If you have been waiting for the real estate market to bottom in Andover, MA before purchasing a home, then you better not wait any longer. For the first 5 1/2 months in the Andover, MA real estate market, single family home sales are up 56.3% compared to the same time period in 2011. In addition, single family home inventory for sale is down 22.7% and the days on the market is down from 136 last year to 111 so far this year. This higher demand has translated into the single family home’s average price increasing by 17.8% or $507K in 2011 to $597K in 2012.
When comparing Andover to all of Massachusetts, the state real estate market showed a 5.8% decrease in inventory, sales up 17.3%, days on market increase of .7% and the average sales price decrease of 3.5%. This speaks well of the desire to reside in Andover, MA.
Comparing Andover to North Andover shows the North Andover, MA real estate single family homes inventory also dropped 12.3%, but sales are still down and have dropped versus 2011 by 7.5%. The North Andover days on market is up by 8% and the average sales price is down by 4.7% i.e $473K in 2011 to $451K in 2012.
The stronger average sales price in Andover is also helped due to the number of homes over $900K that sold thus far in 2012 i.e. 13 properties while North Andover only had 5 properties over $900K.
For more information about our local housing market go to http://www.callkathyc.com or call me at 978-852-5811.