The Andover, Minnesota real estate market is quite strong as we start of 2018. Closed sales were almost equal in 2017 compared to the previous year in spite of a significant drop in new properties listed. This continued lack of inventory across the Twin Cities metro keeps the home sellers in the driver’s seat of the housing market. There is an abundance of new home construction and developments popping up all over Andover. Many of these are high end executive homes on acreage but there are also some mid-range communities that are available for move up buyers to consider. With all this new construction, it is no surprise that the percent received of original listing price is up too. New homes always cost a bit more per square foot than existing homes. In 2017, the average sales price of a home in Andover MN rose again from just over $280K to nearly $307K! This is a nearly 10% increase in average sales price. Likewise the average price per square foot in Andover rose from $123/sq ft in 2016 to an average of $132/sq ft in 2017. Interestingly, the amount of days on the market ticked up last year. This is to be expected since many builders list their model home but do not sell this property for several months as buyers choose to design their own floor plan, lot and finishings. It took an average of 61 days to sell an Andover home in 2017 which is still just 2 months. This is significantly less time than just a few years ago.
With inventory low and demand high, sellers will find 2018 a good year to list their Andover homes. Existing home inventory levels are low for homes in this growing Anoka County community. It appears to be a seller’s market, where sellers have the negotiating advantage. Home buyers are actively out in full force searching for their dream homes right now in Andover. Home owners considering selling in 2018 and hoping to get the most leverage from the low housing inventory should consider listing their homes now. Once the spring market really cranks up and builders get the new models ready for the Spring Parade of Homes, there will be additional competition which could turn balance the Andover housing market again.