Trends & Statistics for Revere, MA

As December approaches every year I like to take some time to review each market to see how it did year over year. I thought I would share my findings with my readers here at the BostonRealEstateBlog.com since it is you, at the end of the day, that benefits from this research. I’ll start up on the North Shore and with every posting work my way community by community south into the city and then into the south shore.

Well start with Revere: a predominantly blue-collar town that is home to America’s oldest beach (Revere Beach) that recently has seen a surge in condominium development along its coast. Here’s a comparison of the numbers from ‘05 and ‘06.

Total Listed Properties: (2005) 979 (2006) 1178
Listings Sold: (2005) 450 (2006) 364
Days on the Market: (2005) 82 Days (2006) 103 Days
Avg. Sale Price: (2005) $316,578 (2006) $309,240
Total Sales Volume: (2005) $142,460,187 (2006) $112,563,424

With 199 new listings this year and 86 fewer units sold you don’t need to be an economist to realize that buyers are taking their time when looking for a property. Supply of properties has outstripped the demand of buyers now; resulting in a 3% drop in price. Which all things consider in the current market is stable and not spiraling downward.

My take on Revere: Snatch up the waterfront condos coming online. The city is working hard to clean up Revere Beach Parkway and the developers in the area are committed to building some beautiful buildings a la South Beach. A good portion of these units are already online with more to come. As long as the market is saturated prices will remain stable, resulting in some great deals for anyone who is looking for an ocean front view not too far from Boston.

These numbers were pulled from MLS. If you would like to look even deeper into the Market I recommend looking at www.trulia.com.

If you have any questions about properties in Revere or would like to view some please email me at JamesM@NextGenRealty.com

Happy Holidays,

James Morrison

Filed under: Boston Real Estate Trends and Statistics