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

As of December 31, 2008, there were 66 single family listings in Wayland on the Multiple Listing Service (MLSPin).   Year to date sales figures show a 15.3% decline in sales volume and average sales prices are reflect a decrease of 17.6% compared to 2007. Based on current market absorption rates (see below), the market for single family homes in Wayland appears to be "balanced."  In other words, market supply and demand are in balance, such that it is neither  a buyers' nor a sellers' market.  However, we are beginning to see a marked increase in bank owned and short sale listings in Wayland.  This will, over time, drive up the days on market and lower the average selling price statistics for the town, as the buying process often takes several months for foreclosed properties.  During December, 6 new single family listings were added to our MLSPin, with an average list price of $388,117.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 165 days.   That is to say, based on the volume of sales during the past month, it will take approximately 5.5 months to sell all of the single family homes currently in inventory and sitting on the Wayland market.  On a positive note for buyers, Wayland is at an all time high for affordability of housing.  Given the infrastructure of the town and the excellence of its public school system, now may be the best time to buy in Wayland.

The average list price for a single family home is $1,045,139.  The lowest price is $199,000 and the highest price is $6,500,000, with the largest concentration of homes (31.8%) priced in the $500,000 to $799,999 price range.  Of note, the average list price for a single family home in November 2007 was $1,013,315.

The median price is $684,000 and the average days on market are 199 days.  This compares to a median list price of $699,000 and average days on market of 182 days as of December 31, 2007.

There were 6 properties that went under agreement during the month of  December (December 2007- 5 properties). 12 single family homes sold during December, with the average sales price being $521,717 and the median was $500,000, with the average days on market being 125 days. Compare this to 5 properties sold during December 2007, with an average and median sales price of $691,204 and $525,000, respectively, and the average number of days on market being 213 days.

In December 2008:

13 properties experienced price changes averaging -9.78%

Sales price to original price was 91%

Sales price to (last) adjusted price was 95%