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 a drop inaverage sales prices 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 buyers sought to take advantage of the $8000 tax credit offered in the stimulus package. 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. Both single family homes and condominium statistics report the same type of activity.
It is evident that we will be in a buyer’s market for the foreseeable 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 condo sales as compared to 2009. In the second quarter, transactions increased 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 condos sold. 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. These values are substantially lower than the 2009 values 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.
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.