Weston Massachusetts Market Update for March 2009

As of March 31, 2009, there were 105 single family listings in Weston on the Multiple Listing Service (MLSPin).  During March, 28 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 $1,650,090.   It is startling to see so many new home listings added to the market given 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, if you didn't see the recent 60 Minutes special about the growing number of foreclosures due to option arms - Weston, just like many other affluent towns in Metrowest is going to experience a growing number of short sales and foreclosures in the near future, thus continuing to put downward price pressure on current home listings from "non-distressed" home owners.  In other words, if you don't need to sell, now would not be the best time to "dip your foot in the water."

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 35 months.   That is to say, based on the volume of sales during the past month, it will take almost 3 years to sell all of the single family homes currently in inventory and sitting on the Weston market.

The average list price for a single family home is $2,210,973.  The lowest price is $469,000 and the highest price is $14,000,000, with the largest concentration of homes (38.1%) priced in the $1,000,000 to $1,999,999 price range.  Of note, the average list price for a single family home in March 2008 was $2,229,414.

The median price is $1,645,000 and the average days on market are 185 days.  This compares to a median list price of $1,740,000 and average days on market of 194 days as of March 31, 2008.

There were 3 properties that went under agreement during the month of March (March 2008- 11 properties).  2 single family homes sold during the month, with the average sales and median price being $814,500, with the average days on market being 70 days. Compare this to3 properties sold during March 2008, with an average and median sales price of $1,193,667 and $1,425,000, respectively, and the average number of days on market being 208 days.

During March 2009:

17 properties experienced price changes averaging -7.01%

Sales price to original price was 96%

Sales price to (last) adjusted price was 99%

7 property listings expired with an average days on market of 189 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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