Andover Real Estate Transactions January 2022

Buyer demand is pushing the market

By Ty Morris

Two December home sales closed out the 2021 selling season:

Geraldine Hutson sold her home at 126 Main Street to Anthony and Theresa Murphy for $279,000. This three bedroom and two bathroom cape with a detached garage sits on .81 acres and has 1,682 square feet of living space. Ty Morris of Coldwell Banker Lifestyles represented both sides of the transaction.

Christopher Young sold 18 Gale Road to Kathryn Kraysler and Donald Roine for $353,500. This three bedroom and two bathroom cape circa 1850 sits on 3.47 acres and has 1,750 square feet of living space. John Kinney of Coldwell Banker Lifestyles represented the seller and Aaron Harman of BHHS Verani represented the buyers.

After a holiday lull, buyers are back on the hunt amidst rising COVID concerns.

Our market crystal ball has become a little clearer as we enter familiar territory. A year ago marked a milestone in buyer demand as cars filled with eager buyers lined our country roads waiting for their turn to visit an open house. 

Multiple-offer scenarios had agents scratching their heads over how they could make their clients’ offer the most competitive. A big factor for this activity, as I reported before, was the concerning climate of the pandemic combined with inventory in short supply.

Well, here we are again. Amidst rising numbers of active COVID cases, hospitals being overrun, and cities beginning the discussion of more shutdowns, buyer demand is, again, pushing the market. There are some differences we hope will curb the pendulum: interest rates and rising supply. 

Talk of the federal interest rates beginning a systematic hike implies there will be an effect on mortgage rates (although the two are not directly related). This is generating an immediate sense of urgency, further fueling buyer demand. 

However, it should taper in the future as the numbers shift. Furthermore, with the public continuing to be free of mandates and many being vaccinated, some homeowners are feeling more comfortable with folks in their home.

For sellers, there is no need to wait until the spring market. It is already here! For buyers, it may be hard to believe, but with interest rates forecasted to rise and demand continuing to be high, the best time to buy continues to be “Now!”

Andover Home Sales in 2021

Total Home Sales: 38 (down 2% from 2020)
Average Sale Price: $378,630 (up 36% from 2020)
Median Days on Market: 6 (down from 11 in 2020)
List Price to Sale Price Ratio: 104.4% (up from 98% in 2020)

These statistics for single family homes sold in Andover in 2021 come from