One home sold on the MLS in Andover this month.

Carol Meyers sold 31 Elkins Hill Road to Jason Thompson for $340,000. This three bedroom, one and a half bathroom ranch with an attached one-car garage sits on 2.09 acres. Ed Kinzer of Coldwell Banker Lifestyles represented the sellers and Amber Rejdych of BHHS Verani – Concord represented the buyers.

Current Market Conditions

A lean inventory continues to keep prices consistent. To summarize the summer, since June, Andover home sales have averaged 106.4% of the listing price (homes sold for 6.4% over the asking price on average). This statistic is higher than Merrimack County’s average of 103.4%. I noticed a lull in buyer activity from Memorial Day to Labor Day, but recent local open houses have proven to increase in popularity. My outlook on the fall market is optimistic; steady inventory, prices, and buyer production.

Interest Rates

Jake Donovan of Legacy Mortgage says:

“Mortgage rates have remained steady at near all-time lows, for all of our loan options –  conventional, FHA, VA, land, construction, and renovation loans. Weekly mortgage applications have increased slightly overall, however with some relief in the home buying market, home purchase applications have increased by 8%.

“In other news, as we near the end of the COVID mortgage forbearance program, CoreLogic has released a report that states the US foreclosure rate in June 2021 was the lowest it’s been in over two decades. The report indicated that while the pandemic may have been financially damaging to some homeowners, homeownership rates have largely stayed intact thanks to the measures taken to protect homeowners throughout the pandemic. This is positive news for the health of the real estate market.”

For more local real estate information, call Ty Morris at 603 237-2060.