EagleTribune.com, North Andover, MA

July 29, 2012

Real Estate

The Eagle-Tribune

---- — MERRIMACK & NASHOBA VALLEYS — The Northeast Association of REALTORS (NEAR) reports that single family home sales during May in the 15 cities and towns from Boxford to Littleton rose by 37.2 percent compared with May of last year, while the number of condominiums sold climbed by 50.8 percent during the same time frame. Sales of both property types also showed significant gains versus the month of April, rising by 25 and 23.4 percent, respectively. The report is based on data from MLS Property Information Network.

The report also showed that the median price for single family homes sold locally during May was $302,000, a drop of 2.6 percent versus last May, but an increase of 4.1 percent over April’s median price of $290,000. The median price of condominiums sold in May was $198,000, a rise of 17.2 percent compared with last year and an increase of 23.8 percent versus April’s median of $160,000.

The average length of time it took to sell a single family home in May was 120 days, an increase of 1.7 percent over last May. It took an average of 119 days for the condominiums sold during May to close, a decrease of 5.6 percent compared with last May.

The report also noted that pending sales, those now under agreement but not yet closed, for single family homes during May were up by 17.8 percent compared with May 2011, with the agreed-upon median price for those properties relatively flat, up by 1.6 percent versus last May. The number of pending sales for condos locally during the month was also up by 12.1 percent since last May, with the median price easing up by 2.4 percent to $168,900.

The report provided inventory levels of area homes for sale as of June 15, which at 1,611 available single family homes and 627 condominiums have dropped slightly below last year’s levels. The inventory for both single family homes and condominiums locally remains well below the peaks set in 2006 and 2007.