Real Estate Market updates

MASSACHUSETTS — The Massachusetts home market was a minefield for both sellers and buyers in 2023. According to a new report from The Warren Group, single-family home sales fell to a 12-year low in 2023, with limited inventory and record-high prices contributing to the overall decrease. MA real estate sale numbers down from 2022. This is strictly the volume of sales as the more often then not the average prices have risen.

Real estate sale numbers down from 2022

ANDOVER MA:

YTD Number of Sales 324 vs. 251 -22.5%
Median Sale Price $795,000 vs. $780,000-1.9%

 

NORTH ANDOVER MA:

YTD Number of Sales 246 vs 194 -21.1%
Median Sale Price $707,500 vs. $810,000 14.5%

ALL MASSACHUSETTS:

YTD 52,639 vs  40,828 homes sold in 2023, A 22 percent decline from 2022. The median single-family home price in 2022 was $550,000. That number rose 2 percent in 2023, bringing the median price to $570,000.

NATIONALLY:

“The National Association of Realtors said Friday that the MA real estate sale numbers down from 2022 with existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022. That is the weakest year for home sales since 1995 and the biggest annual decline since 2007, the start of the housing slump of the late 2000s.”

 

HOMES FOR SALE IN ANDOVER AND NORTH ANDOVER MA

 

 

 

 

North Andover general business district zoning refers to the process of designating specific areas of land for particular uses or purposes, typically governed by local or municipal governments through zoning regulations or ordinances. One of the commercial zones in North Andover is the General Business District which allows for certain types of businesses. These regulations are a fundamental part of urban planning and land use management and serve many important functions.

Zoning decisions are often made through a public process that involves community input, public hearings, and consideration of factors such as the comprehensive plan, neighborhood character, and the needs of the community. It’s important to consult with local zoning authorities and professionals, such as real estate agents, land use attorneys, or urban planners, when dealing with real estate transactions and development projects to ensure compliance with zoning regulations. North Andover commercial space for sale and lease.

The list of approved businesses in the North Andover General Business District zoning are listed below. North Andover zoning map.

 

North Andover Massachusetts

GENERAL BUSINESS DISTRICT

 

  1. A. Retail stores and wholesale stores, salesrooms, funeral parlors, showrooms or places for any professional, artistic or mercantile activity, not involving manufacturing; also, retail bakeries or retail confectioneries.
  2. Banks, offices and municipal, civic, or public service buildings, such as a post office, telephone exchange, Town offices, school, library, museum, place of worship, local passenger station.
  3. Hall, club, theater, or other place of amusement or assembly.
  4. Automobile service and filling stations, automobile storage and repair garages, including automobile body repairs and painting, and automobile sales agencies for new and used cars, provided there are not displayed or stored outdoors on such premises more than 25 automobiles or other vehicles.
  5. Restaurant, dining room or lunchroom.
  6. Residential use where such use is not more than 50% of the total floor space in the structure.
  7. Any accessory use customarily incident to any of the above permitted uses, provided that such accessory use shall not be injurious, noxious, or offensive to the neighborhood.
  8. Agriculture, horticulture, floriculture, viticulture or silviculture.

(1)          Farming of crops and row crops, truck gardens, orchards, plant nurseries, and greenhouses.

(2)          On any lot of at least three acres, the keeping of a total of not more than three of any kind or assortment of animals or birds in addition to the household pets of a family living on such lot, and for each additional acre of lot size to five acres, the keeping of one additional animal or bird; but not the keeping of animals, birds, or pets of persons not resident on such lot.

(3)          On any lot of at least five acres, the keeping of any number of animals or birds regardless of ownership and the operation of equestrian riding academies, stud farms, dairy farms, and poultry batteries.

(4)          The sale of products raised as a result of the above uses on the subject land.

