Andover Home Sales on the Decline

Andover single-family home sales are on a sharp decline compared to last year’s numbers though sale prices have increased slightly since this time last year. 

Andover saw 21 home sales in April compared to 24 in April 2012. So far in 2013, there have been 57 home sales in Andover , which is an decrease from 83over the first four months of 2012. (See how Andover compares to Essex County and the commonwealth on the chart at the bottom of the article.)

“While the lack of homes to buy over the past several months kept closed sales down, the surge in the number of new listings to hit the market in April is an optimistic sign,” said 2013 Massachusetts Association of Realtors President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree. “With home prices improving, sellers are finally gaining the confidence they need to list their home. This should help move us closer to a more balanced market.”

Single-family home sales dropped slightly in Massachusetts in April compared to a year ago and the median home price increased for the seventh consecutive month, according to The Warren Group, publisher of Banker & Tradesman.

"The housing market continues to improve, but could be hindered if rising prices cause an affordability issue. Three consecutive months of double digit price increases is slightly concerning," said Timothy M. Warren Jr., CEO of The Warren Group.

"There is high demand and low inventory this spring, which is causing this pattern of rising prices and dropping sales volume," said Warren. "Despite the news that sales volume is down, low mortgage rates and steady home values are helping buoy consumer confidence." 

Other statewide numbers:

• There were 3,504 single-family home sales in April, a decrease of 1 percent from April 2012. This is the third consecutive month that there has been a year-over-year decrease, according to The Warren Group.
• Home sales were down nearly 3 percent after the first four months of the year when compared to 2012.
• Single-family median prices rose almost 14 percent in April compared to a year ago. It’s the seventh consecutive month that the median price increased in Massachusetts.
• April was the 13^th straight month of housing inventory decreases, according to MAR. On the other hand, new listings increased nearly 13 percent compared to a year ago. April saw the most new listings in three years.
• Detached single-family homes stayed on the market an average of 110 days in April 2013 compared to 126 days in April 2012, according to MAR.

How Andover stacks up
Here is how Andover compares to the rest of Essex County and the commonwealth: 

Source: The Warren Group