Overall the Andover real estate market continues to remain strong. Closed sales are up once significantly but there was a drop in new listings. This lack of inventory is putting home sellers in the driver’s seat of the housing market Closed sales are up nearly 20% .Since there are several new home construction developments in Andover it is no surprise that the percent received of original listing price is up too. New homes always cost a bit more per square foot than existing homes. In 2015, the average sales price rose again from almost $254K to nearly $267K! This is up $50,000 from just 3 years ago! Likewise the average price per square foot in Andover rose from $94/sq ft in 2012 to an average of $113/foot in 2015. Another sign that the market has turned is the drop in days on the market. It took an average of 88 days to sell an Andover home in 2014 but less than 70 days to sell on average in 2015. This is less than half of the time it took to sell an Andover MN, home just a few years ago.
With inventory low and demand high, sellers will find 2016 a good year to list their Andover homes. Existing home inventory levels are low for homes in this growing Anoka County community. It appears to be a seller’s market, where sellers have the negotiating advantage as we begin 2016. With continued low interest rates, home buyers are out in full force searching for their dream homes. Home owners considering selling in 2016 and hoping to get the most leverage from the improved market should consider listing their homes before the spring market really cranks up which will bring in additional competition no doubt.
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