Beverly Q1 2019 Housing Market Review
[Click Beverly Q1 2019 Housing Market Review to download a pdf of this report.] The median price of the Single Family Homes (SFH) sold in Q1 2019 increased 15% compared with Q1 2018 to $525,000, the first time Beverly has recorded a quarterly median price above $500,000. Sales of SFHs, however, dropped from 53 to 37.
The median condo price jumped 26% to $372,450 compared with $295,000 in 2018 and $430,900 in 2017, when there were 18 sales at Elliott Landing, mostly over $500,000. While the impact of Elliott Landing has washed out of the numbers, there are several upscale conversions taking place in Beverly and these carry a higher sales price than the older, less luxurious condos. Condo sales were steady at 24 vs 25 in 2018.
Beverly 2018 Housing Market By The Numbers
After increasing by almost 25% over the three previous year, the median price of the SFHs sold in 2018 was virtually unchanged from 2017. Of note was the consistency of pricing throughout the year. Sales continued to decline from the 2016 peak.
The median price of condos sold in recent years has been distorted by the 65 sales at Elliott Landing, with a median price over $500,000, between Q4 2016 and Q3 2017. Since then the median price has mostly been in the $280,000-290,000 range.
Beverly Q3 2018 Report: Market Stable
The median price of the SFHs sold in Beverly remained essentially flat, as it has been for the last 7 Quarters. The effect of the Elliott Landing development is still unwinding from the statistics.
Beverly Housing Market Mid-Year 2018 Review
The median price of the Single Family Homes(SFH) sold in Beverly in the first half of 2018 was slightly lower than in 2017, a year which saw a sharp increase. The apparent roller-coaster in the median price is explained by the development at Elliot Landing.
Beverly Q1 2018 Housing Market By The Numbers
The median price of the SFHs sold in Q1 208 was down slightly from last year on stable sales, while the impact of the sales at Elliott Landing from late 2016 into 2017 (65 sales with a median price around $500,000) is now unwinding from the statistics.
Beverly 2017 Housing Market Review
The price of the SFHs sold in Beverly in 2017 rose 6.9% to a new high of $470,000, taking the two-year gain to 16.5%. As with many markets, sales were down, reflecting the shortage of inventory
Beverly Q3 2017 Housing Market Report
Beverly has been a hot market in recent years. The median price of a Single Family Home (SFH) first broke through $400,000 in 2015 and in the first 9 months of 2017 increased by 6%. Sales were down a little from last year but in line with the average of the last 5 years.
Beverly 2017 Mid-Year Review: By The Numbers
Beverly is seeing a lot of new construction, particularly in the condo market, and as new construction is generally of higher-priced properties, this construction moves the median price of homes sold upwards
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
Beverly Q3 2016 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.
Beverly Mid-Year 2016 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.
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
Beverly 2015 Housing Market Summary
This Beverly 2015 Housing Market Summary post shows just the numbers for 2015.
Beverly, Salem and Swampscott Housing Market First Quarter 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.
Beverly 2014 housing market highlights
The median SFH price increased 3.3% and the median condo increased 5.3%. Prices are still 5-6% below peak levels.
Beverly Third Quarter Housing Review
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.
Beverly 2013 Housing Review and 2014 Outlook
The Boston Globe named Beverly one of Greater Boston’s “top spots to live” and the real estate market in 2013 reflected this with very tight supply and hot competition for houses.
According to Brad Phillips, Partner/Managing Broker of Harborside Realty’s Beverly office: “homes that were well priced…sold quickly and often with multiple offers” and he expects “more of the same” in 2014.
My inventory reports last year consistently showed Beverly as one of the markets with lowest supply. Low inventory is “the singe largest factor we are dealing with”, says Phillips. “They are plenty of willing, qualifies buyers out there… but there are simply very few choices.”
While sales last year were close to peak levels overall, the median price in Beverly for a Single Family Home (SFH) was still 8% below peak levels. The law of supply and demand suggests that 2014 may well see prices move close to the 2004 peak.
Beverly 2013 Condo Market Review and 2014 Outlook
Apart from two years of extraordinary sales activity in 2004 and 2007, overall condo sales in Beverly in 2013 were within about 10% of prior levels. The median price increased 7% in 2013 and was 11% below the 2005 peak.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty in Marblehead, MA.
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty
Affiliates LLC. Each Office Is Independently Owned and Operated.