and 34 days to offer—that’s a hot market!  Beverly only has 2.8 months of inventory remaining on the market as compared to 5, 6, and 7 months.

I’m enclosing the detail for your particular town/city so you can delve into the minutiae.  I have also included Sales by Price Band report. This is very important when you are a seller trying to determine the price for your property. If you want more information, please give me a call.  It’s all about understanding how your property fits within your area and how active your particular price range is.

 

High End Market—Properties Over $1M

When it comes to high-end properties (those over $1M) it differs greatly between communities. This year to date in Gloucester there were 16 sales in that range; they have another 28 more on the market—at the same rate of sale it will take another year and a half to sell them all. Rockport had sales of 6 so far; there are 12 more on the market now—that’s 2 years of inventory. Essex sold 1; has 4 more available. Ipswich sold 5, there are 10 more available.  Beverly is the only community with less than a year of inventory. Beverly sold 17 so far this year; they have only 13 more available.

 

Mortgages

Now is the time to speak with your mortgage company about refinancing your current mortgage to shorten the length of time to payoff or withdraw some equity to do household repairs.  Rates can only go up and they most likely will after the election.

I shared a success story in last May’s newsletter about a client of mine who purchased a home that needed lots of work by utilizing a Renovation Loans (FHA 203K). There are two mortgage lenders with local offices that provide this type of mortgage; both have great track records so give them a call to get the details.

Prospect Mortgage — David Snover, NE Renovation Team at (617) 283-3072

Guaranteed Rate — Katherine McNally, VP Mortgage Lending at (978) 879-9313

 

September, 2016

              One more thing to keep in mind about mortgages in a hot market like Beverly where many homes go quickly and sell for more than the asking price, if the buyer needs a mortgage, appraisals can become an issue. A property should appraise at or above the purchase price.  If it doesn’t, the buyer must come up with the extra funds to put down toward the purchase or the buyer will not be able to get their mortgage and the sale will fall apart. In some cases the appraisal is not completed until about 3 weeks before the closing.  By that time all parties are moving forward with moving plans.  This is not the time to have a sale fall through. Some homes in cities and towns closer to Boston are going for $30K to $50K or more over the asking price. Experienced Buyer Agents will work with their buyers to ensure that this situation does not happen. Experienced Seller Agents will do their best to ensure that prospective buyers are fully qualified and able to get to the closing table. This type of situation is difficult to manage on both end in a market with rising prices.

Spotlight on my Business Directory

In real estate it is absolutely necessary to have a team of people that can assist a seller or buyer with all the last minute things when moving.  I highlight a few members of my team each month just in case you have similar needs whether or not you are planning a move.

 

Organize That!: Jennifer Lyon has built a business assisting people to get organized in new spaces (offices and homes), packing for a move, decluttering and downsizing in preparation for a move, or just cleaning out old records (what to save and what to destroy). She is helping a client of mine now who will be downsizing from a small house to a much smaller apartment. You would be amazed at how much stuff can be collected through the years.  It pays to have some guidance and assistance. 

 

Ken Hanley Landscaping:  An indispensable member of my preparation team is Ken Hanley. I can call him just about any time and he can spruce up the yards for my sellers in preparation for open houses.  He can trim the overgrown bushes, clean out the garden debris, and remove it all from the property.  I’ve even had him clean out some gutters—it’s very unsightly when you see those little trees growing out of gutters. If you’d like a little help with your fall clean up this year, give him a call.

 

You will find contact information for these companies as well as many others in the Business Directory that is located on my website at www.bettypool.com.

One More Thing...

Since the death of my husband last December I have been working my way through my house, sorting, discarding, repairing, and paring down to simplify my life.  I recently had my basement cleaned out and painted.  This is a gift to my children.  This is one thing they will not have to do when my time comes. I can’t adequately convey how freeing it is to shed all this accumulated stuff. I hope that the items I’ve given to Second Glance will fulfill their purpose by brightening up someone else’s life as they did mine.

