January '09 Sales numbers conpared to January '08 in Beverly

01/01/2009-01/31/2009: Total Sales(Single,Condo,Multi)= 16

Break down: Single: 12 Avg. Sale Price: $402,083 Avg. Market Time: 84 days

Condo: 2 Avg. Sale Price: $208,250 Avg. Market Time; 159 days

Multi: 2 Avg. Sale Price: $234,950 Avg. Market Time: 257 days

01/01/2009-01/31/2009: Total Sales(Single,Condo,Multi)= 22

Break down: Single: 11 Avg. Sale Price: $507,318 Avg. Market Time: 133 days

Condo: 8 Avg. Sale Price: $236,613 Avg. Market Time: 158 days

Multi: 3 Avg. Sale Price: $350,167 Avg. Market Time: 41 days

Comments:

The six sale drop (@27%) is significant, but predictable considering the dramatic changes in the mortgage industry. Last January you could still get 100% financing without paying PMI. It is obvious that the sharp decrease in sale prices for single family homes has effected the condo market significantly. Multi's have been struggling in Beverly for a while now. Lower Prices, Lower Interest Rates, $7500 Tax Credit, and eager sellers all add up to this being a GREAT TIME TO BUY!!