Since January of 2012 we have experienced a shift in the market as it relates to buying and selling property.  There has been a higher demand on purchasing homes as prices have experienced a low point with some home sales now going above the asking price and some home sales having multiple bids over the asking price.  These homes are generally with the foreclosure and short sale market but some other types of homes such as an estate, or home that may need some updating but is priced competitively is seeing multiple bids and some going above the asking price.

The sales chart above shows that the Number of Sales in Essex County is up 7.4% year over year.  The sales price is down approximately 2.0% or $7,000.  This indicates that some towns are showing price increases while others are starting to stabilize.

THIS CHART SHOWS 10 TOWNS WE HELP BUYERS AND SELLERS WITH REAL ESTATE.  70% OF THE TOWNS HAVE SHOWED AN INCREASE IN THE NUMBER OF SALES YEAR OVER YEAR.  40% ARE SHOWING INCREASES IN THE SALES PRICE YEAR OVER YEAR.  ON AVERAGE THESE 10 TOWNS ARE UP 6.4% FOR UNITS SOLD AND DOWN 2.5% OR $7,400 FOR THE SALES PRICE.  THIS IS VERY SIMILAR TO THE AVERAGES FOR ESSEX COUNTY.

Is the market picking up a bit....YES, Unit Sales are UP in Most Markets, Pricing is very close to showing an increase year over year for Essex County, Is there a lower supply of quality homes on the market...YES,There is currently ONE Multifamily home for sale in Beverly under $300,000,  Are mortgage rates near historic lows....YES, 30 year fixed rates still in the low 4's.  There are still many factors that affect the housing market and the big factors are: 1)Banks ability to lend money 2) Number of homes in foreclosure or close to foreclosure, 2) job market, 3) Potential Gas and oil prices, 4) Debate of Renting vs Buying which equals Consumer Confidence. 

Still appears that 2012 will be a better year than 2011 for the Housing Market.  But still proceed with caution and find the right home for you and your family.

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