It’s fall and time to check the batteries in your smoke alarms and CO monitors.  And, it’s not just the batteries.  The effectiveness of the sensors in those devices deteriorates over time.  Pushing the test button just tests the batteries and the sound that’s generated.  It does not test the sensors and if they don’t detect the smoke or CO the alarms will not sound.  The state of Massachusetts has an excellent booklet (Guide to Massachusetts Smoke & Carbon Monoxide Requirements) that you can find on their website.  It includes the current codes.  Please review it and review the systems you have in your home. If they are older than 7-10 years, you should replace them ASAP so you will not be awakened at 1:00 AM some night.  It is very upsetting to say the least and hard to get back to sleep.

 

 

I welcome your feedback on this newsletter and I am never too busy for your referrals.

Questions?

Email me at betty@BettyPool.com or call at 978.290.1736 (cell).  Visit my website—http://www.BettyPool.com.

RE/MAX Advantage Real Estate  —  224 Washington St, Gloucester, MA 01930  —  978-283-8005

 

 

Million Dollar Homes on Cape Ann - November 17, 2016

Address

Town

State

List Price

DOM

Lot Size

GLA Sq Ft

Rooms

Bed Rooms

Full Baths

56 Ye Olde County Road

Gloucester

MA

$1,050,000

232

16,560SF

2,450

7

3

2

10 Grapevine Road

Gloucester

MA

$1,095,000

360

1.59A

4,496

17

7

3

21 Beach St

Rockport

MA

$1,100,000

58

11,200SF

540

2

1

1

1 Chester Square

Gloucester

MA

$1,145,000

401

8,850SF

1,957

7

4

3

1 Athena Way

Rockport

MA

$1,195,000

62

15,900SF

2,327

8

4

3

5 Palfrey Road

Gloucester

MA

$1,200,000

100

6,000SF

2,500

8

4

3

7 Stewart Avenue

Gloucester

MA

$1,250,000

34

1.01A

5,298

11

4

0

20 Colburn St

Gloucester

MA

$1,299,000

160

56.20A

2,365

9

4

1

37 Mt Pleasant Street

Rockport

MA

$1,300,000

561

8,850SF

3,900

14

8

7

15 Niles Pond Road

Gloucester

MA

$1,350,000

181

1.41A

4,082

12

4

3

65 Dolliver Neck Rd.

Gloucester

MA

$1,390,000

119

17,200SF

3,205

11

3

3

13 Oakes Avenue

Gloucester

MA

$1,395,000

35

11,524SF

4,877

13

5

4

19 Stanwood Point

Gloucester

MA

$1,398,000

325

15,150SF

2,241

7

3

3

7 Hidden Way

Gloucester

MA

$1,400,000

37

10,478SF

2,648

8

4

3

42 Mussell Point Rd

Gloucester

MA

$1,499,000

290

40,000SF

3,632

9

4

3

95 Riverview Rd

Gloucester

MA

$1,595,000

162

11,200SF

1,899

6

3

3

47 Penzance Road

Rockport

MA

$1,649,000

155

39,320SF

2,678

10

3

2

262 Western Ave

Gloucester

MA

$1,695,000

184

3.24A

3,549

11

3

2

20 Ocean Highlands

Gloucester

MA

$1,750,000

106

32,800SF

2,830

9

4

4

51 Marmion Way

Rockport

MA

$1,835,000

88

16,620SF

3,107

10

5

7

207 Atlantic Road

Gloucester

MA

$1,899,000

245

25,264SF

3,200

11

4

4

48 Marmion Way

Rockport

MA

$1,995,000

156

24,455SF

4,309

10

4

3

46 Eden Rd

Rockport

MA

$2,150,000

212

42,485SF

3,256

11

7

2

69 Marmion Way

Rockport

MA

$2,475,000

66

37,330SF

6,406

16

8

9

125 Cole's Island Road

Gloucester

MA

$2,495,000

187

33.20A

5,865

15

7

4

