Special offer

NORTH READING Real Estate Market Trends: Week of August 10th, 2015

By
Real Estate Agent with LAER Realty Partners
NORTH READING Real Estate Market Trends:
Single Family Homes - Week of August 10th, 2015

Here is a snapshot of real estate market for single family homes in NORTH READING, MA for the week of August 10th, 2015. (Source: AltosResearch).

  For Week of  August 10th, 2015
Median List Price $627,000
Average List Price $652,173
Average Days on Market 52
No. of Homes On Market 34
Median House Size 2,306 sq ft.
Market Action Index

55.0 -  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 $627,000. The 34 properties have been on the market for an average of 52 days.

Inventory is up and Market Action is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.

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: Despite this week's down tic, price trends in this zip code have generally been moving up lately. We are below the market's high point, and we'll investigate the Market Action Index later on to see if we expect this week's blip to become a downward trend.

Price per Square Foot: The market appears to be placing a mildly increasing premium on homes. When list prices and price per square foot increase in tandem, as they're doing now, you can often find short-term investment opportunities. Watch the Market Action Index for persistent changes as a leading indicator for these trends to flatten or drop.

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 55.02; indicating very little supply relative to the demand.

Days on Market: The properties have been on the market for an average of 52 days. Half of the listings have come newly on the market in the past 21 or so days.

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

Comments (7)

Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

North Reading Real Estate market is thriving - in a real sense.

Sep 30, 2015 01:46 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Market Action Index is almost double of what could be a balanced market.

Sep 30, 2015 01:47 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Median List Price is well above $600K - and that's a good sign.

Sep 30, 2015 01:47 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

So is average list price - which in fact is above $650K. Shows what's coming in North Reading.

Sep 30, 2015 01:48 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

With just 34 homes on market, shortage of inventory may drive the prices up.

Sep 30, 2015 01:48 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Even the existing homes are selling well under 2 months! Isn't that cool?

Sep 30, 2015 01:49 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Overall, hope that North Reading market sustains till end of the year 2015.

Sep 30, 2015 01:49 PM