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NORTH READING Real Estate Market Trends: Week of July 27th, 2015

By
Real Estate Agent with LAER Realty Partners
NORTH READING Real Estate Market Trends:
Single Family Homes - Week of July 27th, 2015

Here is a snapshot of real estate market for single family homes in NORTH READING, MA for the week of July 27th, 2015. (Source: AltosResearch).

  For Week of  July 27th, 2015
Median Price $589,900
Average List Price $640,861
Average Days on Market 70
No. of Homes On Market 31
Median House Size 2,298 sq ft.
Market Action Index

52.9 -  Strong Seller's

Data provided by ©2005-2014 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 $589,900. The 31 properties have been on the market for an average of 70 days.

Inventory has been decreasing lately but the Market Action Index is falling also. With days-on-market climbing, these are relatively negative implications for the market.

In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller's Market zone so watch changes in the MAI. If  he market heats up, prices are likely to resume an upward climb.

Median Price: Again this week we see a downward notch for prices in this zip code. Pricing has been weak recently and versus their absolute high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.

Price per Square Foot: We're seeing fairly unusual market conditions as prices have been in a downward trend but price per square foot is actually increasing. (Buyers are paying less and getting less home for their money.) Anomalies like these can be attributed to microlocation variables.

Market Action Index: The NORTH READING, 01864 market is currently quite strongly in the Seller's Advantage zone (greater than 30). The 90-day Market Action Index stands at 52.92; indicating very little supply relative to the demand.

Days on Market: The properties have been on the market for an average of 70 days. Half of the listings have come newly on the market in the past 49 or so days.

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

Comments (10)

Roy Kelley
Retired - Gaithersburg, MD

Home sellers and home buyers will be in good hands when they select you as their real estate professional.

Aug 15, 2015 11:00 PM
John Pusa
Glendale, CA

Praful - These are very valuable real estate market stats for North Reading.

Aug 16, 2015 02:02 AM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks all for stopping by - really appreciate it.

Sep 10, 2015 02:56 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Yes John, this is a valuable information for consumers.

Sep 10, 2015 02:57 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks Roy. I am sure buyers and sellers will appreciate this inforamtion.

Sep 10, 2015 02:57 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Though mellowing down a bit, the real estate market in North Reading is still strong - with market action index over 50.

Sep 10, 2015 02:58 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Since there are only 31 homes on market, it will continue to remain strong perhaps till end of the year.

Sep 10, 2015 02:59 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Days on market - at 70 now - are tending up a bit. Is that seasonal?

Sep 10, 2015 02:59 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Median list price is still high - almost touching $600K.

Sep 10, 2015 03:00 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Indicators are from average list price of about $640K - so market may still remain hot for the rest of the year.

Sep 10, 2015 03:00 PM