  1. Day-care center by special permit.

 

The soaring real estate prices in Boston, Massachusetts suburb have significantly impacted surrounding suburbs. Pushing suburb home prices at an all time high. The current real estate market in Boston Massachusetts is experiencing a significant surge in prices. With its thriving economy, rich history, and vibrant culture, Boston has become one of the most sought-after cities for real estate investment.  As property values continue to rise within the city limits, many prospective homebuyers are turning their attention to the suburbs in search of more affordable housing options.

Suburb demand

This demand for housing in Boston has created a ripple effect, causing an increase in prices throughout the suburban market. Families and individuals who were once drawn to these areas for their affordability are now finding themselves faced with skyrocketing prices that rival those within the city.  Buyers looking for more space, quieter neighborhoods, and access to quality schools are finding attractive options in the suburbs surrounding Boston. From historic towns with charming New England architecture to modern developments with state-of-the-art amenities, there is a diverse range of properties available. The increased interest, with prices steadily rising over recent years leading to Suburb home prices at an all time high. The demand for homes in these areas has led to a limited inventory and increased competition among buyers.

Stuck between a rock and a hard place

This surge in real estate prices has several implications for both current residents and potential buyers. Firstly, it is becoming increasingly challenging for individuals to enter the housing market, particularly first-time homebuyers who may be priced out of their desired neighborhoods. Additionally, existing homeowners may find themselves with substantial equity gains but struggle to afford larger homes within their communities.

Investors and builders

Investors are also recognizing the potential for long-term growth in these suburban markets. With ongoing development projects and infrastructure improvements, such as expanded transportation options and commercial centers, these areas offer promising investment opportunities. but there is little land for sale to acquire that is developable. Investors have needed to get creative with buying older  tear down properties and building new.

Buyers

While prices may vary depending on specific locations within the suburbs, overall, Boston’s suburban real estate market remains strong. Buyers should be prepared for competitive bidding situations and act swiftly when they find a property that meets their needs. Buyers considering purchasing a home or investing in real estate near Boston should explore its vibrant suburbs. They can provide you with an array of options at varying price points. The current market conditions indicate that now may be an opportune time to explore these suburban areas before prices potentially rise further.

 

 

 

 

BOSTON MARKET  known as the Boston Market in North Andover is closing as Atlantic Retail has a for lease sign on the property. This property is actually located in Lawrence MA as it is one of many strange town and county lines that runs through Massachusetts. Actual address: 435 Winthrop Ave, Lawrence, MA 01843

Boston Market North Andover closing

Boston Market originally named “Boston Chicken” started in a suburb of… Boston. Founders Arthur Cores and Steven Kolow initially launched the concept in Newton, MA back in 1985. By the early ’90s the franchise began to expand quickly with new restaurants popping up all over the northeast. They got ahead of themselves and eventually had to file for bankruptcy. McDonald’s Corporation jumped in and came to the rescue, purchasing Boston Market in 2000. McDonald’s purchased the company for its real estate, but found the brand serviceable and therefore continued to operate and expand. (they would later sell to Sun Capital Partners in 2007, who would then sell to Engage Brands/The Rohan Group in 2020).

Boston Market History

When it was known as Boston Chicken, restaurants specialized in rotisserie chicken and a variety of side dishes. By February 1995, the chain expanded its menu to include turkey, meatloaf, and ham. The name was changed to Boston Market in fall 1995 to reflect this. However, the corporate name remained “Boston Chicken, Inc.” until 1997. When it became so popular with the new name, the corporate name was changed to “Boston Market Corporation.”

In 1996, the chain launched a line of sandwiches known as “Boston Carver Sandwiches”. They featured chicken, turkey, ham, and meatloaf; in 1997, due to the success of the new line, the “Extreme Carver” sandwiches were launched, filled with more portions of the above meats and more cheese than the originals. In 2005, Boston Market also started offering limited-time offers, such as Crispy Country Chicken, an oven-baked chicken breast with gravy. Baked whitefish, haddock or cod was also offered on Fridays during Lent. Boston Market continues to introduce new items and flavors, such as their popular BBQ Ribs, Oven Crisp Chicken, and Parmesan Tuscan Chicken Premium Dish. In April 2018, Boston Market announced that it was expanding its menu to offer rotisserie prime rib nationwide, three days a week.

