Take a visual tour of Sudbury MA 01776
Welcome to the market conditions report for Sudbury MA. Here's what's going on: there are currently 114 active single-family home listings and of those 5 already have accepted offers waiting for contingencies to clear. Average time on the market for current listings is 171 days - last year at this time it was 157. Eleven homes have sales pending compared with 25 one month ago; not unusual since many buyers needed to be in their new homes to start the school year.
Overall, the number of homes for sale has decreased 114 compared with 130 last year at this time. An analysis by price-range shows that the largest decreases are in the following ranges: $500,000 to $599,999 - 8 compared 24 last year; $600 to $699,900 - 4 compared to 17; and $400K to $499,900 - only 5 vs. 13 one year ago. Buyers in those ranges should get going before they have even fewer choices. The price range with the largest increase is $2,500,000 to $2,499,000 - there are 8 on the market compared with just one last year. People in that range who may have ruled out Sudbury because of the lack of inventory, may want to re-consider with inventory on the rise.
List prices for single-family homes in Sudbury range from $234,900 to $3,700,000. The median list price for a single-family home in Sudbury is $834,450 up from $647.000 on 7/22/07 and the average is $1,088,178 up from $789,980 last year at this time. The average list price for the 11 single-family homes with sales pending is $714,900 - final sale prices for these homes will be available as they close in the next month or two.
The number closed sales for August was down from last year - 23 compared to 28; the median prices was lower - $533,500 vs. $594,500, however, the average sale price increased to $698,505 from $624,153. Year-to-date, there have been 134 closed single-family home sales down from 160 for the same period in 2007. Both median and average sale prices were also down; 2008 median is 602,000, 2007 median was $687,500. 2008 average sale price y-t-d is $700,966; 2007 average was $770,684.
There is a substantial difference between actual sale prices and current listing price and some sellers are realizing that they need to position their property correctly in order to be successful. During the past 3 months there have been 79 price adjustments on 58 properties. The average adjustment was -5.18%. While price a price adjustment can make a property more attractive, new listings get the most attention during the first three weeks they are listed so it is better to price it appropriately to begin. Just as all real estate is local, pricing is based on the location, condition, and size of each individual home and every property does not appreciate at exactly the same rate. That is why listing with an experienced broker/agent who has been in the homes in an area is more important than ever.
To find out what homes are available and for daily listing updates in Sudbury and the towns west of Boston, visit www.MarilynMessenger.com or call Marilyn Messenger at 508-596-3501 for personal real estate services.
Data source: MLSPIN (Multiple Listing Service Property Information Network.)
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