Andover, Massachusetts, located in Essex County about 25 miles north of Boston, saw single-family home sales and prices in July 2022 move more than 20 percent but in different directions.
(1) Homebuyers purchased 34 single-family homes in July compared to 44 properties closed in July 2021, a 23 percent drop.
(2) Through the first seven months of the year, home sales declined 11 percent to 181, from 204 closed during the same seven-month period last year.
(3) Pending sales – those homes under contract that have yet to close – increased 36 percent to 30 from 22 in July 2021, indicating that August sales might be better than August 2021.
(4) The median price of a single-family home jumped 24 percent in July to $917,500 year over year.
(5) Since July 2017, when the median home price was $639,950, the cost of a single-family home in Andover has risen 43 percent.
(6) Through July, single-family home prices have increased 15 percent to $965,000 from $837,000 during the same timeframe in 2021.
(7) The number of months of inventory dipped to just under one month, meaning if no new listings came on the market, there would be no available single-family homes in about one month. About six months of inventory is considered a balanced market between home buyers and sellers.
(8) Homebuyers paid, on average, 105 percent of the original list price in July and 109 percent during the first seven months of 2022 for single-family homes.
(9) In July, homebuyers purchased 10 condominiums in Andover, two less than July 2021.
(11) Pending sales of condos fell 46 percent to seven from 13 in July 2021.
(12) With pending condominium sales off 44 percent through July, home-buying consumers likely will purchase fewer units in 2022.
(13) Unlike houses, condominium prices fell 5 percent in July on a year-over-year basis to $417,500.
(14) Over the last five years, the median condo price has jumped 45 percent from $288,500 in July 2017.
(15) From January through July, condominium prices have increased 17 percent to $455,000.
(16) The number of months of supply of condos rose from 0.9 to 1.3 months, a 44 percent increase and good news for homebuyers who want to purchase a condominium.