As of October 31, 2008, there were 86 single family listings in Weston on the Multiple Listing Service (MLSPin). Sales of single family homes are down almost 37% for the year, with on- going price adjustments to existing inventory, which is aging. During October, 10 additional single family listings were added to our MLSPin, (2 of which were back on market) with an average list price of $1,685,670.
Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 17.2 months. That is to say, based on the volume of sales during the past month, it will take shocking 17.2 months to sell all the single family homes currently sitting on the Weston market.
The average list price is $2,368,805. The lowest price is $349,000 and the highest price is $8,000,000, with the largest concentration of homes (37.7%) priced in the $1,050,000 to $1,999,999 price range. Of note, the average list price for a single family home in October 2007 was $2,209,338.
The median price is $1,937,500 and the average days on market are 178 days. This compares to a median sales price of $1,779,900 and average days on market of 190 days as of October 31, 2007.
There were 3 properties that went under agreement during the month of October (October 2007- 12 properties). 5 single family homes sold during October, with the average sales price being $1,417,800 and the median was $850,000, with the average days on market being 179 days. Compare this to 5 properties sold during October 2007, with an average and median sales price of $1,789,400 and $1,357,000, respectively, and the average number of days on market being 87 days.
In October 2008:
19 properties had price changes averaging -6.79%
Sales price to original price was 86%
Sales price to (last) adjusted price was 93%
Year to date market performance: 2008 2007 Average original list price $1,802,910 $1,749,019 Average sales price $1,578,480 $1,546,125 Median sales price $1,370,000 $1,250,000 Average days on market 151 164 Total number of single family homes sold 89 141
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