Beverly Third Quarter Housing Review
The Single Family Home (SFH) market
The median price in Beverly in Q3 was flat with a year ago, consistent with the trend in Essex County overall. While prices have recovered from the effects of the great recession, the 2014 number is likely to come in some 4-5% below the peak level of $400,000 in 2004.
Source: MLS, Oliver Reports
Sales of SFHs in Q3 showed a trend seen in many communities: fewer sales at the lowest level and more at the next highest price level.
Source: MLS, Oliver Reports
Not only are sales under $300,000 dropping but so is supply, while there has been a jump in the $500-749k bracket:
Source: MLS, Oliver Reports
The Condo Market
2014 has been a strong year in terms of median prices, although Q3 looks like an anomaly on the high side. The record high was $255,000 in 2005 and 2014 looks as though it will still be some 5-6% below that figure:
Source: MLS, Oliver Reports
Sales in Q3 were pretty consistent with a year ago:
Source: MLS, Oliver Reports
The big change in supply is the huge drop in the $350-499k range:
Source: MLS, Oliver Reports
Summary
Beverly was named one of the “top spots to live” by the Boston Globe last year and the housing market in Beverly has seen very limited supply for some time. It is somewhat surprising, therefore, that the market remains below prior peak levels. Perhaps 2015 will change that. Certainly, the effects of an expanding economy and the recent drop in mortgage rates should help.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty
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