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 closings both report a drop inaverage sales prices in comparison to the 2009 activity.
Of particular interest are the April through June closings which were impacted by the increased activity in the first time home buyer sector.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
In 2009, the average selling prices increased 4% over 2008 with prices rising from $411,690 to $428,004. In the second quarter of 2010 there were 74 homes sold at an average sales price of $376,632. 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. During the first six months of 2009 there were 82 homes sold at an average price of $529,363.
The Beverly real estate activity will now return to a market effected by the normal influences of consumer confidence and interest rates. 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 transactions as compared to 2009. In Q2, transactions improved from 18 to 27. There were 42 condos sold in 2010 year to date which is a substantial increase from 28 in 2009l 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.
