Andover, CT Market Report: 2011 In Review

2011 was a slow year for home sellers in Andover, CT. Andover is a small town and in 2011, just 20 homes sold. Should the trend continue, just 8% of the 22 homes currently on the market in Andover will sell in any given month.

Another telling figure is the amount of homes that expired in 2010. An expired home is a home that goes on market, but ultimately just does not sell at all and ends up going off market again. In 2011, 13 homes in Andover expired – meaning there is a 40% chance a home seller in Andover will go on market and fail to sell.

Pricing on listed properties may offer some clue as to the reason so many fail to sell. The average listing price of all homes on market in Andover is currently $291,517, while the average price of all homes sold in the last year is only $216,500 (which is also down 4% from the average sales prices of 2010).

Interestingly, while the DOM (days on market) of the average home currently listed for sale in Andover is 207 days – the DOM for homes that have sold is just 31 days.

What does that mean to you as an Andover home seller? If you are considering going market, you will have to be very realistic about the value of your home. You only have a 60% shot at selling your home at all. How do you make it happen in this market? By offering the buyers the best value available on the market. An experienced CT realtor can guide you through this.

Short sales and foreclosures in Andover in 2011: Out of all sold homes in 2011 5% were short sales and 20% were bank owned (foreclosed). Out of current listed market inventory 5% of all homes on market are short sales, while 5% of homes are bank owned – making distressed inventory in Andover 10% of the current inventory.

What will 2012 hold? Only time will tell.

FIND AN EXPERIENCED ANDOVER, CONNECTICUT REALTOR.