The real estate market has seen a significant change over the past couple years. The new norm is with low inventory higher real estate prices. With inventory at an all time low.  This scarcity of available properties has created challenges for buyers and sellers alike. However, it is important to understand the underlying factors contributing to this issue and explore potential solutions.

The rising prices in the real estate market have been driven by various factors;

  • Increased demand
  • Limited supply
  • Economic growth

As more people are looking to invest in properties or find their dream homes, the competition has intensified. This surge in demand has outpaced the rate at which new properties are being developed or listed for sale, resulting in low inventory levels.

Buyer options

For buyers, this means limited options and increased competition for the available properties. It can be frustrating to search for a suitable property only to find that there are very few choices available. Additionally, the high demand often leads to bidding wars and inflated prices. This makes it even more challenging for buyers to secure a property within their budget.

To address the issue of low inventory in real estate, there are several potential solutions that can be explored. One approach is encouraging new construction projects to increase the supply of housing units. This can be achieved through incentives provided by local governments or collaborations between developers and public-private partnerships.

Another solution is promoting urban redevelopment initiatives that focus on revitalizing existing neighborhoods and repurposing underutilized spaces. By transforming vacant buildings or unused land into residential units, we can effectively increase housing availability without encroaching on natural habitats or green spaces.

Additionally, technological advancements such as virtual reality tours and online platforms have made it easier for buyers to explore properties remotely without physically visiting each one. This can help streamline the buying process and provide more efficient access to available properties, even in a low inventory market.

Higher rates

The correlation between higher interest rates and rising prices in the real estate market cannot be ignored. As interest rates increase, the cost of borrowing money for potential homebuyers also rises. This can lead to a decrease in demand for real estate, which in turn can result in a surplus of inventory and lower prices. Although mortgage rates have most likely peaked, prices are increasing. Demand here in Essex county MA is still strong with listing days on the market for properties in the teens or even single digits. Buyers are in line for a property that fits their needs keeping inventory levels low.

Towns such as Andover MA , North Andover MA, Middleton MA, North Reading and Haverhill MA are still showing very low inventories of single family homes, condominiums and multi-families.

Local homes for sale

real estate for sale in Andover & North Andover MA

Low inventory higher prices

It is important to note that other factors such as location, economic conditions, and housing supply also play significant roles in determining real estate prices. However, the impact of higher interest rates on affordability and buyer behavior should not be underestimated.

In conclusion, it is clear that higher interest rates have a direct influence on real estate prices. As borrowing costs increase, demand may decrease and inventory levels may rise. Therefore, it is crucial for investors and homebuyers to carefully consider the prevailing interest rate environment when making decisions related to real estate transactions.

 

 

National market update March 2023. The Case-Shiller Home Price Index, which is considered the “gold standard” for appreciation, showed home prices fell 0.8% from November to December but they were 5.8% higher when compared to December 2021.

Pending Home Sales Rose for Second Straight Month

Pending Home Sales rose 8.1% from December to January, which was much stronger than expectations and follows the 1.1% gain in December.

NATIONAL MARKET UPDATE

National market update March 2023. The Pending Home Sales index of signed contracts on existing homes rose in January for the second straight month, up 8.1%, though still down from a year ago. Gains were nationwide and foretell higher sales in February and March. Search homes here.

In January, spending on residential construction came in at a decent $847.4 billion annual rate, just a tick below December’s figure. This indicates more new homes will become available later this year.

Best of all, ShowingTime’s index of home showings posted its largest monthly increase ever. Their VP of sales and industry noted, “a larger increase than any January before, after last year’s rapid cooldown, is significant.”

National market update March 2023

FEDERAL RESERVE WATCH

Forecasting Federal Reserve policy changes in coming months. Fed watchers still feel we’ll get a series of quarter percent rate hikes at the next three FOMC meetings. Note: In the lower chart a 100% probability of change is a 100% probability the rate will rise. Current rate is 4.50%-4.75%. National market update March 2023