Real Estate Trends – Beverly, Massachusetts

Introduction:

Welcome back for our latest real estate market trend report.  Thanks for joining us and if this is your first time reading one of these reports what we do is examine a city or town in Massachusetts or New Hampshire to evaluate its current real estate market.  This is done by looking at the municipality’s year over year change in the real estate market and evaluating what those observations mean for that market moving forward.

Today we are highlighting Beverly, MA in Essex County.  A charming city on the North Shore it has been a destination for many people through the years including the summer residence for author Oliver Wendell Holmes, his son Supreme Court Justice Oliver Wendell Holmes, Jr. and President William Howard Taft.

Old Beverly Post Office - Beverly MA Real Estate

Market Trends in Beverly, MA – February 2014 and 2015:

The Beverly, MA market has appeared to slow a little since last year.  Both the average listing and average sales prices were down a small amount.  The days on market appeared down somewhat at first glance but that appears to be deceiving.  Inventory was down dramatically with 16 sales in February of 2014 and 8 sales in February 2015.

Average Listing Prices:

The first thing we will look at is the average listing price.  For Beverly, MA in February 2014 the average list price was $391,303.  This was down slightly to $384,700 in February 2015.  That gives a very small decrease of 1.69%.  Small enough that it is probably fairer to say this was flat year over year.

Average Sale Prices:

The next thing we are looking into is the average sale prices.  The average sale price for Beverly, MA in February of 2014 was $385,944 and in February 2015 that was down to $372,563.  That gives a slightly larger, but still fairly small decrease of 3.47%.

Average Days on Market:

Finally we look at the average days on market, a measure of how long it takes for a house to sell in the market.  For Beverly, MA the average days on market in February of 2014 was 93.13 and the average days on market for February 2015 were 81.50, for a modest 12.49% decrease. However, as we have seen many, many times before in our previous posts for AbingtonBedford, Seekonk, BelmontTopsfield, Canton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton , Reading, Stoughton , Wrentham, Stoneham, Dedham, Nashua, NH , Tewksbury and Brockton (Multifamily), Lowell (Multifamily), Acton , Foxboro , Pembroke and Chelmsford outliers in the data can skew things significantly.  This is the case for Beverly, MA once again. In this case there was a very high days on market house in the 2014 data. In 2014 there was a house with 394 days on market.  This was almost as much as the next two highest combined.  When removed from the calculation you have the remaining 15 houses have an average days on market of 73.07, a very significant decrease, and is now lower than the 2015 days on market.  Using this adjusted number we see the modest decrease now become a modest 11.54% increase.  This of course totally changes the general observation since now it appears that the days on market are increasing slightly.  Of course these are small changes to a measurement like this, and are really just in harmony with the other observations of a flat to slightly declining market.

Beverly, Mass Summary:

The Beverly, Massachusetts real estate market looks like is has become somewhat stagnate since last year.  The flat listing prices and small decrease in sale prices support this, as do the modest increase in the days on market.  Overall there was a slight downward movement all around but in all areas it was small.  It is hard to say if the market has reached a temporary high point, if this is just a blip and we will see more gains or if this is actually a precursor to a more significant decline. In summary if you are looking to sell a house in Beverly, MA now you should expect to get about the same amount, or slightly less, for it than you would have last year.  You also should not have to take a big discount to sell about as fast as before, though it might be a good idea to be willing to take a slight discount to avoid sitting on it for too long.  

 

Do you need to sell your Beverly, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.      

 

 

(Image credit: Beverly Post Office from 1919 Postcard via Wikipedia)      

 

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