Real Estate Trends – Beverly, Massachusetts (Condos)

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Today we are highlighting the Condo market in Beverly, MA in Essex County

 Beverly Public Library - Beverly MA Real Estate

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

The Beverly, MA condo market appears to have gone down a bit since last year.   The average listing and sale prices were down as were the median prices.  The days on market were also up.  Inventory was way up with 11 sales in July of 2014 and 20 in July 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For condos in Beverly, MA the average listing price in July 2014 was $291,329.  This was down to $258,020 in July 2015.  This gives a very significant decrease of 11.43% year over year.  

However looking at the median prices we see they are both a lot lower than the averages.  For July of 2014 the median listing price for a condo in Beverly, MA was $239,317 and in July 2015 it was $229,450 which now gives a much smaller 4.12% decline

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for a condo in Beverly, MA in July of 2014 was $288,355 and in July 2015 that was down to $256,434.  That gives another pretty significant decrease of 11.07%. 

We see the same pattern with the median sale prices as we did for the listing prices.  For July of 2014 the median sales price for Beverly, MA was $241,000 and in July 2015 it was $227,000 giving a smaller 5.81% decrease. 

The medians are the more commonly used metric so we should probably give a little more weight to those.  It is pretty clear that prices are down for Beverly, MA condos but it is probably closer to a little more than 5% than over 11%.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Beverly, MA condos the average days on market in July of 2014 were 45.09 and the average days on market for July 2015 were 67.60, for a very large 49.92% increase. 

Beverly, Mass Summary:

The Beverly, Massachusetts condo real estate market looks to be a bit down since last year.  All pricing metrics were down with both averages being down over 11% but the medians a bit less.  It is clear prices are down but I would say that they are probably down more like 5-6% than double digits.  In addition the days on market are up significantly which further supports a drop in the market.

In summary if you are looking to sell a condo in Beverly, MA now you should expect to get less for it than you would have gotten last year.  You should also expect it to take a lot more time to sell compared to last year as well.   

 

Do you need to sell your Beverly, Massachusetts condo 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 Public Library by Elizabeth B Thomsen via Wikipedia)

 

 

 

 

 

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