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The Montalto Report - 2013 Andover Real Estate in Review

The end of the year provides us with a great opportunity to look back and see how the real estate market performed as a whole.  By looking at the entire year, we are able to get a well rounded picture that takes into account seasonality and small market fluctuations.

Overall, Andover 's real estate market remained strong in 2013.  There were a total of 358 single family homes sold throughout the year, an average of just over 29 a month.  Of those sold homes, the prices ranged from $205,000 - $2.8 million.  There is truly something for everyone in Andover, no matter what your needs.   These homes on average were on the market for 71 days, which is down from the 2012 numbers.  In 2012 the average days on market for a single family home in Andover was 94.69.  This tells us that houses are moving more quickly than in the previous year, and that buyers should not wait on the sidelines.

The average living space of a single family home sold in 2013 in Andover was 2682sq. feet, which is on the high side compared to other markets around the Commonwealth.  The average price per square foot of these sold homes was $227.  Of course, these are the averages and the highs and lows can be attributed to the condition of the home, location and many other factors, but if you are interested in participating in either buying or selling in 2014, it's important to know the averages.

One metric that allows us to understand the market and whether we are in a buyers or sellers market is the difference between asking and selling price.  The average asking price of a single family home on the market in 2013 was $606,364.  The average selling price of a single family home on the market in 2013 was $596,059.  This means that homes for sale sold for 98% of asking price, on average.  These numbers indicate that it is a seller’s market. Please note that the list price to the average selling price is the price that the homes were last listed at after any price reductions.  The last list price is not indicative of what it was originally listed for. Something to keep in mind if you wish to buy or sell this year.

Overall, we live in a very strong community for real estate, however, inventory is low, which will continue to push prices higher.  If you are considering selling your home, 2014 is a great year for you!

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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