The Beverly, Massachusetts real estate market continues to decline as values drop and sales increase. 2010 average sales prices year to date and second quarter closings both report lower values in comparison to the 2009 activity.
Of particular interest are the April through June closings which were impacted by the increased activity in the first time home buyer sector.The $8000 tax credit offered in the stimulus package was the primary reason and contributed to the drop in average sales prices. The 2010 YTD average sales prices (the first six months) are higher than Q2 sales which means first quarter average selling prices were substantially higher. Both single family homes and condominium statistics report the same type of activity.
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
In 2009, the average selling prices increased 4% over 2008 with prices rising from $411,690 to $428,004. 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. There were 114 homes sold in the first six months of 2010 with an average sales 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 reversal 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.
Information for the Beverly MA update was obtained from the Massachusetts MLS (MLSPin) and is not guaranteed to be accurate. Data was analyzed by Virtual Homes Real Estate.
