Beverly Massachusetts Real Estate Market Report 2010 Q2

 

The Beverly,MA real estate market continues to decline as values drop and transactions rise. 2010 average sales prices year to date and second quarter transactions both report a drop invalues in comparison to the 2009 activity.

 

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 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 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

 

In 2009, the average selling prices increased 4% over 2008 with prices rising from $411,690 to $428,004. 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 homes sold in the first six months of 2010 with an average sales price of $428,333. During the first six months of 2009 there were 82 homes sold at an average price of $529,363.

 

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 reversal in condo sales as compared to 2009. In Q2, condo closings improved from 18 to 27. The YTD activity was up from 28 units sold to 42. 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 transactions. 2010 Transactions increased due to the affordability and incentives for renters to take advantage of market conditions.

 

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. This is a substantial drop in value from the 2009 average sales price 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.