Real Estate Trends – North Andover, Massachusetts (Condos)

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Today we are highlighting the Condo market in North Andover, MA in Essex County

 North Andover MA Seal - North Andover Real Estate

Market Trends in North Andover, MA – August 2014 and 2015:

The North Andover, MA condo market has fallen off quite a lot since last year.   The average listing and sale prices were down significantly, as were the median prices as well.  The days on market were down a little however.  Inventory was down quite a bit going from 17 sales in August of 2014 down to 11 in August 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For condos in North Andover, MA the average listing price in August 2014 was $294,729.  This was down to $219,318 in August 2015.  This gives a huge decrease of 25.59% year over year. 

With this big of a difference we make sure to look at the median prices as well.  In this case taking a quick look at the median prices reveals that they are quite a bit less than the averages in both years.  For August of 2014 the median listing price for a condo in North Andover, MA was $269,900 and in August 2015 it was $184,900 which now gives an even larger 31.49% decline.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for a condo in North Andover, MA in August of 2014 was $289,965 and in August 2015 that was down to $214,582.  That gives another huge 26.00% decrease. 

We see the same pattern with the median sale prices as we did for the listing prices.  For August of 2014 the median sales price for North Andover, MA was $269,900 and in August 2015 it was $178,000 giving another much larger 34.05% decrease. 

No matter which way we look at it prices are way down for North Andover, MA condos.  Since the medians usually are given more weight than averages I would say that prices are probably down over 30% from last year. 

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For North Andover, MA condos the average days on market in August of 2014 were 57.71 and the average days on market for August 2015 were 44.82, for a moderate 22.34% decrease. 

North Andover, Mass Summary:

The North Andover, Massachusetts condo real estate market is down a lot since last year.  The average prices and the median prices were both down by very large amounts.  While the days on market were down somewhat the significant price drops more than negate this small consolation for sellers right now. 

In summary if you are looking to sell a condo in North Andover, MA now you should expect to get much less for it than you would have gotten last year.  However, you should also expect it to take a little less time to sell compared to last year. 

 

Do you need to sell your North Andover, Massachusetts condofast?  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: North Andover MA Seal via Wikipedia)

 

 

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