Danvers Massachusetts Condominiums Sold and Activity Report

The Danvers condominium market has remained steady over the last three years.  Sales year to date indicate an average sales price of $259,394 which is down slightly from the 2008 average.  Over the last two years of this recession, government incentives  and specifically the $8000 tax credit for first-time home buyers, have stimulated that segment of the market.  When combined with historically low interest rates and the tax benefits of homeownership, renters have affordable options to own instead of renting.

26 units are currently on the market with an average list price of $258,408 and a DOM (days on market) of 153.  The lowest priced unit available is listed at $59,900 and the highest being $489,900.  8 units are under contract with the average list price of $279,000 and a DOM of 98.  For sales pending, the range is from $73,900 to $279,900.  Visit Danvers MA real estate for sale to view current listings in the MA MLS.

At the end of October, 46 units had sold in 2009, which is a 19% decline in volume from the 65 units sold in 2008. In 2007, 50 units sold and the three year average has been 54 units. Condominiums are more difficult to finance and the affordability of single family homes brings competition. Go to Danvers MA homes for sale to view current listings.

The DOM has increased sharply for units sold from 154 days in 2008 to 176 days in 2009. Appraisal issues and stricter underwriting guidelines for lending approval are contributing to the increase. Most buyers in the entry level price range utilize financing programs with low down payments, such as FHA, and most condominium developments do not have the coveted FHA approvals.  This segment of the market is extremely active due to the $8000 home buyer tax credit being offered to first-time buyers.

Information was obtained from the MA MLS system (MLSPin) and is not guaranteed to be accurate.