Andover MLS
Andover Real Estate Monthly Market Update - June, 2008Andover is home to the top selling agent on The Minnesota Real Estate Team the last couple of years, Rob Reinke. Rob, along with a number of agents on our team over the years, have helped clients buy and sell real estate in this great city. Let's look a Andover and what is happening in regards to real estate activity this year.
First comparing June of 2008 to June of 2007, there has been a drop in new listings put onto the MLS by 4.2%. Close sales have stayed fairly steady, with 29 properties closing in June of 2008 (an increase of 3.6%.) The average sales price in Andover has seen a substantial drop, going from $274,143 to $251,546 (8.2%.) Average days on market has risen by 39.6%, going from 158 to 221 days. The overall inventory level for single family homes in Andover has also risen from 266 to 308 properties (increase of 15.8%.) The active townhome and condo inventory level has remained stable, with 51 properties for sale in both June of 2007 and June of 2008.
Comparing January through June of 2007 to January through June of 2008, there has been a 4.3% increase in new listings on the MLS. Closed sales are down 2.1%, with 140 properties closing this year. The average sales price in Andover has dropped 14.6%, going from $290,759 to $248,413. The percent of original list price received at the time of sale dropped 4.1%, going from 96% to 92%. Average days on market until sale rose 14%, going from 153 to 174 days.
Overall, Andover has definitely seen a large drop in average sales price this year. In spite of this, closings are still happening at about the same pace as last year.
