Beverly Q3 housing market report
Through the Third Quarter, the median price of a Single Family House(SFH) in Beverly rose nearly 10% to $440,000 and of a condo by 11% to almost $260,000, both reaching new all-time highs.
Source: MLS, Oliver Reports; peak numbers in bold
If you are considering selling your home please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Not sure which broker to use to sell your home? Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Beverly Mid-Year Housing Review: 9% price increase
After breaking through the $400,000 level for the median price* of a Single Family Home (SFH) in 2015 for the first time, the first half of 2016 saw a sharp 9% increase to a new high of $438,250.
In my Q1 review I wrote:”The median SFH price in Beverly is around $400,000. A year ago there were 19 houses available below this level, but today there are just 7. A similar pattern is seen in condos, where the median price is around $250,000. The number of condos for sale below this level is half that of a year ago.”
The reduction in inventory of lower-priced houses continues and is detailed later in this report. At some point, when demand exists as it does today, the lack of inventory at lower prices will translate into higher prices, as it now has in Beverly.
Low inventory + low mortgage rates + buyers looking = higher prices.
The condo market has also seen shrinkage in inventory at lower prices, although as yet this has produced only a 4% increase in the median price. (more…)
Housing Inventory today, by price and town, versus a year ago
This article compares today’s inventory, by price, compared with that of a year ago.We are now past the vagaries of winter weather and the dates of Easter and Passover, thus making the comparisons like for like for probably the first time this year. I will look first at Essex County and Massachusetts for the big picture, followed by Marblehead, Swampscott, Salem, Beverly and Lynn, adding comments where appropriate.
Overall, the story is of a decline in inventory at lower price levels and an increase at higher price points, a trend consistent with a rising market.
Massachusetts and Essex County
Overall inventory is down in the entire State by 9% for SFHs and 6% for condos; in Essex County the decline is 10% for SFHs and 12% for condos. But…. there is a marked difference between supply under $500,000 and above that figure, with large declines in supply below $500,000 and increases above that figure, particularly at the top end.
Source: MLS, Oliver Reports
Marblehead
While Marblehead is one of the few towns to show an increase in inventory over 2015, it still shows a sharp drop from the 92 and 100 SFHs for sales on this date in 2013 and 2014, while condo inventory is more in line with numbers from those years. The increase in SFH inventory is concentrated in the $750,000 – $999,999 and over $2 million brackets for SFHs and, rather surprisingly, in condos under $250,000.
Source:MLS, Oliver Reports
Swampscott
The story in Swampscott continues to be the incredibly low level of supply, most markedly for SFHs below $500,000, where the number available has collapsed from 25 to just 3. And there are just 5 condos for sale in the entire town.
Source:MLS, Oliver Reports
Salem
While overall supply in Salem is down just slightly from last year, here again we see declines in inventory at the lower price levels:
Source: MLS, Oliver Reports
Beverly
The total number of SFHs for sale is much the same as last year but the mix has changed, with a huge drop under $400,000 and increases in most of the higher ranges. Condos for sale under $250,000 plunged from 16 to just 4.
Source:MLS, Oliver Reports
Lynn
The decline is most pronounced in SFHs under $300,000 where supply has more than halved from 48 to 23.
Source: MLS, Oliver Reports
If you are considering selling your home please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Beverly Q1 Housing Market by the Numbers
This report shows a picture of the Beverly Q1 Housing Market by the Numbers, followed by a snapshot of current inventory compared with a year ago, a comparison which shows a huge change at lower price points.
Median Prices and Sales
Sales of SFHs recovered sharply from last year, although sales of condos were down slightly. The median price of a SFH was lower than a year ago, while that for condos was well up. Always remember that quarterly numbers can be – and frequently are – volatile, especially during the winter months. We will get a truer picture of the underlying market trends when we get the numbers for the first half of the year.
Source: MLS, Oliver Reports
Current Inventory
The median SFH price in Beverly is around $400,000. A year ago there were 19 houses available below this level, but today there are just 7. A similar pattern is seen in condos, where the median price is around $250,000. The number of condos for sale below this level is half that of a year ago.
MLS, Oliver Reports
If you are considering selling your home please contact me on 617.834.8205 or [email protected]. for a free market analysis and explanation of the outstanding marketing program I offer.
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Read Which broker should I choose to sell my house?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Where have all the sellers gone?
I am sure I am not alone in expecting that housing inventory would be higher this (early) spring, given the mild winter and continuing low interest rates,but that has not happened. In this post I look at inventory for both Single Family Homes (SFH) and Condos for local towns, Essex County and Massachusetts.
