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North Andover Home Sales Spiked in March

Low inventory didn't hamper home sales.

North Andover's single-family homes took a spiked in March, despite what The Warren Group called “shrinking inventory" state-wide which is “depressing sales volume."

Bucking the trend for the commonwealth and Essex County, single-family home sales in Milton rose from 9 in March 2012 to 16 in March 2013. So far this year, North Andover has seen 37 homes sold – compared to 35 in 2012, according to The Warren Group, which publishes Banker & Tradesman.

statewide, it hasn't been as pretty. Home sales have dropped due to the low inventory of homes on the market.

"Low inventory is plaguing housing markets all over the country, and Massachusetts is no exception," said David Harris, editorial director at The Warren Group. "With mortgage rates low and prices competitive, we're hopeful more sellers will emerge and the trend in dropping home sales will reverse."

Also bucking the state-wide trend: prices. Low inventory has driven prices up in Massachusetts. In North Andover, however, the median price for a single-family home in March was $430,000, down from $455,000 in March 2012.

North Andover
March 2012 March 2013 % change March sales 9
16
77.78%
YTD sales 35
37 5.71%
March median sale price $455,000 $430,000
-5.49%
YTD median sale price $410,000 $390,000 -4.66%
Essex County March sales 333
299
-10.21%
YTD sales 826
812
-1.69%
March median sale price $305,000
$312,500
2.46% YTD median sale price $290,250 $298,250 2.76% Massachusetts March sales 3,215 3,100 -3.58% YTD sales 8,017 7,849 -2.1% March median sale price $263,000 $285,000 8.37% YTD media sale price $255,500 $282,500 10.57%

Source: The Warren Group

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