The Listing Inventory Crunch Continues
The summer season officially comes to an end! But the Fall real estate market is already in full swing. Last week, there was a surge in inventory, with almost 100 active listings in Greater Newburyport. Newburyport alone boasts around 35 of these homes.
According to data from Realtor.com, there has been an uptick in the overall number of homes listed this Fall- more than we usually see this late in the year. WHY?
Many sellers who were leary to list at the beginning of the year, due to uncertainty in the market, now feel the time is right to take advantage of high selling prices.
Sellers are accepting today’s higher mortgage rates or are worried about the possibility of even higher rates ahead. In August, the 30-year fixed mortgage rate peaked at 7.23% and while it currently remains in the 7% range, no change is expected when the Fed announces rates today.
Despite the influx of new listings this Fall, the total number of homes on the market is still historically low. Single family homes in Newburyport have dropped by 10% compared to last year, and condo inventory has seen a 19% decrease. The Northeast Region of Massachusetts is currently experiencing an overall inventory decrease of **47.2% (Massachusetts Association of Realtors)!
Local Home Values Remain Fairly Steady For Now
The average sale price of single family homes in Newburyport has decreased slightly year to date- it currently stands at $1,090,947.25 compared with $1,095,153.24 last year. Condo sale prices are up about 5%. The average price per square foot us up for both Single Family Homes and Condos (5.51%).
The market has steadied in the sense that we no longer will be seeing the 20% annual appreciation that was present in 2020, 2021 and 2022.
Homes for Sale
While homes continue to spend more time on the market, the Greater Newburyport market is still very active, with some spectacular opportunities available!
The first luxury opportunity is located at 6 Prince Place, Newburyport
Listed for $1,950,000, this luxurious In-Town Single-Family home is nearly finished with a redesign that will wow even the most discerning buyer. The attention to detail is striking, with dramatic 9-foot coffered ceilings, crown molding and character grade wood flooring. Hungry? A Walk-Score of 97 means Newburyport’s award-winning restaurants are out your front door! The kitchen has custom built inset cabinetry from Newbury Cabinetry, designer appliances with paneled refrigeration, a pantry with beverage fridge, and a great flow outside where you can enjoy your candlelit meal on the freshly landscaped brick courtyard. The home’s brilliant design includes a mudroom with custom built cabinets, a flexible office, living room, 3 ensuite bedrooms with a very impressive primary bedroom suite. The third-floor family room is spacious for all your guests and has a wet bar! This rare offering allows an easy-going, luxurious Newburyport lifestyle.
The second awesome home available for sale is located at 3 Newhall Lane, Newburyport
Listed for $1,075,000 this 4 bedroom home is a great value at just $351 sq. ft!! Snuggled in the heart of Turkey Hill, this home offers a refreshing layout with over 3000 square feet of above grade living space. The expansive first floor with shining hardwood floors is an entertainer’s dream! The fire-placed living room is perfect for the chilly winter days upon us, and leads to an updated kitchen with stone counters, stainless appliances, a tiled backsplash and oversized dining area ideal for hosting holiday gatherings. Need storage? The attached pantry room will accommodate all of your kitchen extras and more. One step down from the kitchen is a sunny family room/playroom and a beautiful vaulted sunroom, leading outside to deck and private yard. Upstairs, the primary bedroom will not disappoint with a HUGE walk in closet, ensuite bath and laundry room. Three additional bedrooms and bath round out the second floor. Central air! Garage for two cars!
Is This a Good Time to Buy or Sell a Home?
The answer largely depends on you. If you’re thinking about buying, be prepared to spend some time looking. Greater Newburyport homes are still in demand and are especially attractive for work-from-home lifestyles. If you are thinking about selling, contact Alissa Christie to start getting your home ready.
No matter what the market does, you can count on Alissa Christie as the top agent in Newburyport for 2022, to help you buy or sell Newburyport, MA, real estate. When you work with Alissa, you’ll experience outstanding customer service and expert insight that can only come from a seasoned real estate agent. Alissa understands how challenging it can be to buy or sell a home, especially if this is your first time. She takes pride in cultivating relationships with each of her clients and earning their trust. She would love to partner with you when you decide it’s time to buy or sell Newburyport, MA, real estate.