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MWatch: Who’s spending $1M-$2M in Gloucester, MA

Posted by Kenny MacCarthy on August 30, 2017
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Today’s edition of the North Shore MarketWatch will focus on the Gloucester, MA, market, specifically the properties that fall between $1,000,000 and $2,000,000.

We are in the optimum market time right now, which spans May, June, July and August. If anybody is looking to purchase a home here on Cape Ann, they’re here now, and they’re looking around now. We’ll cover price bands and days on market, not focusing on individual properties.

I’m hoping that you will realizew that if your home falls in a specific price band, it should take X number of days to market, based on what’s happened in the past. If it’s taking longer, then something is very wrong.

Here’s an overview of what’s currently on the market in Gloucester between $1,000,000 and $2,000,000:

  • Ten properties on the market
  • The days on market include 607, 16, 382, 108, 279, etc.
  • Out of the ten that are on the market right now, nine of 10 have been on the market for more than three months. That’s all summer. Something’s wrong.
  • Seven ($1 – $1.5 million) have been on the market an average of 232 days; three ($1.5 – $2 million) have been on the market an average of 229 days

Bottom line is, if you’re a buyer looking in this price band – $1,000,000 and $2,000,000 – there will be “opportunities” this fall. If these homes are still on the market in October and November, they will likely be ripe for negotiating. Still on the market after October means they really want to sell! Don’t be afraid to have your buyer agent make an appropriate offer.

On-market snapshot (comparison of properties on the market now vs. last year at this time), three price bands reviewed:

  • Homes between $700,000 and $1,000,000 – last year there were 16, this year 11
  • Home between $1,000,000 and $2,000,000 – last year there were 18, this year 10
  • Homes over $2,000,000 and higher – there are 13 right now

Now let’s look at the Days to Offer (DTO) stats on 17 properties. DTO shows the # of days that it took for the offer to be made that went all the way to closing. Very different than Days on Market.

  • 13 properties took less than 60 days
  • Nine took less than 30 days
  • Seven took less than two weeks

In a nutshell, we see nine, 31, 11, 42, 23, six…it varies, but are you seeing a pattern here?

The vast majority of these properties fall between $1,000,000 – $2,000,000 (Also, two condominiums over $1,000,000 closed within 60 days.)

Just because your home is priced between $1,000,000 – $2,000,000, doesn’t mean it’s supposed to take all year to sell. It shouldn’t take more than 60 days, absolute maximum, to market your property, especially at this time of year.

Gloucester sold statistics, August 2015 through August 2016:

  • $700,000 – $1,000,000 – six sales
  • $1,000,000 – $2,000,000 – 13 sales
  • Over $2,000,000 – three sales

Gloucester sold statistics, September 2016 through August 2017

  • $700,000 – $1,000,000 – 14 sales (plus one under agreement)
  • $1,000,000 – $2,000,000 – 16 sales (plus six under agreement)
  • Over $2,000,000 – eight sales (plus five under agreement)

The Gloucester market right now is moving briskly. If your home is currently on the market and has not gone under contract, something is very wrong. We see three under agreement right now from $700,000 and up, from $1 million to $2 million, there are six under agreement, all but one under 30 days. From $2 million to $5 million, there are three out of five under agreement, all under 30 days.

Let’s put the two together, so that we can compare ’16 to ’17.

  • $700K- $1M 2016 season- there were six properties. 2017- 17.
  • $1M – $2M- 13. So far this year there are 16 sold, and six under contract. That’s 22 versus 13.
  • $2M+ – three in the ’15-’16 season, 13 right now under contract or sold.

If you own property in Gloucester, congratulations. You’re doing very well. If you’re trying to buy property in Gloucester, you need a good buyer agent to help you with the back story. If you don’t know what the back story is, give us a call, and we’ll be happy to tell you because we know this market extremely well.

Would you like a copy of the Cape Ann Waterfront Guide emailed to you? Click here.

Are you curious to know what your Gloucester home is worth? Click here.

BTW, this is a link to the  Gloucester Assessor’s Office.

We are with By the Sea Sotheby’s here in Beverly Farms, MA. You can reach Bob and Sue McDermott and I at 978-758-0983 or by email at Kennymaccarthy@gmail.com.

 

 

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