Andover, MN

Home Prices in Andover, MN have peaked much like the rest of the Twin Cities Housing Market in 2006. The Median Sale Price in Andover peaked at about $300,000 in 2006 and has fallen 34% since then. Homes have depreciated about 18% since 2002.

Right now the Median Sale Price in Andover is trending flat and has been since about April, which also about when inventory levels in Andover started to drop dramatically. The Absorption Rate is at 7.14 Months of Inventory, which is a Balanced Market and is now trending out of a Balanced Market into a possible Seller's Market. However, some caution is advised since inventory level typically increase greatly in the first three to four months of the Spring Market in Minnesota.

Much like the rest of the Twin Cities Area Andover may also see a sustainable Balanced Market going into 2012.

Closed sales are down a bit in Andover but the big drop in new listings has kept inventory in this northern Minneapolis suburb under control. The average sales price did take a hit with almost a 10% decrease from just under $221,000 to just under $200,000. This means the average price per square foot also took a 10% hit from $98/sq ft in 2010 to $88/sq ft in 2011. Another statistic that crept up a bit in 2011 was days on the market. It took an average of 154 days to sell an Andover home in 2011; up almost 3% from the previous year. It seems that home buyers continue to consider Andover an affordable option in the Twin Cities north metro but are very conscious of pricing.

For additional details on the inventory levels in Andover, MN at the end of 2011, Click HERE.