North Andover Real Estate & Community Update April 2014
Currently we have 87 single-family homes in North Andover on the market, that’s actually up 55% year over year from last year. That’s a pretty big increase compared to the rest of Massachusetts. Unit sales this quarter are up 16% to 43 units and the median price up 14% to $500,000 in North Andover. This does not mean your specific home is up 14%, that would be determined on a home by home basis depending on condition & style. Call us If you have a question about your North Andover home value.
The days on market dropped a big 13.5%, now taking about 115 days to get a single-family home in North Andover under agreement, which seems like a long time to me. If you’re not getting a deal in place in the first 30 days you need to adjust price or condition, respond to what the market is telling you. There are a lot of buyers out there and you should have deal in place rather quickly.
On the condominium side, we see that the inventory of condominiums dropping 43%, only 32 condominiums for sale in North Andover. The unit sales rose 26% to 24 units selling this quarter. The median price of a condo in North Andover is very flat, about $166,000. Days on market much faster than single-family homes, they’re getting under agreement in about 91 days that’s 33% faster than last year.
The North Andover condominium market is doing well with much lower inventory increased sales, and steady pricing. Single-family homes are also doing well however a big increase in inventory, which I’m not sure what to make from that at this moment but its larger than what we’re seeing in the rest of the state of Massachusetts.
