ESSEX COUNTY
APRIL - 2025
 | MARKET UPDATE
SINGLE FAMILY HOMES
| | INVENTORY AND DEMAND STILL FAVORS SELLERS | ACTIVE
485 ↑
Inventory of Active Listings
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$1,380,558 ↓
Average List Price
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| PENDING
495 ↑
Went Pending
$908,569 ↓
Average List Price
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| | | SOLD
272 ↑
Sold
$891,128 ↑
Avg. Sales Price
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102% ↑
Percent of Original Price
103% ↑
Percent of List Price
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MLSPIN: SF HOMES IN ESSEX COUNTY FROM 04.01.2025 - 04.30.2025
CHANGE AS COMPARED TO LAST MONTH 03.01.2025 - 03.31.2025 |
| | THE INSIDER SCOOP |
April started the month with 301 active single family listings. The market added 632 new listings (338 new listings in the past 2 weeks) giving a much needed boost to inventory. A total of 495 homes went under contract in April, leaving 485 active listings, a 61% jump of inventory, to start the May market.
Days on market showed a significant decline as the majority of properties placed under agreement were new inventory. 320 (half) of the newest listings were under contract in less than 1 week.
The two most active price ranges for homes under contract/sold in April were $600k-$700k and $1M-$1.5M. The highest sale price was $7M for a waterview home in Manchester and the lowest sale price was $277K for a fixer in Lawrence.
What does this mean for Sellers:
Despite the rise of inventory this month, demand continues to outpace supply. Correctly priced homes are typically under contract within 7-14 days.
That said, homes not priced for the market are sitting on the market longer as Buyers take pause. Buyers have become more cautious with their purchase decision due to rising prices and interest rate instability. While still a competitive market, seller's must put their best foot forward to achieve the best result.
Those homes priced correctly are selling at an average of 3% over list price. Those not priced correctly ultimately sell for less.
Contact me to explore what it takes to successfully sell your home in today's market!
What does this mean for Buyers:
As new inventory flows into the market, there are more options for buyers. That said, there is limited relief for buyers due to rising prices and high interest rates. There are many well qualified buyers competing for limited inventory, despite the volatility of interest rates and higher list prices.
The average list price throughout Essex County is $1,409,973. Nearly half of the current inventory is priced over $1M. Less than 30 homes are priced under $500k. The average sale price for homes in April is up a modest 2.6% from March at $891,128.
That said, savvy, well qualified buyers committed to becoming homeowners, are revising their short term plans to break into the market with an eye on future equity appreciation to achieve their long term goals. Financial preparedness, flexibility and perseverance is the key to success!
Mortgage interest rates have shown more volatility this past month due in large part to the economic uncertainty. The Fed has held steady on interest rates despite changes in the 10-year treasury yield.
Instability with the current administration's ever-changing economic policies and uncertainty about the impact on unemployment and inflation have led the Fed to stay the course with current rates. As of this report, the average 30-year fixed mortgage rate was 6.85%.
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Thinking of Moving: Let me know how I can help!
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