With the New Year upon us, we are able to take a look back at the 2012 Real Estate market. As they say, the numbers don’t lie, and what the numbers from 2012 tell us is that the real estate market is on its way up, up, up.
In 2012 there were a total of 242 single family homes sold in North Andover. As of today, February 13th, 2013, there are currently four (4) under agreement, waiting to close. As projected, the market is in recovery; there is a 16% increase in transactions from the 2011 market, since there were only 203 home sold that year.
The range of homes sold in North Andover during 2012 include everything from a four bedroom one bathroom ranch that was listed for $109,900 and sold for $66,150 to a five bedroom 5 full bath and 2 half baths that was listed for $1,795,000 and sold for $1,786,000. Both of those transactions represent extremes on each end of the spectrum, so the averages can offer some insight on the year in review. The average listing price of single family homes this past year was $496,952, while the sale price was just about 3% less at $483,912. With such a small differential, sellers were truly right on the money in pricing their homes in 2012! We are encouraging anyone sitting on the sidelines to get in the game, as inventory is low. When making an offer on a home, buyers need to be conscientious of the asking price. Low-balling an offer might hinder your chances of winning the bid, especially if the home is highly sought after by other buyers.
The average days on market for single family homes in North Andover during the past year was 134 days, however 18 homes, or about 7%, sold in 30 days or less. As previously stated, homes were priced properly this past year. It shows that there are active buyers out there and this is a crucial piece to the puzzle when selling your home.
If you are thinking of selling your home, thoroughly discuss all aspects of listing your home, including, pricing strategies. Incorrect pricing can lead to your home sitting on the market longer than desired, resulting in loss of time and money.
These statistics all point in a great direction for the 2013 market! There is a positive, upward trend, which means it is a good time to sell, because there is a solid sense of demand.
Lillian Montalto Signature Properties
34 Park Street, Suite One
Andover MA 01810