Newburyport Market Update - March 2022 | Essex County, MA Real Estate

Summary

In the March 2022 market update for Greater Newburyport, the key highlight is the unprecedented rise in interest rates, now over 5%. The report reveals a contrast between single-family homes and condos, with single-family homes experiencing higher competition and selling at 7.8% over asking, while condos sold closer to the asking price at 1.2% over ask. Cash transactions significantly contribute to the market, with a median sale price of $872,500 for single-family homes and $520,000 for condos. Despite low volume, the market remains healthy with consistent demand.

Takeaways

• 📈 Interest Rates Surge: As of the recording, interest rates have reached over five percent, marking the fastest raise in history.
• 🏡 Single Family Homes Market: There were four single family home listings that closed with an average of 5 days till offer and a 7.8% sale price over asking.
• 💰 Financing Insights: Among the sales, two were cash transactions, one had another type of financing, and one was a conventional loan.
• 🏢 Median Sale Price for Homes: The median sale price for single family homes was reported to be $872,500.
• 🏘️ Condo Market Overview: There were 10 condo sales with an average over ask of just 1.2% and a median sale price of $520,000.
• 📅 Quick Turnover for Condos: Condos had an average of 29.7 days on the market before sale, indicating a faster turnover compared to single family homes.
• 💵 Cash Transactions Dominant: One of the condo sales was a cash transaction, highlighting the continued significance of cash in the market.
• 🔍 Market Competition: The competition for single family homes is fiercer with a higher percentage over asking compared to condos.
• 🏠 Home Type Consideration: Buyers might have a better chance of getting an offer accepted on a condo due to less competition.
• 📊 Healthy Market Despite Low Volume: Despite a low volume of sales, the market for March is considered healthy with consistently strong demand.
• 📈 New Listings on the Rise: There is a hopeful sign of new listings coming onto the market, although the numbers are lower than in previous years.

Q & A

What was the main focus of the March 2022 market update for Greater Newburyport?

The main focus was the rapid increase in interest rates, which have topped five percent, and its impact on the housing market.

How did the interest rates change as of the time of the video?

As of two hours before the video, interest rates had reached over five percent, marking the fastest raise in history.

What was the average days on market for single-family homes in the local report?

The average days on market for single-family homes was five.

What was the average percentage over asking price for the four single-family home sales mentioned?

The average percentage over asking price was 7.8%.

How many of the four single-family home sales were made with cash?

Two of the four sales were made with cash.

What was the median sale price for single-family homes in the report?

The median sale price for single-family homes was $872,500.

How many condo sales were there in Newburyport according to the report?

There were 10 condo sales in Newburyport.

What was the average over ask percentage for condos compared to single-family homes?

The average over ask percentage for condos was 1.2%, compared to 7.8% for single-family homes.

What does the difference in over ask percentages between single-family homes and condos suggest about the market?

It suggests that there is less competition for condos, with condos selling closer to the asking price compared to single-family homes.

How many days on market was the average for condos sold in Newburyport?

The average days on market for condos was 29.7.

What was the median sale price for condos in the report?

The median sale price for condos was $520,000.

What does the script suggest about the flexibility of buyers in the market?

The script suggests that buyers with the flexibility to choose between a condo and a single-family home might have a better chance of getting an offer accepted on a condo due to less competition.

How did the hosts describe the overall health of the market for March?

The hosts described the market as very healthy for March, despite the low volume.

What was the hosts' observation about the number of units that came on the market last week?

The hosts observed that although the number of units that came on the market last week was hopeful, it was significantly lower than what would have been expected three years ago.