Pricing your home properly is more important than ever
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This month's market data, based on May 2022 stats, showed a big increase in inventory while number of sales, sales price, and days to offer remained around the same. Meanwhile, the sale price to list price ratio was up year-over-year. With the increased inventory and number of sales staying around the same, this means that we have more inventory going into the current month. This creates less demand as there are more options for buyers. Pair this with increasing interest rates and we are currently seeing homes staying on the market a little bit longer and we are seeing buyer pools decrease, as buying power has decreased with the increased interest rates. These few months are seeing a shift in the market. This is definitely good news for buyers, as they now have more options and a little less competition, however, the best homes are still selling fast and over asking price. Based on the data, sellers should note that we are currently still seeing over ask selling prices, but pricing your home right from the off-set is the key to getting multiple offers.

SOURCE VIA MLS; TOTAL SOLD MARKET STATISTICS MAY 2022 VS. MAY 2021, ON-MARKET SNAPSHOT AS OF 6/8/2022
NORTH SHORE DATA INCLUDES: BEVERLY, ESSEX, GLOUCESTER, HAMILTON, IPSWICH, MANCHESTER, MARBLEHEAD, ROCKPORT, SALEM, WENHAM 


North Shore Averages

Here is a look at the data for select cities and towns in the North Shore combined, based on MLS data for the month of May 2022 with comparison to May 2021. Overall we saw a nearly 24% increase in inventory, an increase in the number of sales and a notable increase in the sale to list price ratio. Days to offer was also slightly lower year-over-year. Of note, the average sales price was slightly down, however the average list price was also down ($707,120 in 2022 vs $753,110 in 2021)

NORTH SHORE DATA INCLUDES: BEVERLY, ESSEX, GLOUCESTER, HAMILTON, IPSWICH, MANCHESTER, MARBLEHEAD, ROCKPORT, SALEM, WENHAM 

291

NEW LISTINGS

2021: 235

$758,576

AVG SALES PRICE

2021: $777,993

14

AVG DAYS TO OFFER

2021: 18

197

HOMES SOLD

2021: 185

108

SALES PRICE: LIST PRICE

2021: 105

Manchester-by-the-Sea + Essex

Inventory in Manchester and Essex saw a big increase from last year while days to offer also increased and number of homes sold decreased. This means there is more inventory going into the next month. Though the average sales price was down, so was the average list price ($832,644 in 2022 vs $1,092,900 in 2021). This is also represented in the sales to list price ratio, which was the highest across our North Shore service areas at 113.

22

NEW LISTINGS

2021: 14

$931,222

AVG SALES PRICE

2021: $1,118,000

24

AVG DAYS TO OFFER

2021: 12

9

HOMES SOLD

2021: 11

113

SALES PRICE: LIST PRICE

2021: 110

Gloucester

Gloucester's data proved to be relatively similar to 2021, however there was much more inventory that came on the market this year compared to 2021. Of note is also the increase sale price to list price ratio, showing that homes are still selling well over asking price.

41

NEW LISTINGS

2021: 30

$829,281

AVG SALES PRICE

2021: $821,036

22

AVG DAYS TO OFFER

2021: 24

26

HOMES SOLD

2021: 22

105

SALES PRICE: LIST PRICE

2021: 103

Beverly

Beverly's 2022 market data showed that Beverly is a very hot market still. The average sales price increased by nearly 24%. Days to offer remained very low at just 6 days and the sale to list price ratio was very high at 109. Beverly also saw a huge increase in new listings while also seeing an increase in the number of homes sold. This tells us that while more homes are coming on the market, they are also selling and selling quickly.

65

NEW LISTINGS

2021: 44

$734,948

AVG SALES PRICE

2021: $593,042

6

AVG DAYS TO OFFER

2021: 6

48

HOMES SOLD

2021: 33

109

SALES PRICE: LIST PRICE

2021: 107

Salem

Salem was the only of our service areas that saw less inventory hit the market in May 2022 than in May 2021. It also saw more sales and the same, very low, days to offer, high sales to list price ratio, and an increase in average sales price. This means that the Salem market is still very in demand. 

61

NEW LISTINGS

2021: 71

$534,991

AVG SALES PRICE

2021: $493,406

11

AVG DAYS TO OFFER

2021: 11

54

HOMES SOLD

2021: 49

107

SALES PRICE: LIST PRICE

2021: 107

Hamilton + Wenham

Hamilton and Wenham's new listings were the same as 2021 while the average days to offer were significantly fewer, the number of homes sold increase, and the average sales to list price ratio was very high at 111. Though the average sales price was down from 2021, so was the average list price ($812,708 in 2022 vs $1,016,071 in 2021). This tells us that there were more homes that came on the market at lower price points, which may be the reason why the average days to offer, number of homes sold, and sales to list price ratio all improved year-over-year.

19

NEW LISTINGS

2021: 19

$896,444

AVG SALES PRICE

2021: $1,040,914

14

AVG DAYS TO OFFER

2021: 52

20

HOMES SOLD

2021: 17

111

SALES PRICE: LIST PRICE

2021: 105

Ipswich

Ipswich saw more inventory hit the market in 2022 than it did in 2021 while also seeing an increase in sales price and an increase in the sale to list price ratio. Meanwhile the average days to offer increased and the number of homes sold decreased. Overall, the Ipswich market appears to remain steady.

26

NEW LISTINGS

2021: 21

$736,715

AVG SALES PRICE

2021: $681,412

21

AVG DAYS TO OFFER

2021: 12

13

HOMES SOLD

2021: 16

106

SALES PRICE: LIST PRICE

2021: 104

Marblehead

Marblehead saw a major increase in new listings compared to 2021 while also seeing fewer sales. Meanwhile, the average sales price, days to offer, and sales to list price ratio remained around the same. With so many new listings and fewer sales, it will be interesting to see how this plays out for the Marblehead market in June. 

49

NEW LISTINGS

2021: 26

$1,118,583

AVG SALES PRICE

2021: $1,187,957

21

AVG DAYS TO OFFER

2021: 15

18

HOMES SOLD

2021: 23

105

SALES PRICE: LIST PRICE

2021: 104

Rockport

Rockport was one of the only towns that had fewer new listings and also fewer sales year-over-year. The average sales price was also lower, however the average list price was significantly lower ($754,100 in 2022 vs $946,279 in 2021). The average sale to list price ratio of 106 and average 24 days to offer tells us that the homes that were on the market sold more quickly and far more over asking price than 2021.

8

NEW LISTINGS

2021: 10

$854,389

AVG SALES PRICE

2021: $937,821

24

AVG DAYS TO OFFER

2021: 34

9

HOMES SOLD

2021: 14

106

SALES PRICE: LIST PRICE

2021: 99

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