February Single Family Home Sales and Market Update for Wayland, MA

As of February 28, 2009, there were 69 single family listings in Wayland on the Multiple Listing Service (MLSPin).  Although it is encouraging to see that home sales for the first two months of 2009 are 2 ½ times greater than the same period last year, and despite the cold and snowy winter that we have had, what has been selling is far below the average list price for single family homes currently on the market.  This is due in part to an increased number of short sales and foreclosure sales in Wayland.  However, growing inventory levels and days on market are ominous signs of an impending slow down in the sale of homes that are not priced attractively or marketed aggressively.  Sellers should take note, as well as those interested in listing their homes for sale in the near future.  During February, 11 new single family listings were added to our MLSPin, with an average list price of $860,036.   

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 262 days.   That is to say, based on the volume of sales during the past month, it will take approximately 8.6 months to sell all of the single family homes currently in inventory and sitting on the Wayland market.

The average list price for a single family home is $968,520.  The lowest price is $199,000 and the highest price is $6,500,000, with the largest concentration of homes (40.6%) priced in the $450,000 to $799,999 price range.  Of note, the average list price for a single family home in February 2008 was $914,362.

The median price is $650,000 and the average days on market are 190 days.  This compares to a median list price of $671,950 and average days on market of 200 days as of February 29, 2008.

There were 5 properties that went under agreement during the month of February (February 2008- 7 properties).  8 single family homes sold during the month, with the average sales price being $646,094 and the median was $695,000, with the average days on market being 199 days. Compare this to 2 properties sold during February 2008, with an average and median sales price of $445,000, and the average number of days on market being 177 days.

During February 2009:

10 properties experienced price changes averaging -6.40%

Sales price to original price was 84%

Sales price to (last) adjusted price was 95%

1 property listing expired with an average days on market of 72 days