Relating to median value, the North Andover, Massachusetts, actual property market cooled barely in 2023, however stock remained extraordinarily tight, so residence patrons ought to count on continued competitors for houses in 2024.
Potential residence patrons ought to know in regards to the following 9 knowledge factors the Massachusetts Affiliation of Realtors compiled.
(1). Whereas the median value of a single-family residence jumped 16 % year-over-year in December to $823,750 from $707,500, costs for homes fell 5 % in 2023 to $851,500 from $895,000 in 2002.
(2). Gross sales have been up in December. There have been 18 gross sales, an 80 % improve from 10 in December 2022. For the yr, gross sales plummeted 20 % to 176 single-family gross sales from 221 in 2022.
(3). The gross sales decline is the end result, partly, of scarce stock. Solely 5 homes have been available on the market in North Andover on the finish of December, a 55 % drop from 11 in December 2022.
(4). The five available houses translate into about two weeks of stock. About 5 to 6 months of provide is taken into account a balanced market between residence patrons and sellers.
(5). The dearth of stock has spurred competitors amongst home buyers. Residence patrons in 2023 paid greater than the checklist value due to the competitors. Single-family houses offered for about 104 % of the unique checklist value in 2023, down from 105 % in 2022.
(6). Solely seven condominiums have been offered in December 2023, two greater than the earlier December. Condominium gross sales plunged 28 % in 2023 to 99 from 138 in 2022.
(7). Median condo prices jumped 22 % in December to $350,000, however value progress was extra modest for your entire yr. Condominium costs rose 2 % in 2023 to $365,000 from $357,500 in 2022.
(8). Solely 4 items have been out there on the finish of December, and about two weeks of condominium provide.
(9). North Andover residence patrons paid 102 % of the unique checklist in December 2023 and almost 104 % throughout 2023 for condominiums.
In abstract, the North Andover, Massachusetts, actual property market skilled a mixture of cooling costs and intense competitors in 2023. Whereas the median value for single-family houses declined from the earlier yr, the demand remained excessive resulting from scarce stock.
The shortage of obtainable properties, with just a few weeks’ price of stock for homes and condominiums, continued to drive gross sales above the checklist value. Regardless of a slight lower within the proportion paid over the checklist value for houses in comparison with 2022, home buyers in North Andover should anticipate continued competition in 2024.