Andover New Construction Market

How is the Andover new construction market ?  Let's find out. 

This year, there have been 18 single family houses listed or sold that were built in 2013.  7 of the 18 are under agreement.

Most Expensive:

Lot 12 Prices Circle, listed for $2,795,000!  How many square feet? Only 6,000.  It includes 5 bedrooms ,5 full baths/ 2 half baths and is on 1.18 acres of land.

Least Expensive:

Lot 17 County Road (under agreement), listed for $649,900 and this includes 2,836 SF, 4 beds and 3 full baths/ 1 half baths.  It's located on .23 acres of land.

What style of houses are developers building?  Colonials! All 18 are. They are mostly a modern take of a classic colonial.

Here are the statistics on the 18 listings:

Median List Price: $764,900

Average SF: 3,584

Average # of Bedrooms: 4.2

Average # of Bathrooms: 2.7 Full / 1.1 Half

Average Lot Size: .93 Acres

If you are interested in purchasing new construction in Andover, North Andover, Tewksbury, North Reading, Wilmington, Reading, Methuen and Haverhill, feel free to sign up to our new construction email list.

Statistical data provided by Multiple Listing Service (MLS).

I thought it would be helpful to breakdown the Andover housing market by neighborhood.  The best way to do this was to segment the neighborhoods by elementary school districts since each listing the agent lists what the school district the house is located in.  There is an option to list the neighborhood name, but not all agents list that information, for example "In Town" or "Shawsheen" or "West Andover" neighborhoods. 

There are a total of 6 elementary schools in Andover.  Below is a list of helpful market information about each school district.  I went back 2 years worth of sales, so from May 1st 2011.

The results

Sanborn Elementary District has the highest average price in Andover and is also has the largest houses with an average of 3,199 SF and average of 4 bedrooms.  Sanborn is also an ideal location for commuters since it's right on 93.  Is this why it makes it the highest average in Andover? Could be.

Buyers looking for the largest lot sizes, look at houses in the High Plain Elementary District, the average lot size is 1.05 acres.  This also the newest part of town to be developed with an average age of the houses built in 1980.

The West School District had the most amount of sales, with being one the second smallest school district.  This is because houses in this part of town are more dense with an average half acre of land.

Below is a map of the 6 school districts and the average sale prices for 2 years.  The map is courtesy of the town of Andover:

Statistical data provided by Multiple Listing Service (MLS).

Campion Estates Condo Review

The Campion Estate condominium development consists of 2 types of condos.  There is a large mansion that was existing and was renovated into garden style condos.  This is the picture to the left.  Townhomes were built from the ground up surrounding the Mansion.  It's a interesting complex to say the least due the new and old.

Mansion

First I will discuss the mansion units.  There are a total of 4 levels in the mansion, first floor are the garden level units.   Each floor plan is very different due the developer having to work with the existing footprint of the building.  This gives the condos a lot of character and are not "cookie-cutter".  There are many windows along with bay windows.  The third floor units offer nice views of Lake Cochichewick and the rolling hills surrounding the lake.

There is 1 mansion townhouse unit (if that makes sense).  It's detached from the actual mansion, but is part of the existing development.  It used to be a carriage house for the Campion Estate mansion.

The bedrooms range from 2-3 units (mostly 3) and 2-2.5 bathrooms.  The square feet ranges from 1,640-2,124.

Many of these units include a 2 car tandem detached garage parking spots.  The spots are large enough to put storage inside the garage.  This is in addition to a storage room within the garage building.

Townhouses

The townhouses are clustered around the Mansion and are a totally different style versus the Mansion.  This was because they were built by a different developer.

The townhouses offer 2 level living and feel like a single family house (also priced like a single family house).  Square feet ranges from 2,209 - 2,618.

Inside they include 2-3 bedrooms (only 1 2 bedroom) and 2.5 bathrooms.  They include very large master bedrooms with luxurious master bathroom. 

The first floors include:

• Study
• Half bath
• Open concept kitchen, dining room and living room
• Enclosed porch off of living room

The basements are very large and have the potential to be finished.

Condo fees include:

Master Insurance, Elevator, Exterior Maintenance, Road Maintenance, Landscaping, Snow Removal, Refuse Removal, Property Management

Pet Policy:

Small dogs and cats allowed.

