Study Shows Everett Housing Market One of the Healthiest in the Nation

These days, it’s tough to tell which is hotter – the outdoor temperatures or the Everett housing market.

A new nationwide real estate study by the New York-based financial technology company, SmartAsset, showed that Everett and the surrounding areas have some of the healthiest real estate markets in the nation.

Based on the number of days a listing stays on the market, Everett came in third in the state with an average of 20.1 days on the market. That was also good for 12th in the nation – ranking right up there with the hottest markets in California and Texas.

Those selling their homes in Everett lived in them almost 16 years, according to the study, and only 15 percent were sold at a loss. Accordingly, the study found that only 15 percent of Everett homes had a negative equity – meaning that the seller owed more on the house than it was worth.

That state average for days on the market was 96, far higher than in Everett. The national average was 156.8 days on the market before a sale.

“Chelsea was number one in the state and number four nationwide,” said A.J. Smith, managing editor of Smart Asset. “Everett was third in Massachusetts and 12th in the nation. Revere ended up sixth in Massachusetts and 39th in the nation. California and Texas were up there, but Massachusetts is really doing well for the year.”

The number one city with the least days averaged on the market was Cicero, IL – a suburb of Chicago – with 10.4 days on the market.

For local realtors such as Pasquale ‘Pat’ Roberto of ERA Millennium Real Estate, the fast-moving market is no surprise.

The Everett broker-owner said he often shows properties in Everett on a Sunday, and by Monday has the property under agreement.

“I average about seven days on the market with a lot of my properties, but that’s only because I delay the showing seven days after I list it,” he said. “Really, it’s about one day.”

Roberto said the reason things are so fluid in the market now is because there aren’t many homes for sale, and there is a hungry audience of buyers ready to snatch up anything on the market.

“It doesn’t surprise me because people are buying houses left and right,” he said. “It’s great for the market because it’s supply and demand. So many people want to buy now and there’s very little inventory. To think we’re number three in the state and number 12 in the nation surprises me a bit, but it doesn’t surprise me to find out we have a hot real estate market.

“It’s a good time for people who want to sell and not buy again,” he continued. “Buyers have to pay more money now than they did two years ago. Fortunately, the interest rates are still so low that people can afford the prices, which have gone up.”

Roberto said many have postulated that Everett’s hot market has to do with the casino coming to town, but he doesn’t think so.

“A lot of people think that property values are going up and will go up because of the casino,” he said. “I don’t think so. I think its just supply and demand and we’re in Greater Boston and we’re in a cycle now where real estate prices are going up. Everett certainly has seen prices go through the roof the last couple of years.”

Jim D’Amico of Century 21 North Shore said that out of his 20 offices in Massachusetts and New Hampshire, his offices in Chelsea, Everett and Revere are some of the busiest – which is far different than several years ago.

“It doesn’t surprise me to hear (this study) at all,” he said. “Inventory is low and when things go up for sale, they sell really quickly. Revere and Everett have also become my top price stores too, but Chelsea is really where you see the most significant change in days on the market and price. It’s a good problem for Chelsea and Everett to have.”

Smith of SmartAsset said they conduct such studies to help consumers as an aside to their financial data business.

“We have access to all this data, but we think people should get the data as well,” she said. “When you buy or sell a house, you only do that once or twice in a lifetime. You’re not involved in that market every single day. We hope the data helps people go confidently into the market to make these important decisions.”

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