March 2014 Community Update for North Andover
It’s spring election time again and it’s taking place on March 25th from 7 a.m. to 8 p.m. at the North Andover High School. It’s important that you vote this year because we have a contested position for selectman, there are 2 seats open and 3 people running for the position.
North Andover Real Estate Market Report March 2014
We’re seeing inventory numbers year-over-year up about 13.5% which is nice, bucking the trend of the rest the the state. Month-over-month that number is actually down
but it is up year-over-year. Single-family homes are starting to pick up a little bit with availability. We’re also seeing that the unit numbers of homes selling is down 6.8% at 41 unit sales happening in the past three months compared to the same time period last year.
What’s really interesting though the median sale price of homes in North Andover is up 26% $515,000. When we see a huge jump like that in a specific time period year over year, it doesn’t necessarily mean that your home has appreciated 26%, it means that the buyers are buying into a different price bracket. Certainly there can be dramatic increases in your home values, and we can help you determine that as well just let us know and we’ll be happy to help you with that. But this tells me that people are jumping into a higher price bracket in North Andover and probably taking advantage of low interest rates.
On the condo side we see a dramatic drop in units available down to only 25 available condos in North Andover. That’s down 45% from last year. The unit sales for condos is up to 34 units up 61.9%, this shows a dramatic increase in sales with less inventory which surprise me to see a drop in the median sale price. What this is telling me is that people are selling their lower priced condominiums and perhaps stepping into single family homes now, probably taking advantage of low interest rates.
We’d be happy to help you with your home sale or purchase in North Andover, give us a call at (978)494-0346.
