Happy New Year North Andover, it’s January 2014! This is our North Andover Real Estate and Community update. First, I’d like to mention a few community items:
The North Andover Father Daughter Dances 2014
The Winter Jubilee and Sweetheart Dances are happening in the North Andover Middle School on Friday and Saturday night January 24th and 25th. The fourth and fifth graders are on Friday second and third graders on Saturday night.
Merrimack Valley Chamber of Commerce meeting
Andrew Maylor our Town Manager will be at the Merrimac Valley Chamber of Commerce meeting of the town managers its an annual event, it’s great, I’ve been to it many times. Its at the Andover Country Club at 7:30 a.m. January 17th. You’ll want to check out the Merrimack Valley Chamber of Commerce website for ticket information.
Congratulations to the North Andover Ski Team
The North Andover Ski Team just started their season last week at the Bradford mountain under the new coach Connor Meehan, best of luck with all of your students, and have a great year!
North Andover January 2014 Real Estate Update
Single Family Homes – we see that there are 59 North Andover homes available for sale right now (active available, not under agreement, not contingent) that’s flat year-over-year, almost the same inventory as last year, which is historically low in general – we’re short on inventory right now.
Condominiums – WOW, down 14.7% year-over-year only 29 North Andover condominiums available for sale.
Unit Sales – The unit sales are what’s actually selling. We take a three month snapshot of transactions to have meaningful amount of data and to actually handle seasonal effects. We’re going to compare them year over year.
So we see the past three months October to December we had 57 units sell that’s down 13.6% over the year before and condominiums 43 units sold, up 34.3%. This is a big shift from single family to condos
Median sale price– if someone asked you what homes are selling for in North Andover? Well, the current marketplace is $450,000 that’s flat to down slightly year-over-year. Condominium prices, WOW! The North Andover market is at $175,000 right now, down 21.5% year-over-year.
Days to Sold – down 52% to 74 days. This means it takes 74 days from live marketing to closing in North Andover.
Condominiums are pretty similar at 72 days, that’s down 41%
Turnover – Number of months it takes to sell off the existing inventory if no other homes come on the market. Nationally, that number is around 5%, and in North Andover single family homes are running at about 3.1 months and 2 months on the condos. So, North Andover is running much faster than the nation and actually faster than Massachusetts.
Digging in a little bit deeper, we see a massive increase in North Andover condo sales, probably because we are in the lower price point right now. Just to make some points: it doesn’t necessarily mean the value of condos in North Andover has fallen 21 percent, what it means is a the buying population is buying a lower price condo. As we all know home prices have been appreciating the past two years so this doesn’t necessarily mean that your North Andover condo value has actually fallen by 21.5%. When I see the median sale price is fluctuating a little bit less, around 4 or 5%, that’s when you can know that the buyer in North Andover is still buying the same types of homes they’ve always bought but they’re just paying less for them. When I see a big drop year over year that tells me that there’s a shift in what people are buying in North Andover.
We’ll check back with you in February with another North Andover Real Estate and Community Update!
