Massachusetts Short Sale Statistics January 2015 for Essex County
Massachusetts short sale statistics are in for January 2015 for Essex County. We have broken them out by the Northern and Southern registry. All statistics are derived from MLS Pin, but show a remarkably active Short Sale Market in Essex County Massachusetts. The actives report includes those short sale properties that are under agreement, active, contingent, and back on market. Unfortunately the solds report does not offer such an strong outlook. There is a huge discrepancy in actives vs. solds in Essex County Massachusetts.
From our own experience, short sales are marred with unrealistic value counter offers from lenders, in which value disputes must be performed. When this occurs, time is added to the sale. A sale that could typically take 60 days from submission of the full packet will have a minimum of 30 more days added on when there is a value discrepancy. For single family homes in Southern Essex county you can see an average DOM of 200, where condo DOM actually increases almost 20% to 239, and the shortest DOM for Southern Essex for the January was multi-families at a mere 137.
At Short Sale Mitigation (You Massachusetts Short Sale Negotiation Team) we took the liberty of graphing some of the trends in January for Northern and Southern Essex, Massachusetts to show the actives and solds in January.
This graph shows the active files in Northern Essex County which includes, North Andover, Lawrence, Andover and Methuen. These four cities show 7 single family homes, 2 condos and 2 multi-family homes as being active on the market in Northern Essex, County Massachusetts.
There are only 4 total sold homes in Northern Essex county. We can say from experience at Short Sale Mitigation, that most lenders like to clear their books at the end of the year and December tends to be one of our busiest months for closings and this sold graph for January would support our own personal findings.
We have trends within our firms with our homeowners and the largest months for closings and intakes is July and August, and the also December consistently proves to be one of the strongest closing months for our firm. It stands to reason that the only reason four homes (single family) sold in all of Northern Essex county may be because most lenders did clear their books for December, and there were a few properties that. Also the Mortgage Debt Forgiveness Act was extended through 2014, so I would imagine any savvy negotiator pushed to have their properties closed by end of year to take advantage of the tax benefit. I do believe this may be extended again, but at the time of this posting there is no way to tell.
When you move on to more positive short sale news in Massachusetts, you can see that Southern Essex County has extremely strong short sale numbers. The graph below highlights Lynn, as having the highest number of single family short sales on the market in Southern, Essex Massachusetts. Lynn is the number one city in Essex for active short sales.
Lynn also has a strong presence of active condos and multi families for sale, followed by Haverhill, Massachusetts short sales. I was actually surpriced to see the activity in Georgetown Massachusetts for short sales. Not that Georgetown presented with a ton of underwater property, but I feel their are strong values there so it took me a bit off guard. Saugus too had a higher than expected active market.
Last but not least are the solds for Southern Essex County. Lynn, Haverhill, and Amesbury Massachusetts led the way with solds, in sales of property, however from the report, we can still see the trend of a large December closing and the beginning of the year with a very low sold report in both Northern and Southern. Haverhill has strong Multi Family short sales that sold in January.
Only time will tell if underwater property sales will be stronger throughout the rest of January.
Short Sale Mitigation, LLC is assisting hundreds of homeowners achieve the sale of their underwater property. Feel free to call us today to see what programs you may qualify for.
Some short sale programs offer up to $10,000 for a moving incentive, through Non-GSE loans.
We can help you wade through the tough short sale waters. Call us today for assistance
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