We asked our real estate experts, “What is happening in your neck of the woods?”
Per Lanse Robb, #1 broker on the North Shore since 1992 for the high-end market, “this has been a strong year”. High-end sales are up from 264 to 319 in Essex County (defined as above $750,000). Days on market are down from an average of 171 to 137 this year. With $39,000,000 in sales in 2014 and two additional properties above $4MM under agreement to close in the fall of 2014, Lanse is positioned to take the #1 spot again this year. Both of these properties are waterfront with docks and are in move-in condition.
“As long as the stock market has momentum, the real estate market will follow. Mortgage rates remain historically low providing substantial leverage for buyers. Supply is tight in consistently hot towns such as Manchester and Beverly. This has created a surge in offers and sales in Marblehead, Gloucester, Ipswich, Essex, and Swampscott. As the fall market continues, LandVest expects focus on towns with abundant inventory such as Hamilton, Wenham, and Boxford.”
– Lanse Robb