Massachusetts Home Buyer Guide

Real estate inventory of single-family homes in Andover, Massachusetts declined 18.9 percent in April 2014 compared to April 2013, according to data compiled by the Massachusetts Association of Realtors. 

In April 2014, there were 86 homes on the market, compared to 106 in April 2013. Months supply of inventory in April also declined. There was 2.8 months supply in April relative to 4.2 in April 2013, a 33 percent decline.

The median price of a single-family home in April was $492,000, up from $471,000 in April 2013. Andover, MA single-family property prices increased 27.7 percent over the first four months of the year compared to that same period in 2013. The median price through April was $574,500, up from $450,000 through the first four months of 2013.

There were 21 single-family home sales in April, the same number as in April 2013; however, pending sales decreased. There were 39 pending sales in April 2014 compared to 50 in 2013, a decrease of 22 percent. Sales increased through the first four months of the year relative to that same period in 2013. As of April 30, 2014, there were 66 closed home sales compared to 61 from January through April 2013. 

The average number of days on the market for a single-family home in Andover, which is located in Essex County, declined 16.6 percent, and homes sold for 96.2 percent of the original list price in April. Single-family homes sold for 94.4 of the original list price during the first four months of 2014.

There were 10 condominiums sold in Andover in April 2014, up 11.1 percent from the nine units sold the previous April. Through the first four months of the year there were 29 condos sold, a 26.1 percent increase from 23 units sold from January through April 2013. There were 16 pending condo sales in April, a 14.3 jump from 14 pending condo sales in April 2013. Through April, pending condo sales increased 28.6 percent relative to the first four months of 2013. There were 45 from January through April 2014 and 35 from January through April 2013. 

The median price of the 10 condos sold in April was $307,450, down 2.4 percent from the median price of $315,000 in April 2013. The median condo price was $156,000 through the first four months of the year, a 0.6 percent decrease from $157,000 from January through April 2013. 

Condominium inventory declined 30.2 percent in April. There were 30 condos in the market in April 2014 compared to 43 in April 2013. Months supply of inventory decreased 46.9 percent. There was 3.1 months supply in April and 5.8 months supply in April 2013. New condo listings decreased 31.6 percent. There were 13 new condo listings in April 2014 compared to 19 in April 2013. Through April, there were 69 new listings, a 35.3 percent increase compared to the same period in 2013. 

The average number of days on the market for condos declined 26 percent in April and 26.3 percent during the first four months of the year. The 10 condo units sold in April sold for 96.3 percent of the original list price, and the 29 units sold through April sold for 97.2 percent of the original list price.