ANDOVER Real Estate Market Trends: Week of May 18th, 2015

By
Real Estate Agent with LAER Realty Partners
https://activerain.com/droplet/4DGl
ANDOVER Real Estate Market Trends:
Single Family Homes - Week of May 18th, 2015

Here is a snapshot of real estate market for single family homes in ANDOVER, MA for the week of May 18th, 2015. (Source: AltosResearch).

  For Week of  May 18th, 2015
Median Price $749,900
Average List Price $893,942
Average Days on Market 81
No. of Homes On Market 107
Median House Size 3,317 sq ft.
Market Action Index

40.0 -  Seller's Advantage

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 ANDOVER, MA  this week is $749,900. The 107 properties have been on the market for an average of 81 days.

Inventory and days-on-market are both trending higher recently. However, the improving Market Action Index implies some increased demand will temper the negative trends.

While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.

Median Price: In the last few weeks we've seen prices in this zip code bouncing around these current levels. Look for a persistent change in the Market Action Index before we see prices deviate significantly from here.

Price per Square Foot: The value placed on homes continues to increase, despite the fact that prices in general have been basically flat recently. These conditions can arise when inventory is light and more, smaller homes have more influence on overall prices.

Market Action Index: The ANDOVER, 01810 market is currently in the Seller's Advantage zone (greater than 30). The 90-day Market Action Index stands at 39.95 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 81 days. Half of the listings have come newly on the market in the past 28 or so days.

SEARCH ALL AVAILABLE ANDOVER HOMES FOR SALE, LIKE I DO!

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

This is a great market to be in - Andover is really hot!

May 31, 2015 04:03 PM #1
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Median prices are still in mid $700s - which is not the best of Andover.

May 31, 2015 04:04 PM #2
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

At least median sales prices are approaching $900K - still less than $1M which is a norm for Andover.

May 31, 2015 04:04 PM #3
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Days on market for such a high end market is less than 3 months - pretty good, huh?

May 31, 2015 04:05 PM #4
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Finally I see Market Action Index touching 40 mark!

May 31, 2015 04:05 PM #5
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

And with 107 homes, it may look too much of inventory, I'd say, home still sells pretty quickly....

May 31, 2015 04:06 PM #6
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Praful Thakkar

Andover, MA: Andover Luxury Homes For Sale
What did my neighbor's home sell for?
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