Real Estate Trends – North Andover, Massachusetts

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 market in North Andover, MA in Essex County

 North Andover MA Welcome Sign - North Andover Massachusetts Real Estate

This is the 2nd time we have looked at North Andover as we also profiled the Condo market there back at the end of September.

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

The North Andover, MA market has fallen off quite a bit since last year.   The average prices were both down some and the median prices were down by even more.  The days on market were also up a little bit as well.  Inventory was down a little with 14 sales in both November of 2014 and 11 in November 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For North Andover, MA the average listing price in November 2014 was $540,164.  This was down to $501,027 in November 2015.  This gives a noticeable decrease of 7.25% year over year. 

Looking at the median prices we see that it was larger in 2014 but much lower than the average in 2015.  For November of 2014 the median listing price for North Andover, MA was $587,450 and in November 2015 it was $439,900 which now gives a huge decrease of 25.12%.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for North Andover, MA in November of 2014 was $519,735 and in November 2015 that was down to $487,127.  That gives another noticeable, but fairly small, decrease of 6.27%. 

We see a similar pattern with the median sale prices as we did for the listing prices for both years.  For November of 2014 the median sales price for North Andover, MA was $558,750 and in November 2015 it was $436,000 giving another significantly larger decrease of 21.97%.

It is clear that prices are down in North Andover, MA this month.  We see a different story of the magnitude of the decline using the averages vs. the medians.  However medians are the more commonly used and preferred method for these analyses so it is fair to conclude that the more dramatic over 20% drops shown with those are probably closer to reality than the 6-7% seen with the averages.

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 property to sell in the current market.  For North Andover, MA the average days on market in November of 2014 were 74.43 and the average days on market for November 2015 were 81.91 for a fairly small 10.05% increase.  While the increase is small it does follow the pattern usually expected when you see price declines.

North Andover, Mass Summary:

The North Andover, Massachusetts real estate market is down a bit since last year.  The average prices were down some and median prices were down by quite a bit more.  The days on market were up a little as well, which also gives some support to the observation of a weakening market. 

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

 

Do you need to sell your North 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: North Andover Welcome Sign via webbtrans.com)

 

 

Speak Your Mind

*