The start of the New Year is always an exciting time, full of reflection and goal setting. By taking a look back on the previous years’ statistics with regard to the performance of real estate, we can get a better picture of the landscape of the market and its overall health.
In 2012 there were a total of 325 single family homes sold in Andover. Currently, 23 are also under agreement, waiting to close! The numbers of transactions are up 17% from 2011 since there were only 277 sold that year.
The range of homes sold in 2012 include everything from a 3 bedroom one bath bungalow that was listed for $129,900 and sold for $127,500 to a seven bedroom eight bath and two half bath home that listed for $3,695,000 and sold for $3,400,000. As those transactions represent both ends of the extremes, the averages paint a better picture of the year in review. The average listing price of single family homes this year was $614,984, while the average sale price was $598,673. The roll over from a buyer’s market is occurring since the sellers in our community are getting close to what they are asking. Buyers need to keep in mind that when making offers, it is advisable to get as close to the asking price to have a shot at winning the home, especially when going against another bidder.
The average days on market for single family homes in Andover this year was 95, however, 33 homes, or about 10% of the homes that sold in 2012, sold in 10 days or less. This is quite a powerful statistic because it reveals correctly priced homes do not sit on the market for long. If you are thinking of listing your home, make sure to have a thorough discussion with your agent, because pricing a home incorrectly will result in it sitting on the market, thus costing you time and money.
These statistics are all positive and point towards good things for the market in 2013. It is a good time to sell, because the demand is clear and the supply is low!
Lillian Montalto Signature Properties
34 Park Street, Suite One
Andover MA 01810