Click here for available Campion Estate condos.

The Disapearing $400K and under house for sale in North Andover

I just wrote a blog about the reduction of single family houses under $500,000 in Andover.  I thought I would look into North Andover's market.  I examined the number of listed houses for sale under $400,000 from the previous years and yes, there are less houses for sale under $400,000 compared to previous years. 

2013

Total single family listed:  77

Total # of single family houses listed under $400,000:  19

2012

Total single family listed: 114

Total # of single family houses listed under $400,000:  26

2011

Total single family listed: 131

Total # of single family houses listed under $400,000:  34

2010

Total single family listed: 104

Total # of single family houses listed under $400,000:  35

This year there is dramatically less inventory, there are 37 less properties for sale overall in North Andover.  There is 7 less properties for sale under $400,000 and compared to 2010, there are 16 less properties!

This is good for sellers in North Andover, not buyers in the $400,00 and under market. 

statistical data provided by Multiple Listing Service (MLS).

$500,000 and Under Andover Homes for Sale

I keep an eye on the Andover real estate market, daily, actually hourly for new listings.  I log onto my MLS probably 10 times a day, maybe more.  I have realized I have seen less single family listings in Andover for under $500,000 versus last year.  I thought I would do some digging to see if I was right.  I was!  Here are my findings:

As of 4/25/12

Total # of Single family homes for sale: 119

# of single family homes under $500,000:  35

As of 4/25/13

Total # of Single family homes for sale: 124

# of single family homes under $500,000:  24

Now we can't really use the case that inventory is down that you are hearing on real estate websites in Massachusetts.  Inventory is actually up, it's just more expensive in Andover!

There were 11 more listings under $500,000 last year in Andover versus this year.  If you go back to 2011, there were 40 listings under $500,000.

Now these are just listings, not sold, a lot of these listings that are now over $500,000 could sell for under.  

statistical data provided by Multiple Listing Service (MLS).

How is the Andover real estate market?  We compared the first quarter 2013 to first quarter 2012. 

The # of single family sales to # of listings didn't really change.  There were just a lot less listings this year.  The median price dropped by 11%.  This could also just be there were less expensive houses that sold this year versus last year.

Andover condos appear to have taken a step back versus 1st quarter 2012.  There were basically the same amount of listings, with less sales in 2013.

Single Family Sales

Number of Single Family Sales: Decreased 30%

Median Price: Decreased 11%

Condo Sales

Number of Condo Sales: Decreased 33%

Median Price: Decreased 19%

All statistical data provided by Multiple Listing Service (MLS).

How is the North Andover real estate market?  We compared the first quarter 2013 to first quarter 2012. 

The # of single family sales was up by 7 sales (30 vs. 37), and with less inventory (69 listings versus 87 listings).

North Andover condos appear to have taken a step back versus 1st quarter 2012.  There were basically the same amount of listings, with less sales in 2013.

Single Family Sales

Number of Single Family Sales: Increased 17%

Median Price: Increased .11%

Condo Sales

Number of Condo Sales: Decreased 47%

Median Price: Decreased 1%

All statistical data provided by Multiple Listing Service (MLS).

Abbott's Pond Condos

The Abbott's Pond condominium development is 41 unit townhouse development located in Andover, MA.  It's an ideal location with being minutes from 93 North and South (Dascomb Road exit) and a short drive to downtown Andover.

 The units offer 2 to 3 bedroom and 1.5 - 3.5 baths.  They also offer 0-2 garage parking spots.  Square feet ranges from 8,50 SF - 4,631SF. 

The development was built in 1989, however the architecture is timeless and is not out dated.  I personally think it's one of the nicer looking condo developments in the area from an exterior perspective.  The developer also did a nice job of creating clusters of townhouses spread out over the property, not creating a cookie-cutter feel which you can get at a lot developments.

Key Features

Square Footage: Certain floor plans offer up to 4,631 SF!  That is huge! It's almost too large, but these do include finished basements. 

Cathedral Ceilings:  The living rooms are very cool in a lot of these floor plans, they offer cathedral ceilings that open up to the second floor. These are only offered for the more expensive units for sale.

Condo fees include:

Master Insurance, Exterior Maintenance, Road Maintenance, Landscaping

Click here for available Abbott's Pond condos.