73 Eastern Point Boulevard

Gloucester

MA

$2,639,000

226

17,424SF

2,510

6

3

3

6 Brier Road

Gloucester

MA

$2,675,000

135

1.40A

5,000

11

5

5

51 & 51a Marmion Way

Rockport

MA

$2,685,000

90

28,720SF

4,203

11

5

9

25 Penryn Way

Rockport

MA

$2,895,000

47

40,280SF

7,060

12

3

4

86 Hesperus Avenue

Gloucester

MA

$2,995,000

345

2.73A

4,814

14

5

5

87r Wingaersheek

Gloucester

MA

$2,995,000

213

17,859SF

3,075

8

4

3

122 Hesperus Avenue

Gloucester

MA

$3,650,000

576

4.00A

4,418

11

3

4

160 Western Avenue

Gloucester

MA

$3,900,000

81

2.46A

5,996

13

5

5

129 Atlantic

Gloucester

MA

$5,890,000

115

1.09A

8,441

16

4

4

9 Drumhack Road

Gloucester

MA

$9,250,000

561

2.34A

10,400

14

3

4

And you think you have competition when you sell your house!  Just think of trying to compete in this $Million market when you have to always be ready for a showing.  And, these buyers are very particular.

DOM stands for Days On Market.

 

Single Family Homes Sales in Pigeon Cove from Jan to Oct 2016

Single Family Home Sales in Pigeon Cove in 2016

(I used the Keystone Bridge as the dividing line.)

 

Address

Original List Price

Sale Price

Sale Date

Days on Market

4 Green St

$349,000

$349,000

10/17/2016

25

50 Curtis St

$360,000

$345,000

6/10/2016

36

29 Pigeon Hill St

$350,000

$350,000

2/29/2016

67

68 Granite St

$379,000

$375,000

1/19/2016

6

39 Pigeon Hill St

$Auction

$382,769

10/6/20016

20

74 Granite St

$399,000

$385,000

4/23/2016

67

11 Oakland Ave

$399,000

$380,000

5/27/2016

14

6 Hillside Rd

$457,700

$427,000

10/31/2016

124

5 Curtis St

$469,000

$455,000

3/17/2016

77

13 Stockholm Ave

$490,000

$470,000

5/20/2016

45

116 Granite St

$499,000

$475,000

5/27/2016

233

168 Granite St

$530,000

$530,000

1/26/2016

481

33 Pigeon Hill St

$559,900

$546,500

6/20/2016

71

7 Green St

$649,000

$649,000

6/30/2016

1

20 Drumlin Rd

$679,000

$655,000

1/15/2016

215

277 Granite St

$680,000

$650,000

7/15/2016

85

95-A Granite St

$880,000

$850,000

9/27/2016

4

1-2 Chapel Ln

$1,350,000

$1,363,013

9/7/2016

34

8 Marchant St

$1,550,000

$1,475,000

3/3/2016

113

In all Rockport, 26 properties are on the market with an average days on market of 168 and 17 properties expired this year without selling with an average days on market of 170.

 

 

Condominium Home Sales in Pigeon Cove in 2016

 

Address

Original List Price

Sale Price

Sale Date

Days on Market

182 Granite St, Unit 5

$199,000

$190,000

5/17/2016

17

182 Granite St, Unit 2

$199,000

$187,000

10/27/2016

60

105 Granite St, Unit 1

$310,000

$298,500

5/20/2016

38

15 Story St, Unit 3

$425,000

$399,900

5/3/2016

48

167 Granite St, Unit 4

$439,000

$405,000

2/11/2016

77

15 Story St, Unit 5

$479,000

$479,000

10/25/2016

20

8 Pasture Rd, Unit 1

$539,000

$527,500

8/15/2016

6

14 Rowe Point, Unit 14

$885,000

$830,000

9/30/2016

152

 

In all Rockport, 9 properties are on the market with an average days on market of 121 and 3 properties expired this year without selling with an average days on market of 222.