Weston, Masachusetts Market Report for December 31, 2008 - A Look Behind the Numbers

As of December 31, 2008, there were 59 single family listings in Weston on the Multiple Listing Service (MLSPin).   Year to date sales figures show a sharp 35.9% decline in sales volume, although average sales prices are stable between the years 2008 and 2007. Based on current market absorption rates (see below), the market for single family homes in Weston appears to be "over supplied."  In other words, market supply exceeds demand, such that it is clearly a buyer's market, especially in the higher priced luxury home segment.  We should see a steady increase in days on market for certain Weston properties and continued price pressures from interested buyers.  During December, only 1 new single family listing was added to our MLSPin, with a list price of $1,900,000.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 443 days.   That is to say, based on the volume of sales during the past month, it is estimated to take a shocking 14.75 months to sell all of the single family homes currently in inventory and sitting on the Weston market. 

The average list price for a single family home is $2,815,518.  The lowest price is $469,000 and the highest price is $14,000,000, with the largest concentration of homes (44.1%) priced in the $1,000,000 to $2,499,999 price range.  Of note, the average list price for a single family home in November 2007 was $2,310,321. Of interest, compare the average sales price for the year (see chart below) to where homes currently in inventory are positioned.

The median price is $2,199,000 and the average days on market are 225 days.  This compares to a median list price of $1,825,000 and average days on market of 240 days as of December 31, 2007.

There were 6 properties that went under agreement during the month of  December (December 2007- 5 properties). 4 single family homes sold during December, with the average sales price being $1,331,475 and the median was $1,342,450, with the average days on market being 76 days. Compare this to 1 property sold during December 2007, with an average and median sales price of $993,175, and the number of days on market being 7 days.

In December 2008:

4 properties experienced price changes averaging -5.71%

Sales price to original price was 85%

Sales price to (last) adjusted price was 89%