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NORTH READING Real Estate Market Trends: Week Of March 2nd, 2015

By
Real Estate Agent with LAER Realty Partners
NORTH READING Real Estate Market Trends:
Single Family Homes Week Of March 2nd, 2015 

 

Here is a snapshot of real estate market for single family homes in NORTH READING, MA for the week of March 2nd, 2015. (Source: AltosResearch)

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  For Week of March 2nd, 2015
Median Price $584,450
Average List Price $597,394
Average Days on Market 87
Number of Homes On Market 16
Median House Size 2.681 sq ft.
Market Action Index 43.5 - Seller's Advantage

Data provided by ©2014 Altos Research LLC.

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies a seller's advantage. Below 30, conditions give the advantage to the buyer. 

The median list price in NORTH READING, MA this week is $584,450. The 16 properties have been on the market for an average of 87 days.

The Market Action Index has been basically flat recently, and days-on-market decreasing, there are not strong signals for the direction of the market.

The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we're in the Seller's zone. Watch for changes in MAI. If the MAI resumes it's climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer's zone, watch for downward pressure on prices.

Median Price: Recently prices in this zip have settled at a plateau even though they dipped this week. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.

Price per Square Foot: The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.

Market Action Index: The NORTH READING, 01864 market is currently in the Seller's Advantage zone (greater than 30). The 90-day Market Action Index stands at 43.53 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly.

Days on Market: The properties have been on the market for an average of 87 days. Half of the listings have come newly on the market in the past 63 or so days.

SEARCH ALL AVAILABLE NORTH READING HOMES FOR SALE, LIKE I DO! 

Comments (6)

Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Praful Thakkar  It will be a good Spring market .Great report on the N Reading Real estate Market .You are the agent in the KNOW

Mar 08, 2015 10:08 AM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Hannah Williams - thanks for stopping by, really appreciate it. 

Mar 10, 2015 04:52 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

And thanks for kind words. Hannah Williams 

Mar 10, 2015 04:52 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

With just 16 homes on market and 87 Days on Market, it is the craziest market I have seen in North Reading.

Mar 10, 2015 04:53 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Market Action Index on 43.5 - perfect seller's market.

Mar 10, 2015 04:53 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Though I see a dip in median and average sales prices.

Mar 10, 2015 04:54 PM