EagleTribune.com, North Andover, MA

Business

September 16, 2012

Real Estate Briefs

(Continued)

The report also indicated that the median price for single family homes sold locally in August was $329,000, a 3.2 percent drop versus last August, and a 0.3 percent decline over July’s median price of $330,000. Additionally, condominiums sold in August posted a median sales price of $163,500 which represents an 11.6 percent decrease compared with last August and a 17.0 percent decrease versus July’s median price of $197,000.

The average length of time it took for a single family home to sell in August was 110 days, exactly the same number of days it took last August. For condominiums, it took an average of 105 days for those sold during August to close, a decrease of 10.3 percent compared with the average from last August of 117 days on the market.

Meanwhile, the number of pending sales, those now under agreement but not yet closed, for single family homes in the region during August rose by 7.2 percent compared with August of 2011, with the agreed-upon median price for those properties at $316,250, an increase of 9.1 percent versus last August. The number of pending sales for condominiums locally during the month was also up, rising by 6 percent versus last August to 124 contracts signed, with the median price down by 3.4 percent compared with last year, to $168,900.

The report also provided inventory levels of area homes for sale as of Sept. 15, which at 1,460 available single family homes and 526 condominiums have each dropped markedly below last year’s levels of 1,738 and 666 respectively. The inventory for both single family homes and condominiums locally also remains well below the peaks set in 2006 and 2007, which were 2,242 for single family homes and 1,251 for condos.

The Northeast Association of REALTORS is one of 1,500 local chapters of the National Association of REALTORS. Officially, NEAR covers 15 cities and towns from Boxford to Littleton, though it has members from more than 50 cities and towns in the Merrimack and Nashoba Valleys as well as southern New Hampshire.

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