Business & Tech
Marblehead Home Sales On The Rise
Demand for houses in the $400Ks to $600Ks creating bidding wars.
Marblehead home sales still take longer than they used to, but the number of houses sold and the prices they are selling for are again on the rise.
And in some cases homes are creating a bidding war.
According to the latest sales figures, there are 30 percent more homes under agreement over the last three months than the same time last year. It took about 14 percent longer to sell a house than a year ago. But the asking prices are 12 percent higher.
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"It is all about confidence. Buyers are feeling more confident. The bottom is over," said Carole Cressy, who heads her own real estate team with RE/MAX in Marblehead.
The demand for houses is improving to the point that some owners are finding themselves in a bidding war with several potential buyers competing for the house, Cressy said. In one house, where she had a buyer competing, there were five offers.
Find out what's happening in Marbleheadfor free with the latest updates from Patch.
The demand is highest for mid-priced homes.
According to the Multiple Listing Service statistics, provided by the Cressy firm, there are four houses under agreement now that are in the $500,000 to $600,000 price range. There are two houses under agreement in the $600,000 to $700,000 range.
Four houses are under agreement between $800,000 and $2.5 million. This includes one house that is selling between $2 million and $2.5 million. One house that sold for more than $1 million was on the market for 277 days.
Sales of less expensive homes were up too. Two houses under agreement are in the $400,000 and $450,000 range. And two other houses are selling for prices between $300,000 and $400,000.
"It used to be you could not find a $300,000 to $400,000 house in Marblehead. Now you can," Cressy said. "People can afford a house in Marblehead."
Over the last 12 months, sales have picked up about 40 percent over the previous 12 months, according to the data. The sales prices have risen by 8.4 percent. And it has taken about 8 percent longer to sell the house.
"The demand for real estate is rising," Cressy said. "Our numbers are way up."
