How's the Market Doing in Sherborn, MA? Get the Latest Market Update - 10/31/2008

 As of October 31, 2008, there were 54 single family listings in Sherborn on the Multiple Listing Service (MLSPin).  Sales of single family homes are down approximately 13.5% for the year, with on-going price pressure on list prices by buyers - especially in the $1,000,000 plus price range.  During October, 7 additional single family listings were added to our MLSPin, (1 was re-listed and put back on market) with an average list price of $972,114. 

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of a staggering 18 months.   That is to say, based on the volume of sales during the past month, it will take 540 days to sell all the single family homes currently sitting on the Sherborn market.

The average list price is $1,007,873.  The lowest price is $199,888 and the highest price is $4,000,000, with the largest concentration of homes (50%) priced in the $600,000 to $999,999 price range.  Of note, the average list price for a single family home in October 2007 was $1,26,685.

The median price is $809,950 and the average days on market are 228 days.  This compares to a median sales price of $945,00 and average days on market of 285 days as of October 31, 2007.

There was one property that went under agreement during the month of October (October 2007- six properties).  Three single family homes sold during October, with the average sales price being $471,669 and the median was $525,000, with the average days on market being 96 days. Compare this to four properties sold during October 2007, with an average and median sales price of $1,252,225 and $1,149,950, respectively, and the average number of days on market being 488 days.

In October 2008:

Nine properties had price changes averaging -4.83%

Sales price to original price was 90%

Sales price to (last) adjusted price was 94%