Sherborn, Massachusetts Market Update for March 2009

As of March 31, 2009, there were 41 single family listings in Sherborn on the Multiple Listing Service (MLSPin).  During March, 10 new single family listings were added to our MLSPin and an additional 2 single family homes were relisted for sale on the MLS, with an average list price of $624,159.   Inventory levels are building and supply is now far exceeding demand - especially in the higher end of the Sherborn market.  Now may be a great time to buy, but if owners don't need to sell, they would be well advised to either hold off for a while or price their homes to sell today, because there will be even more homes competing with overpriced listings tomorrow.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 20.5 months.   That is to say, based on the volume of sales during the past month, it will take 20.5 months to sell all of the single family homes currently in inventory and sitting on the Sherborn market.

The average list price for a single family home is $963,611.  The lowest price is $199,000 and the highest price is $4,000,000, with the largest concentration of homes (53.7%) priced in the $500,000 to $999,999 price range.  Of note, the average list price for a single family home in March 2008 was $1,078,257.

The median price is $799,000 and the average days on market are 250 days.  This compares to a median list price of $843,500 and average days on market of 202 days as of March 31, 2008.

There were 2 properties that went under agreement during the month of March (March 2008- 5 properties).  2 single family homes sold during the month, with the average and median sales price being $837,000, with the average days on market being 257 days. Compare this to 0 properties sold during March 2008.

During March 2009:

18 properties experienced price changes averaging -5.18%

Sales price to original price was 97%

Sales price to (last) adjusted price was 97%

2 property listings expired with an average days on market of 194 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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