Market Analysis– Andover, MA

This is a review of MLS sales in the community of Andover, MA  over the last year.  It shows the average price, low and high price, average days on market for the following sales status: active sales, under agreement sales (based on list price - actual agreement price was not available), sales in the last six months and sales in the prior six month.  

The average sale price for the overall market decreased 7%  in the last six months compared to the prior six months. Average sale price per square foot dropped about 2 %.    Foreclosure sales and sales concessions are still placing a downward pressure of values.

Marketing time dropped 18% over the last six months for the overall market. The average asking price per square foot is about 6% higher than the average sale price per square foot over the last six months.  This may indicate some unrealistic seller expectations.  Based on sales and under agreements over the last 12 months there is about a 3 month inventory of listings. Recent stock market losses will also likely have a negative effect on buyer’s ability to purchase homes in the near future. However, continued drops in interest rates should have a positive effect.