Beverly 2016 Housing Market by the Numbers
The Beverly housing market sizzled in 2016. The median price of a Single Family Home (SFH) jumped 9% to a new record high on a 5% sales increase. While the median price of all condos sold soared 17%, the increase would have been a still strong 11% without the impact of 25 sales at the new Elliott Landing. (more…)
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 supply even tighter than a year ago
The supply of houses and condos for sale in North Shore towns, as well as throughout Essex County and Massachusetts, is down from last year’s levels – which were themselves low.
Housing markets are generally regarded as being in equilibrium between sellers and buyers when the supply of houses for sale is equal to the number that would be sold in 6 months. So a housing supply of 6 months represents equilibrium; more than 6 months means the supply is high enough to favor buyers; less than 6 months the lack of supply favors sellers – what is known as a sellers’ market.
The following tables show the numbers for 2016 in the left column and 2015 in the right one.
Single Family Homes (SFH)
Overall supply in both Essex County and Massachusetts is less than 4 months and down from a year go. In individual towns, only Marblehead has a slight increase in supply, but the number remains below 6 months:
Condos
The condo market is even tighter with supply of less than 3 months in Essex County and Massachusetts, and all areas showing a decline from this time a year ago.
Source: MLS, Oliver Reports
Comment
This analysis shows the overall markets. There will be differences at differing price points, but because higher-priced houses usually take longer to sell, that means supply at the lower prices is even less than shown.
The housing market here may not be crazy, but clearly there is less supply than buyers would like.
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
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
New Listings as we approach Halloween
With Salem deep into Halloween celebrations, note the number of new listings in Beverly this week:
Here are the details:
Marblehead new SFH listings
Beverly new SFH listings
Beverly new Condo listings
Salem new SFH listings
Salem new Condo listings
Swampscott new SFH listings
Swampscott new Condo listing (more…)
New Listings before Labor Day
Here are the week’s new listings, in summary: (more…)
New listings this week
The slow pace of new listings continues, but this weekend’s rainy weather gives buyers a good opportunity to get out and visit Open Houses, a list of which I shall publish as usual tomorrow morning: (more…)
Today’s Open Houses
The most notable aspect of this list is the relatively high number of SFHs in Swampscott – a market which has experienced very limited inventory this year – where today’s Open Houses range in price from $330,000 to $1.7 million. (more…)
New listings remain subdued
Another quite week for new listings and, disappointingly, still no private islands: (more…)
This week’s new listings
This week’s new listings continued to be at a slow summer pace : (more…)
New Listings as languid as the weather
The number of new listings continues to decline: (more…)
Open Houses tailing off
Here are today’s Open Houses together with a chart showing that the number today, in Marblehead, Salem, Beverly and Swampscott, is a little over half the number just two weeks ago: (more…)
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