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)

 

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)

 

 

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)