Andover Massachusetts Real Estate 2009 Update - Have We Seen the Bottom?
59Location Supports Values
Andover Massachusetts continues to maintain it's reputation as one of the most "desirable bedroom communities" in the suburban Boston area. The community is centrally located for easy access to the major commuting arteries in and around Boston as well as public transportation. Andover and it's "sister" community of North Andover are considered higher end towns in the North Shore real estate market. The real estate market in these adjoining communities has not been impacted substantially by the recession. Prices have fallen, but sales remain brisk in most price ranges. Andover has not had significant foreclosure activity that leads to substantial depreciation in average selling prices. The third quarter activity is indicating that the "bottom" may have been seen in the first half of 2009. To summarize, the Andover MA real estate market is improving and prices stabilizing.
Single Family Homes Sold
Current Activity - Sales, Pendings and Active Listings
There are 56 active single family homes currently on the market with an average “days on market” of 104 days. The highest concentration of listings in a given price range was 11 between $450,000-$499,999. There are six properties listed below $300,000 and 10 listings between $1,000,000-$1,499,999. The first-time home buyer typically does not qualify for properties over $350,000 and therefore the lower price ranges have less inventory. To view the current listings available In Andover visit Andover Homes for sale with the results shown by location on a map.
Fourteen properties are currently under contract with the lowest price being $269,000 and the highest at $1,799,900. The average asking price for pending is $651,029 and the average “days on market” (DOM) were 106. Most of these listings will close in October and will provide the most current comps in the market. During the third quarter in 2009 there were 84 homes sold with an average DOM of 92. The average selling price was $616,796 and the sales price to list ratio was 97%. There were 41 homes sold between $500,000 and $800,000. The highest price home sold for $2,800,000. Since Andover is a desirable "move-up" market, larger families are taking advantage of the relative affordability currently existing in the market.
Average Selling Prices
Condominium Activity
As of September 30,2009 there were 19 active listings with an average asking price of $298,621. The lowest priced condominium on the market was $99,900 and the highest was offered at $860,000. More than half of the condominiums for sale are listed below $250,000. Average “days on market” is 78.
Four condominiums are currently under contract with an average price of $282,300. The lowest sale pending is $149,900 and the highest was offered at $509,900. The average “days on market” for these properties were 111 days. The affordability of single family homes is impacting condominium sales. In addition, most condominium development do not have FHA approval which limits the availability of financing. This has the greatest impact on the lower price range as most first-time home buyers have limited down payment options.
Fifteen condominiums sold during the third quarter at an average selling price of $268,787. The average “days on market” was 121 days and the sales price to list ratio was 96%. Over 50% of the condominium sales occurred under $200,000. These statistics point to the ability of many home buyers to qualify for a home and are not "forced" into the condo market.
Prices on the Way Up
Number of Units Sold
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Based on the graphs, it appears that Andover has turned the corner. Can one conclude that this trend is apparent in other "high end" and "desirable" areas of Massachusetts where location supports value?
Laurie - Market reports (both YTD) and quartely provide the best current information in a local market. The media does not have access to this data. State associations and Real Estate boards do not report down to the town level. You can become the resource in your market areas for the press and the public by simply reporting the data and your comments about it.
Great Information! Location, Location,- Andover and North Andover are addresses many move up buyers work to achieve. Not surprising that foreclosures have not pulled the prices down dramatically and in fact, seem to be on the way up.
Witing to move to Andover or North Andover? Now may be the best time before prices go up!
The values maintained by these towns are a direct result of the
I think Andover has always been a desirable town because of it's schools, in-town shopping community and commmute to Boston. It is considered high end so I'm not surprised that the sales are there even with the market being what it is. North Andover is not as comparable even though it is a sister town because it is a bit more rural, lower in average on educational statistics compared to Andover, but it is more affordable being that there are newer homes which started over the last few decades compared to Andover who's been established over a century, it is close to all major routes so all that has helped the sales in North Andover. I feel these towns have homes that have been reasonably priced to sell so the statistics should be there for the move-up buyers or relocation buyers.
I have a client who was interested in Andover and North Andover, however, the inventory in her price range is very low forcing her to seek housing elsewhere.
It proves there are pockets in Massachusetts that have not been that affected by the housing crisis.
Beautiful town and great commuter location as well because you can take 93 into Boston very easily. Good news for the people of Andover. Hopefully this will prompt more "empty nesters" to sell and buy luxury condos in the city!
Good article, with excellent useful information. As Realtor
from NH (White Mountains to Lakes Region) our area demographics and activity level are very different.
Good news is always helpful in boosting consumer confidence !
Once again.. Location is key
I don't sell in Mass., however looking at the statistics it would seem to be a sister town to Bedford ,NH with similar price ranges and market time. There certainly are some areas that were not as affected by the market conditions we have seen in most other areas.
Growing up in Salem, NH, Andover has always been a well desired location. Great commuter location. School system's wonderful. A definite 2nd Bedford, NH :)
Great Article!
First time home buyers in Andover should definitely take advantage of more affordable condos. Great way to ease into ownership of real estate! Just be aware of the HOA fees.
Excellent, easy to understand information! I believe Longmeadow is seeing a similar trend. Prices have stabilized and rising slightly, which is unusual for this time of the year.
Another POSITIVE report about our industry...which have generally been few and far between. This is the type of information our clients need to see, whether it's about Andover or any other town in our market area.
Other communities do not report statistics showing a "bottom", which proves that real estate is local.
Tricia Reggio 2 years ago
It appears that the real estate market is on the up swing.