The Surge: Glou/Rkpt Real Estate Update

Here’s the just-past-mid-June synopsis of Gloucester single family homes for sale:
  • For sale now: 36
  • Last year: 63
  • Biggest shift $1M-$2M. Now: 6. Last year: 16.
Rockport synopsis:
  • For sale now: 23
  • Last year: 39
  • Biggest shift $700K- $1M. Now: 6. Last year: 15.
Big picture Rockport, Gloucester, Manchester, Beverly, Essex:
  • For sale now: 119
  • Last year: 197
  • Biggest shift is in $2M-$3M. Now: 7. Last year: 24.
The short story?
  • Everything is selling.
  • The only bargains are properties on the market for 5 months or more.
  • This won’t last forever.

Our advice: 

  • If you have to buy, expect to pay asking price.
  • If you don’t have to buy, don’t buy.
  • If you are thinking about selling, now’s the time (and if you can’t find a new home, rent and wait. Prices will come down.)
We hope this helps.
Bob and Sue McDermott • Kenny MacCarthy • Gibson Sotheby’s International

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