Marcus Johnson and Lois Magenau sold 14 Poplar Street to Dana and Belinda Magenau for $130,000. This 0.25 acre home built in 1865 consists of two dwellings with a total of four bedrooms and three bathrooms and an attached garage. Ty Morris of Coldwell Banker Lifestyles represented both the buyer and the seller.
Susan and Jeffrey Calley sold 246 Boston Hill Road to Charles and Lorna Place for $221,000. This three bedroom and one bathroom ranch sits on 0.50 acres and has 1,376 square feet of living space. Amber Costa of BHHS Verani represented the sellers and Beth Adams of Century 21 Thompson Real Estate represented the buyers.
Jason Silver and Jeri Bacote sold 822 Franklin Highway to Rob Powers and Marcia Miller for $260,000. This three bedroom and two bathroom cape home sits on 1.00 acre and has 2,152 square feet of living space with an attached garage. Michael Gagne and Mark Whitney of KW Lakes and Mountains/Tilton represented the sellers and Kristin Dunklee of BHHS Verani Belmont represented the buyers.
Brian and Sarah Gilman sold 35 Franklin Highway to Adria and Daniel Cotnoir for $269,900. This four bedroom and three bathroom cape/farmhouse sits on 2.12 acres and has 2,531 square feet of living space with a detached garage. Doug Peel of Four Seasons Sotheby’s represented the sellers and April Dunn of April Dunn and Associates represented the buyers.
Patrick and Gail Mead sold 64 Boston Hill Road to James Gale for $330,000. This three bedroom and two bathroom raised ranch sits on 2.69 acres and has 2,220 square feet of living space with an attached garage. Jen Johnson of Four Seasons Sotheby’s represented the sellers and John Fessenden of Bean Group Meredith represented the buyers.
The James Goody Revocable Trust sold 231 Emery Road to Clare and Bradley Esson for $458,200. This five bedroom and three bathroom colonial built in 1783 sits on 16.69 acres and has 4,672 square feet of living space and an attached two-story barn. Carter Bascom of Four Seasons Sotheby’s represented the sellers and Julia Martinage of Redfin Corporation represented the buyers.
Richard and Karen Sanborn sold a 22.61 acre parcel of land on Route 4A to Megan Butcher for $75,000. Kristin Angeli of Angeli and Associates represented the sellers and Priscilla Durand LAER Realty Partners represented the buyers.
Joseph Allen sold 772 Flaghole Road to Jennifer Castillo for $245,000. This 5.26 acre property is in both Andover and Salisbury.
There are currently 12 homes for sale in Andover, nine of which are under contract; and 11 parcels of land for sale, with one under contract.
For more local real estate information, contact Ty Morris at 237-2060 or Ty@nullTheCBLife.com.
“Sizzling Hot”
Matthew Neuman, owner of Absolute Title, says: “We’ve been open for 15 years; March was our single best month for new orders.” New Hampshire Housing’s March 2020 Housing Market Report indicates the median sale price of a home in New Hampshire has reached $300,000, and inventory is still critically low.
WMUR-TV describes the New Hampshire housing market as “sizzling hot.” This summer, sales of single family homes declined in all 10 counties of New Hampshire, yet in all but two counties, the median home price increased and days on the market decreased.
There is a lot going on. How does it all come together and create this remarkable local seller’s market? Supply and demand!
Do you remember your intro to business class or maybe macro economics? The supply and demand chart is one of the pillars of understanding business and sales. What happens when we see a decrease in inventory and an increase in demand? Prices go up. Have you heard the rumor that homes are going above asking price in a matter of hours? Generally, this is correct; if the house is in decent condition and in a marketable location. Listing agents are even now setting offer due dates the day a home goes on the active market.
This year in Andover, the average days on the market dropped to 65 from 115 in 2018-19. Keep in mind that the average timeframe for a lender to close is 45 to 60 days. That’s an average active listing of less than two weeks! Likewise, the average sale price in Andover is up to $266,547 from 2018-19’s $258,975.
Andover’s not in line with state statistics. NHHFA reports that listings statewide are down 41% since 2015. In 2018 and 2019, 31 and 33 homes respectively sold in Andover. This year, many homeowners are taking advantage! Through August of this year alone, Andover has seen 28 homes sold with only 5.13% expiring!
Currently, there are nine homes already under contract and more in the pipeline. Andover will see at least a 33% increase in volume sold, where statewide will be reporting in the opposite direction.
Why is Andover different? The trickle effect. Each market has seen a lot of fluctuation as a result of the pandemic. PEW Research Center reports that one in five American adults relocated as a result of the pandemic. Zillow indicates that 64% of prospective home buyers are looking to suburban areas.
A few issues ago I wrote about the desirability of rural New Hampshire and how many city dwellers are looking to relocate to our quiet communities. Consider this: Andover homes for sale have seen three purchase contracts in the last 30 days from Los Angeles area buyers alone. Personally, as an agent who advertises on Zillow, more than half of my incoming inquiries for Andover and the surrounding towns are from out-of-state buyers.
Outlook and Optimism
All of these statistics confirm that we are in one of the best sellers’ markets to date. The essence of the trickle effect is that urban looks to suburban and suburban looks to rural. Although the outlook of this market boom is as unpredictable as it was unannounced, our small communities look to enjoy the benefits a little while longer.
Are you a discouraged buyer? Interest rates are still at an all-time low, which is only fueling the ever-increasing demand. Here are your best next steps: Contact a buyer’s agent, and start looking for new listings. Contact your local lending institution and get pre-approved. Position yourself to not only see the home the day it comes available but to be able to make an offer that day as well. It may feel like your tires are spinning, but eventually they will gain traction! Best of luck and stay safe!