The real estate market continued to improve significantly in Andover, MN for the second straight year! Closed sales are up once again but new listings have also risen but it appears home sellers are still in a good position in with strong sales and rising prices. Closed sales are up over 10% but new listings were also up well over 16%. Since there are several new home construction developments in Andover it is no surprise that home prices are up too. New homes always cost a bit more per square foot than existing homes. In 2013 the average sales price rose again from just over $216K to nearly $237K! Likewise the average price per square foot for homes sold rose from $94/sq ft in 2012 to an average of $106/foot in 2013. Another sign that the market has turned is the drop in days on the market. It took an average of 111 days to sell an Andover home in 2011 but only 70 days to sell on average in 2013. This is less than half of the time it took to sell a home in this community just 2 years ago.
With inventory low and demand high, sellers will find 2014 a good year to list their Andover homes. Existing home inventory levels are low for homes in this growing Anoka County community. It definitely has all the indications of turning into a seller’s market, where sellers have the negotiating advantage. With continued low interest rates, home buyers are still out their looking for the perfect place to call home despite the bitter wind chills. Home owners considering selling in 2014 hoping to get the most leverage from the improved market should consider listing their homes before the spring market hits and there is additional competition.
READY to Make a Move?
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