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Fred Doleac's Blog

By Fred Doleac | Broker in Amherst, NH

Danvers Market Report - Homes and Condos (10/31/09)

Danvers Real Estate Real Estate Activity - Homes and Condos 2009

The October update points to a further drop in market values as both condominiums and homes sold and pending report lower values. Transaction continue to decline and properties stay on the market for long periods of time. The strength of the market is at the lower end where first time buyers are taking advantage of market conditions and specifically the $8000 tax credit. Most buyers in the entry level price range utilize financing programs with low down payments, such as FHA, and most condominium developments do not have the coveted FHA approvals. For this reason, homes are receiving more showings and those prices for the market are selling.

Single Family Homes

The three year trend in declining values and transactions is evident in the October statistics. There have been 122 homes sold in 2009 at an average sales price of $358,731. In 2008, there were 137 homes sold with the values at $393,601. The average market time has dropped to 127 with the SP/LP unchanged. For active listings, there are 65 homes available in a range of $169,000 to $1,149,000 with an average asking price of $432,272. Sales under contract are at 14 with the lower valued homes pending at an average asking price of $382,600. When these homes close, the values will bring the average sales prices down further.

Condominiums

Danvers condominium sales year to date indicate an average sales price of $259,394 which is down slightly from the 2008 average. At the end of October, 46 units had sold in 2009, which is a 19% decline in volume from the 65 units sold in 2008. The DOM has increased sharply for units sold from 154 days in 2008 to 176 days in 2009. 26 units are currently on the market with an average list price of $258,408 and a DOM (days on market) of 153. The lowest priced unit available is listed at $59,900 and the highest being $489,900. 8 units are under contract with the average list price of $279,000 and a DOM of 98. For sales pending, the range is from $73,900 to $279,900.

Virtual Homes Real Estate provides search tools to asist you in learning about the community, listing and market conditions. Click on the following links for your choice of services.

Danvers MA Real Estate - Community, relocation and school information with town demographics.

Danvers MA Foreclosures - Obtain a list of foreclosed and bank owned real estate and short sales

Danvers MA MLS Search - View all listings in the statewide MLS.

Danvers MA Homes for Sale - Map Search - Search by location, neighborhood and commuting.

Vist NH Homes for Sale and MA Homes for Sale for direct MLS access to all listings. To obtain school, demographic, commuting, relocation, home buying and selling information go to New Hampshire real estate, Massachusetts real estate, Connecticut real estate, Maine real estate and Rhode Island real estate. For information regarding foreclosures visit Massachusetts foreclosures, New Hampshire foreclosures and Connecticut foreclosures.

This report is based on activity reported from the MLSPin MA MLS system and is not guaranteed to be accurate. It does not represent all of the listings that have sold during the specified time frame.

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