Peabody – Market update.

Thanks Steve this will enhance our Market Update

Mike,

I saw this in today’s Lynn Item 3/15/16 & thought it would go well with your Peabody comparisons.

Peabody a great place to live

The best news for Peabody to come out of a statewide housing report is the low percentage of homes seeing decreases in value.

Study author Smart Asset concluded Peabody has the 8th healthiest housing market among Massachusetts communities, but its findings about local homes holding their value is even more important for people working and paying taxes in the city.

Released this month, the report pegged Peabody’s percentage of homes decreasing in value at 5.3. Compare that number to a statewide 24.4 percent. Among Massachusetts’ healthiest housing markets, Peabody ranked behind Malden and Stoneham when it comes to residential property holding value.

Home sales prices typically catch the attention of buyers and sellers, but a home’s ability to hold value plays a big role in a community’s economic security. Massachusetts cities and towns rely on property tax revenue to pay for public services, including police and fire fighting, trash removal and dozens of smaller expenses.

Changing property values translate into tax bills, sometimes with negative repercussions for homeowners. Homes that hold their value provide a solid financial underpinning for well-managed communities.

Homes are like ships. If they are well-built and maintained, they carry their crews through stormy and still waters without springing a leak or sinking. Homes that hold value help contribute to solid neighborhoods and solid neighborhoods help make communities great places to live.

In its report, Smart Asset reached another interesting conclusion about Peabody: Local residents live in their homes for fewer years than many residents in other top-10 healthy housing markets. Tying that statistic to the relatively low housing depreciation rate makes it easy to conclude that stable housing values allow Peabody residents to move up the housing ladder as their incomes and families expand.

All studies are relative and attempt to take a snapshot of an ever-changing landscape, but the latest study on healthiest Massachusetts housing markets drives home a point already appreciated by Peabody residents: Their city is a great place to live.

Steve Elliott

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