Real Estate Trends – North Andover, Massachusetts (Condos) #2

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 Police Station - North Andover Massachusetts Real Estate  

This is the 2nd time we have looked at condos here in North Andover with the last time being back in September.  We also took a look at the single family market in December.

Market Trends in North Andover, MA – May 2015 and 2016:

The North Andover, MA condo market has fallen off a tremendous amount since last year.   The average prices are down significantly and the median prices were down even more.  However, the days on market were down a little though.  Inventory was down a little with 14 sales in May of 2015 down to 12 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In North Andover, MA the average listing price for a condo in May 2015 was $354,021.  This was down to $222,900 in May 2016.  This gives a huge decrease of 37.04% year over year. 

Looking at the median prices we see that they were lower in both years.  For May of 2015 the median listing price for condos in North Andover, MA was $339,450 and in May 2016 it was $197,450 which now gives a larger decrease of 41.83%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in North Andover, MA in May of 2015 was $348,524 and in May 2016 that was down to $219,517.  That gives another tremendous decrease of 37.02%, almost the exact same change as the average list price. 

We see the same pattern that we did for the median list price.  For May of 2015 the median sales price for a North Andover, MA condo was $332,450 and in May 2016 it was $196,500 giving another larger decrease of 40.89%. 

Prices have gone down substantially for condos in North Andover, MA in May.  The range was not very large going from roughly 37-42% down.  The declines in the average prices were basically identical at 37% down and were a little less than the medians.  The medians are usually the preferred method when evaluating real estate prices.  The medians were down a little bit more being down almost 41% to just under 42%.  So while best case is a 37% drop it is probably more like 41%.

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 condos the average days on market in May of 2015 were 60.71 and the average days on market for May 2016 were 44.50 for a moderate 26.70% decrease.

North Andover, Massachusetts Summary:

The North Andover, Massachusetts condo real estate market is down a huge amount since last year.  The average prices were down substantially while the median prices were down even more.  The days on market were down a little bit however, which is inconsequential compared to the tremendous price drops.

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 could also expect it to take a little less time to sell compared to last year as well. 

 

Do you need to sell your North Andover, Massachusetts Condo 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 MA Police Station via North Andover MA Town Website)

 

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