Beverly MA 2010 Real Estate Update
The Beverly Massachusetts real estate activity reports that home and condo sales are increasing while property values continue to decline. 2010 average sales prices year to date and second quarter transactions both report lower average sales prices 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 $8000 tax credit offered in the stimulus package was the primary reason and contributed to the drop in average sales prices. The 2010 year to dateselling 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 we will return to a Seller’s marketin 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. The 2010 Q2 activity reports average selling prices for the 74 homes sold. A comparison to 2009 Q2 shows 63 homes selling at an average price of $506,698. There were 114 single family home transactions 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.
Now that the “artificial” increase in activity at the entry level is passed, the Beverly real estate market will return to a normal with market conditions dependent upon interest rates, the economy and consumer confidence. 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 the second quarter, 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% decrease in the number of condos sold. 2010 Transactions increased due to the affordability and incentives for renters to take advantage of market conditions.
On the downside, 2010 data reports that prices fell from previous year comparisons in both the YTD report and second quarter. Condo sales fell below $200,000 in the second quarter and the YTD stats report an average at $207,096. This is a substantial drop in value from the 2009 average sales price of $228,549.
The average days on market improved dramatically to 82 days for the 2010 Q2 timeframe. In comparison, the 2009 days on market changed -7 % from 138 to 129.
Data for the Beverly, Massachusetts real estate update was compiled by Virtual Homes Real Estate using information from the MA statewide MLS (MLSPin)and is not guaranteed to be accurate.
