Wayland Massachusetts Market Update for March 2009

As of March 31, 2009, there were 79 single family listings in Wayland on the Multiple Listing Service (MLSPin).  During March, 19 new single family listings were added to our MLSPin and an additional 3 single family homes were relisted for sale on the MLS, with an average list price of $886,409.   I wish I knew how to explain what is going on with single family home sales in Wayland.  Home sales are up for the year when compared to 2008, but market absorption and pricing of current inventory is bucking up and screaming for attention.  What appears to be selling in Wayland are homes priced well below the market average (which is already skewed because of one luxury listing), but still, there is a large percentage of homes currently in inventory that are priced above the median price.  Also startling is the growing age of the inventory and market absorption rates.  Serious sellers would be well-advised to price to sell, rather than chase the market with on-going price improvements.  Also, the growing number of short sales and foreclosures in Wayland and throughout Metrowest will continue to put downward price pressure on current home listings from "non-distressed" home owners.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 26.67 months.   That is to say, based on the volume of sales during the past month, it will take over 2 years to sell all of the single family homes currently in inventory and sitting on the Wayland market.

The average list price for a single family home is $926,945.  The lowest price is $199,000 and the highest price is $6,500,000, with the largest concentration of homes (36.7%) priced in the $500,000 to $799,999 price range.  Of note, the average list price for a single family home in March 2008 was $905,577.

The median price is $659,000 and the average days on market are 179 days.  This compares to a median list price of $699,900 and average days on market of 173 days as of March 31, 2008.

There were 9 properties that went under agreement during the month of March (March 2008- 8 properties).  3 single family homes sold during the month, with the average sales price being $606,667 and the median was $656,000, with the average days on market being 300 days. Compare this to 5 properties sold during March 2008, with an average and median sales price of $507,980 and $510,000, respectively, and the average number of days on market being 114 days.

During March 2009:

22 properties experienced price changes averaging -5.03%

Sales price to original price was 90%

Sales price to (last) adjusted price was 92%

2 property listings expired with an average days on market of 220 days

 Is now the right time to sell your home?  Contact WEICHERT, REALTORS®-Synergy for a complimentary Price Trend Analysis that you can use to evaluate your options.

Looking for other options?  Meet with a local Weichert neighborhood specialist to discuss how our expertise can provide you with a competitive edge in selling your property.  Stop chasing the market.  Let the market chase you!  Contact us now at http://synergy-metrowest.com/cma.htm

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