The killing has shocked neighbours in the residential street, which is located on the outskirts of Colchester.
A number of homes were sealed off on Sunday as police searched for clues.
Empty bottles of vodka and cans of lager could be seen strewn across the front gardens of properties in the street.
Marie Partner said a woman and her teenage daughter, who were hosting the party, had spoken to neighbours on Saturday to apologise in advance for any extra noise.
Ms Partner, who has lived in the street for nine years, said:
The mother and daughter took it upon themselves to tell the neighbours there was a party taking place and to apologise in advance if there was slightly more noise than normal. Usually it's very quiet around here.
It's so sad. The first I knew about it was seeing the police arrive and the area being cordoned off.
Senior investigating officer, DCI Simon Parkes, said:
This really is tragic loss of life that we, but more importantly, this boy's parents have to deal with.
This murder took place in an affluent area of Colchester and at a house party which had a garden that could cater for the 100 or so teenagers that were present.
Although we don't yet know the details of what went on, we're slowly piecing together the sequence of events that led to this boy's death.
We're speaking to those who were at the party, but we're mindful that there may have been others who left either before the stabbing or in the immediate aftermath before we arrived.
Everyone at this party is a key witness whether they saw anything or not and we would urge them to contact us. Our thoughts are very much also with this boy's family. They are being supported by our family liaison officers.