Andover Townsman, Andover, MA

June 5, 2014

Mixed results in real estate market

Some gains in Andover, as region's sales, prices remain down


The Andover Townsman

---- — The real estate market continued to struggle in April, with sales and prices for single-family homes plummeting in the 15 cities and towns that make up the northeast Massachusetts real estate market, according to the Northeast Association of Realtors.

The region, which includes Andover and runs from Boxford to Littleton, saw the median sales price of single-family homes drop in April to $314,000, a 6.3 percent decrease compared with April 2013.

The median sale price for condominiums in April was $204,901, a 7.5 percent decrease from April 2013.

The one bright spot is that prices of multi-family homes increased 17.3 percent from April 2013, with a median of $251,000.

The combined sales of single-family homes in the region for April totaled 233, which is 2.5 percent less than were sold in the prior year. There were 99 condominium sales in April, a decrease of 17.5 percent. Multi-family sales were down 26.7 percent from April 2013.

The numbers in Andover, however, were slightly better than the region as a whole. The same number of single-family homes — 21 — sold the past two Aprils. Prices, however, did go up, from a median of $471,000 last year to $492,000 this year.

The condo market was relatively steady, with nine sold in April 2013 and 10 sold this past April. Condo prices, meanwhile, dropped from a median of $315,000 last year to $307,450 this year.

There were no multi-families sold in Andover the past two Aprils.

Year to date, Andover has seen slightly better or worse numbers this year over last year. While 61 homes had been sold by this time last year, 66 homes have sold so far this year, an increase of 8.2 percent.

The median price by this time last year was $450,000, while this year it’s $574,500, a 27.7 percent increase.

Condo sales rose slightly, from 23 to 29, although condo prices are roughly the same at around $156,000.

While six multi-families sold in the first four months of last year, just one has sold so far this year — for $550,000.

Commenting on the area’s home sales market, NEAR president Joseph Farragher took an upbeat approach.

“While prices were slightly down in April, the single-family market shows steady volume with increased prices year-to-date compared with last year,” he said. “The overall trend of the single-family market the past few years has been positive. With 24 percent more single-family homes sold in April than in January this year, we’re seeing another busy spring market.”