The Beverly,MA real estate market continues to decline as values drop and transactions increase. 2010 average sales prices year to date and second quarter transactions both report lower values in comparison to the 2009 timeframe.
In analyzing the second quarter data it is evident that the increased activity was due to the unusual activity by the first time home buyers.The buyers sought to take advantage of the $8000 tax credit offered in the stimulus package. The 2010 YTDselling prices (the first six months) are higher than Q2 sales which means first quarter average selling prices were substantially higher. The trends were consistant in both the condo market and in single family homes sales.
At the present time, there no indicators that property values will appreciatein the near future.
Visit Beverly MA real estate to obtain information relative to values in the community.
Single Family Homes
There were 226 homes sold in 2009 as compared to 251 in 2008 with the average sales prices rising from $411,690 to $428,004 representing a 4% increase in value. In the second quarter of 2010 there were 74 homes sold at an average sales price of $376,632. A comparison to 2009 Q2 shows 63 homes selling at an average price of $506,698. The 2010 YTD through June reports 114 homes sold at an average price of $428,333. There were 82 single family homes sold in the first six months of 2009.
The Beverly real estate activity will now return to a market effected by the normal influences of consumer confidence and interest rates. Go to Beverly MA homes for sale to view all current property listings for sale.
Condominiums
The Beverly, MA condominium market 2010 second quarter and YTD activity reports a turnaround in transactions as compared to 2009. In Q2, condo closings improved from 18 to 27. There were 42 condos sold in 2010 year to date which is a substantial increase from 28 in 2009l For the 2009 annual activity, there were 70 condos sold as compared to 111 in 2008. This represents a 37% drop in the number of transactions. The 2010 increase in sales was a factor of affordability with lower prices and interest rates.
However, the downside of the increased activity was the drop in values. Condo sales fell below $200,000 in the second quarter and the YTD stats report an average at $207,096. These values are substantially lower than the 2009 values of $228,549.
Market time has decreased sharply in 2010 with second quarter DOM reported at 82. In comparison, the 2009 days on market changed -7 % from 138 to 129.
Data for the Beverly, Massachusetts real estate report was compiled by Virtual Homes Real Estate using information from the MA statewide MLS (MLSPin)and is not guaranteed to be accurate.