Natick, Massachusetts Market Report for December 31, 2008 - A Look Behind the Numbers

As of December 31, 2008, there were 73 single family listings in Natick on the Multiple Listing Service (MLSPin).   Year to date sales figures show a 20.7% decline in sales volume and average sales prices are down 13.09% compared to 2007. Based on current market absorption rates (see below), the market for single family homes in Natick appears to be "balanced."  That is to say, market supply and demand is in balance, such that it is neither a buyers nor a sellers market.  However, much of the inventory currently available has been sitting idle for over six months, therefore further price improvements are required for these properties to sell and buyers do, in reality, have the upper hand.  During December, 7 new single family listings were added to our MLSPin, with an average list price of $531,371.  However, out of the 7 listings taken, only 3 are "new", the others that were added to the MLS were re-listings of expired or previously cancelled homes for sale. 

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 168 days.   That is to say, based on the volume of sales during the past month, it will take approximately 5.6 months to sell all of the single family homes currently in inventory and sitting on the Natick market.

The average list price for a single family home is $622,405.  The lowest price is $159,999 and the highest price is $2,795,000, with the largest concentration of homes (52.1%) priced in the $350,000 to $699,999 price range.  Of note, the average list price for a single family home in November 2007 was $661,087.

The median price is $524,900 and the average days on market are 185 days.  This compares to a median list price of $494,000 and average days on market of 199 days as of December 31, 2007.

There were 10 properties that went under agreement during the month of December (December 2007- 13 properties). 13 single family homes sold during December, with the average sales price being $547,400 and the median was $449,900, with the average days on market being 71 days. Compare this to 8 properties sold during December 2007, with an average and median sales price of $527,650 and $391,500, respectively, and the average number of days on market being 109 days.

In December 2008:

12 properties experienced price changes averaging -4.88%

Sales price to original price was 93%

Sales price to (last) adjusted price was 96%