We’re more than halfway through 2019, which means now is the perfect time for another update on our North Shore real estate market. We’ll cover all the relevant trends buyers, sellers, and homeowners in our area should know.
For a more in-depth look at these trends, be sure to follow along in today’s video or check out our market reports below.
Let’s start by looking at median sales prices over the past decade. In 2009, when our market was just beginning to decline, the median sales price in our North Shore market was $575,000. Now, the median sales price in our area is $525,000. The average sales price for July 2019, meanwhile, was $631,835.
But what about the number of homes for sale?
In January of 2009, there were 3,523 homes available in our North Shore market. When our market hit bottom in 2014, the number of available properties was cut in half, with just above 1,500 properties listed at that time. Now that our market has recovered, inventory has increased as a result. We had 2,266 available properties on our North Shore Market this July. Put another way, we had approximately 17 months’ worth of supply in 2009, but just 6.8 months’ worth this July.
And because of the comparatively low levels of supply we’re now seeing, the average amount of time homes are spending on the market has also dropped. As of this July, the average days on market in the North Shore was 119. Homes still aren’t selling as quickly as they do in other markets, but this is a significant drop from the 213-day average we saw in late 2009.
In other positive news, the number of closed homes has also increased in the last decade. In January of 2009, just 2,240 homes sold. This July, that number nearly doubled, with 3,934 homes closing that month.
Homes have also become more affordable over that period. Between March of 2009 and July of 2019, the median price per square foot in our market has dropped from $242 to $216.
And given the high number of new listings hitting our market, with 9,164 new properties going live this July, home prices are likely to drop even further.
Of course, all of the figures we’ve discussed today only give a general overview of our North Shore real estate market. If you have any other questions, would like more information, or would like to discuss how your specific neighborhood has developed over time, please feel free to give me a call or send me an email. I look forward to hearing from you soon.
North Shore Stats:
Median Sales Price
Average Sales Price
Homes for Sale
Average Market Time
% Last List (Closed) Average
% Original List (Closed)
Median Price Per Square Foot
Average Price Per Square Foot
Contract to Close Average
Listing to Contract Average
Shows to Contract Median
Shows to Contract Average
Shows Per Listing