Marblehead, Swampscott, Beverly and Salem
None of these markets has higher inventory than last year – the big snow year, remember? All are sharply down from 2013 and 2014.
Similar story for condos – look at the drop in Salem.
MLS, Oliver Reports
Essex County and Massachusetts
These don’t show well in a chart so here are the numbers, which show a similar, but less pronounced pattern.
Changes in inventory since 2013
The last two charts show the percentage decline in inventory since 2013.
MLS, Oliver Reports
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 [email protected].
Read Which broker should list my house for sale?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Beverly 2015 Condo Market Review
This Beverly 2015 Condo Market review shows that sales jumped sharply in 2015 while the median price held steady.
Sales
Sales jumped 33% last year and were double the lows of 2009-2011, although still well below the highs of 2004 and 2007.
Source: MLS, Oliver Reports
Beverly 2015 Housing Market Review
This Beverly 2015 Housing Review covers the Single Family Home (SFH) market. In 2015 sales increased 5% to tie the record level of 2004, while the median price improved 6% to a new record $403,000, topping the prior peak of $400,000 in 2004.
Sales
Source: MLS, Oliver Reports
Beverly 2015 Housing Market Summary
This Beverly 2015 Housing Market Summary post shows just the numbers for 2015. When I publish my detailed reviews I will add a link here.
Source: MLS, Oliver Reports
One way I measure prices is by the ratio (ASR) of Assessed Value (AV) to Sales Price (SP). The ASR is the AV divided by the SP: if the SP is rising (prices going up), the ASR will fall.
Properties selling above their AV will have an ASR below 100%. What this means is that in a period of rising prices the ASR is likely to be falling. So what we, as homeowners, want is an ASR below 100% and falling.
Remember that AVs are a lagging indicator: the tax bills that have just been sent out for FY2016 are based on actual sales in 2014. Thus the 2015 sales data, reported in this review, will be the basis for FY2017 assessments.
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 [email protected].
Read How should I choose the broker to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Essex County Median Home Prices Town by Town
This report shows Single Family Home (SFH) median prices for each city and town in Essex County for 2015 compared with 2014. Several towns have a very small number of sales, especially in the first quarter, so I have used the half-year prices to calculate the change from 2014.
The second table shows the towns with the largest increase and decrease year over year. Overall, the message is that prices in both Essex County and Massachusetts have edged up 1% in 2015. As always, there are variations from town to town. (more…)
Housing Inventory still down heading to July 4
As we head towards July 4th, often the target date for home buyers wanting to be in their new homes for the start of the school year, housing inventory remains well down from a year ago. (more…)
What’s happening – or not – in the Marblehead market?
I am always cautious about reading too much into short-term trends, especially in a market like Marblehead with a small number of sales, but at the same time I do try to report on current market conditions.
And I am puzzled by what has been happening over the last 2-3 weeks – or rather by what has not been happening. And that is houses receiving accepted offers. (more…)
We’re off: more listings, Open Houses
As expected, we have seen a decent number of new listings this week. We even have the promise of 60 degrees and sunshine on Sunday.
So make plans to visit these Open Houses:
(more…)
Beverly, Salem and Swampscott Housing Market Reports
In the world of small numbers it is necessary to be cautious about drawing too many conclusions. That is why, for example, I am not including percentage changes for the tables below. The message I take from these numbers is that, in general, the market continues to progress in an orderly manner. (more…)
Housing inventory: how low can it go?
A recent Boston Globe article Snow delays spring market highlighted the lack of inventory in the, you know, “important” markets such as Cambridge and Somerville.
We know inventory is down from last year, when if you remember we had the polar vortex, but where do we stand, here in Essex County and indeed throughout Massachusetts, compared with the last several years? (more…)
Beverly 2014 housing market: steady progress
Here are the highlights for the Beverly market for 2014.
Single Family Homes (SFH)
– the median SFH price increased 3.3% to $380,000, which is 5% below the peak of $400,000 in 2004
– sales increased to 329, the best year since 2004
– the ASR* fell sharply from 92.5% to 82.9%, an indication of rising prices
Condos
– the median condo price increased 4.2% to $237,500, which is 7% below the peak of $255,000 in 2005
– sales were down slightly and are still well below the levels seen in the 2004-07 period
– the ASR* fell from 94.9% to 87.5%, an indication of rising prices
Tax rate
– the FY2015 tax rate is $14.11, a slight decrease from $14.16 in FY2014. (more…)
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