Every news report I read reports improving real estate sales in Massachusetts. According to  the Boston Globe sales of single family homes in Massachusetts rose 3% in 2009, the first year over year increase since 2004.  Whether or not this trend continues is the subject of much debate.  There is much speculation and many opinions as to whether or not the housing market will continue to recover after the government home buyer tax incentives expire.  Let’s take a look at single family home sales in Andover and North Andover. 

 In Andover the average single family home price in 2009 was $574,387 down .9% from the 2008 average sale price of $585,193.   A total of 252 single family homes sold in Andover in  2009 up 1.6%  over 2008 sales.

In North Andover the average single family home price in 2009 was $459,480 down 14.2% from the 2008 average sale price of $528,274. A total of 195 single family homes sold in North Andover in 2009 up 7.8% over 2008 sales.

You see the market data can be very different even in two neighboring towns.  Knowing and understanding your local market is critical when making buying or selling decisions.   See what homes have sold in YOUR NEIGHBORHOOD. 

First time homebuyers responding to the federal tax credit continue to drive sales of existing homes nationally and in the northeast.  Figures released by the National Association of Realtors showed November 2009 sales of existing homes up 53%.  The median price in the northeast was $223,400, down 13.1% from the same period last year. Inventory fells to a 6.5 month supply of homes.

 Lawrence Yun, NAR chief economist, said the rise was expected. “This clearly is a rush of first-time buyers not wanting to miss out on the tax credit, but there are many more potential buyers who can enter the market in the months ahead,” he said. “We expect a temporary sales drop while buying activity ramps up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. In all, 4.4 million households are expected to claim the tax credit before it expires and balance should be restored to the housing sector with inventories continuing to decline.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.88 percent in November from 4.95 percent in October; the rate was 6.09 percent in November 2008. Last month’s mortgage interest rate was the second lowest on record after bottoming at 4.81 percent in April 2009.

If you agree that lower prices, low interest rates, tax credits and a stabilizing supply of homes make this a good time to buy your new home in the Andover area start your home search here.

You may have heard the comment — “our perception is our reality.”  However, I find it helpful to check the facts every now and again.  As I study the daily updates for homes for sale in Andover and North Andover it seems as though there are fewer new listings and homes for sale in the Andover area than we typically see even during the holiday season.  A careful look at the market reports does indeed confirm my instincts.  There are fewer single family homes on the market in Andover and North Andover compared to this same time in 2008.  Let’s take a look…

On December 7, 2008  there were 101 single family homes on the market in Andover with a median list price of $604,900 and average days on market of 190.

Today, December 7, 2009 there are 86 single family homes on the market in Andover with a median list price of $599,450 and average days on market of 184.

The North Andover real estate market shows a similar trend.

On December 7, 2008 there were 99 single family homes on the market with a median asking price of $559,000 and average days on market of 194.

Today, December 7, 2009 there are 88 single family homes on the market in North Andover with a median asking price of$554,450 and average days on market of 184.

That translates to 4.1 months of inventory for Andover and 5.4 months for North Andover and for sellers this means now can be a great time to sell your home.  To see what homes have sold for in your neighborhood check MyHomeValueToday.

The national news continues to report encouraging signs of a housing recovery.  Let’s take a look at the sales trends for single family homes in Andover and North Andover by comparing single family home sales this year to date compared to the same period in 2008.

Andover Single Family Homes

Units sold  2008      248     Median Sales Price       532,400

Units sold  2009     252     Median Sales Price      522,500 ( -1.9% ) 

North Andover Single Family Homes

Units sold 2008      189     Median Sales Price        510,000

Units sold 2009     199      Median Sales Price        440,000  (-13.7%)      

Find out  what homes have sold in your neighborhood.

 As we enter the final quarter of 2009 and we read so much about the national and regional real estate markets I’d like to share a snapshot of the current real estate market here in Andover and North Andover. 

If you’d like more information about the Andover and North Andover real estate market contact me at RE/MAX Partners here in downtown Andover or sign up to see what homes are selling on your street or in neighborhood.

Home prices are up for the first time in 3 years reports CNN.Money.com. 

This is encouraging news which should help both home buyers and home sellers in Andover, North Andover and the surrounding communities feel more confident in making a move.  If you’re thinking about buying a home, don’t let opportunity pass you by.  Start your Andover home search here .  If you’re thinking about selling your home here in Andover or North Andover,  get this week’s local market conditions free.  Visit YourPaulette.com to learn more about buying or selling homes in the Andover area.

North Andover Single Family Home Sales Trends Now let’s take a look at sales and sales trends for single family homes in North Andover, MA.  In North Andover the average sales price of single family homes dropped by only 1.4% when compared to sales in 2007 AND interestly the median sale price for a single family home in North Andover INCREASED by 3.9%. So, again, if you’re a home buyer now may be the opportunity you’ve been waiting for!  And if you’re a home seller my marketing plan can get your home sold.

Andover MA Single Family Home Sales Trends

Andover Single Family Home Sales The media is full of economic news and housing and mortgage market reports.  To sort through all the information in the news and to add some historical perspective current home values and sales trends for Andover, MA I prepared this chart.  I think its a great tool to help understand the Andover housing market. Notice that sales prices in Andover are not dropping dramatically. Keep in mind, however, that the total number of units sold has dropped significantly…down 21% in fact from 2007 when 310 homes were sold to 2008 when 245 homes sold.  If you’re a home buyer  that means prices may not go much lower so with mortgage rates at historic lows — I saw a rate sheet today offering a 30 year fixed mortgage for 4.875% abd no points!– this year may be your best opportunity to buy!  If you’re a home seller be encouraged  that the value of your well maintained home is not plummeting—at least not here in Andover.  With good advice and my expert marketing plan we can get your home sold.

I’m excited to introduce a new feature for my website and blog.  Called “Market Snapshot“ this feature allows you to instantly track market activity your own neighborhood. By signing up for your personalized market snapshot, you’ll have access to:

Benefits of the Market Snapshot

View a sample market snapshot. 

Whether you’re thinking about buying or selling a home in Andover, North Andover, Boxford or anywhere in Massachusetts, you’ll want to know what’s happening in your local market.  Contact me for details or sign up for your FREE MARKET SNAPSHOT.

Now let’s take a look at sales of single family homes in North Andover, MA

North Andover Single Family Home Sales

For the most up to date market reports for your neighborhood contact me  your real estate specialist at REMAX Partners, Andover Home Sales, Andover, MA.