Real Estate Trends – Andover, Massachusetts

Introduction:

Welcome back for our next market trend report examining a town in Massachusetts or New Hampshire and its real estate markets.  If you have not read one previously in these reports we examine the town’s year over year change in the real estate market and talk about the observations and what they mean for the market now and going forward.

Today we are highlighting Andover, MA in Essex County.

Andover 250th Banner - Andover MA Real Estate

Market Trends in Andover, MA – November 2013 and 2014:

The Andover, MA market has declined a fair amount since last November.  Both the listing and sales prices are down, while the days on market have increased a fair bit as well.  Inventory was down a bit with 25 sales in November of 2013 and 18 in 2014.

Average Listing Prices:

First let us look at is the average listing price.  For Andover, MA there was an average list price of $607,452 for November 2013.  This decreased down all the way to $562,939 in November 2014.  That is a fairly large decrease of 7.33%, which is a significant decline.

Average Sale Prices:

The next thing we are examining is the average sale prices.  For November of 2013 the average sale price for Andover, MA was $595,824, but buy November 2014 that was down to $551,169.  That would be a similar decrease of 7.49%.  The difference in the decreases between listing vs. sale prices is small and I would not try to make any assumptions based on such a small difference.

Average Days on Market:

Finally we look at is the days on market.  Or rather how long it is takes for a house to sell in the market.  For Andover, MA there was an average days on market in November of 2013 of 50.96 and the average days on market in 2014 was 88.67, for a 74% increase. We have seen in several of our previous posts that some outliers in the data can skew these numbers.  However in the case of Andover, MA there are no drastic outlying data that need to be accounted for.

Andover, Mass Summary:

The Andover, Massachusetts real estate market has definitely softened a bit since last year.  The sizable declines in both listed and sale prices make this clear and the increase in the days on market just further cement this fact.  Even with the listed prices down there is just not enough demand apparently to get people to get in on these deals that are so much cheaper than before. In summary if you are looking to sell a house in Andover, MA now you should expect to get quite a bit less for it than you would have last year.  You also should expect to need to take a bigger discount off of your initial price to avoid sitting on it for a very long time.

 

Do you need to sell your Andover, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.      

 

 

(Image credit: Andover’s 250th Anniversary Banner via Town Of Andover’s Website)    

 

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