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)

 

 

 

 

 

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)