Here is a snapshot of real estate market for single family homes in ANDOVER, MA for the week of July 1st, 2013. (Source: AltosResearch).
|For Week of July 1st, 2013|
|Average List Price||$871,547|
|Average Days on Market||110|
|Number of Homes On Market||133|
|Median House Size||3,011 sq ft.|
|Market Action Index||
33.6 - Seller's Advantage
Data provided by ©2011 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 ANDOVER, MA this week is $679,000. The 133 properties have been on the market for an average of 110 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.
Home sales have been exceeding new inventory for several weeks. However prices have not yet stopped falling. Since the market is already in the Seller's zone, expect prices to level off very soon. Should the sales trend continue expect that prices could climb from there.