April is Here!
It's a new month, and thankfully we are starting to see an increase in housing inventory on the North Shore.
This is a great sign for many Buyers out there who are getting frustrated by a lack of inventory, which is supported by a significant decline in year over year total sales volume.
For example, year to date, Newburyport has seen a Total Market Volume of only $26,421,475, compared with a 2021 Total Market Volume of $50,498,527 in the same time frame. This accounts for all homes sold in Newburyport.
Coming Soon Properties
Overall, the amount of newly listed homes is beginning to increase. Newburyport has seen 17 new homes hit the market in the last week, and 269 in Essex County.
Alissa Christie, Top Producer in the Greater Newburyport area predicts that more and more properties will continue to hit the market in the coming months. She personally has nearly 10 properties that will be coming on the market in the Greater Newburyport region. Take a sneak peek at a few of these properties (click photo for additional details):
Rising Interest rates
Rising interest rates are also motivating Buyers to purchase a home sooner rather than later. According to a survey from Freddie Mac, rates have increased by 1.2% since January of this year for a 30 rate fixed mortgage. These rates are forecasted to continue to rise throughout 2022.
According to Liz Ryan, Branch Manager/Senior Loan Officer with Guaranteed Rate in Newburyport,
Prices keep going up and market research says we are going to have price increases every year due to low inventory. Waiting to buy will cost more next year than to buy now.
At Bentley's Real Estate, we are seeing more Buyers who are flexible in closing early to lock in a lower interest rate, and allowing a Seller to lease the home back for a short period of time. This solution also gives a Seller more flexibility to purchase a new home with fewer contingencies.
Recent Sales and Pending Sales
Despite lower inventory, March was a productive month! Check out Alissa's recent and pending sales on www.luxuryhomesnewburyport.com, including 15 Finnegan Way in Newburyport which just sold for $1,025,000, and this exclusive property at 104 Pleasant St. Newburyport, listed in March and currently pending: