EagleTribune.com, North Andover, MA

Community News

April 28, 2013

Real Estate Briefs

MERRIMACK & NASHOBA VALLEYS — The Northeast Association of Realtors (NEAR) reports that the median sales price for single family homes sold during the months of January and February, combined in the 15 cities and towns from Boxford to Littleton, was $302,000 a 21.2 percent increase over the median of $268,750 recorded in January-February of 2012. Meanwhile, condominiums sold locally during January and February had a median sales price of $182,875, an increase of 18.4 percent compared with the median of $154,500 set in January through February of 2012.

The report also showed that the number of single family homes sold locally was up by 15.2 percent compared with January-February of 2012. Condominium sales volume decreased slightly in January and February, down 3.1 percent year over year. The report is based on data from MLS Property Information Network in Shrewsbury.

The report also provided inventory levelss of the number of area homes for sale as of March 15. The 1,001 available single family homes represent the lowest inventory level for the month of March since 2004. The 425 condominiums available for sale as of March 15 is also the lowest inventory level since 2004. The height of inventory for both property types were set in 2008 and 2007 at 1,648 available single family homes and 1,136 condos.

NEAR also reported on residential properties locally that became classified as pending (i.e., under agreement but not yet closed) during February. The volume of pending sales for single family homes in February decreased by 15.7 percent to 198 agreements, versus 235 new pending sales in February of 2012. The pending sales numbers reflect the overall low inventory and increased demand, as prices of pending single family sales increased by 33.3 percent. Meanwhile, the number of pending sales for condominiums locally during February rose by 3.4 percent compared with the previous February, to 92 pending sales, with a median agreed-upon price of $174,400 an increase of 9.1 percent versus agreements made in February 2012.

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