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February Single Family Home Sales and Market Update For Weston, MA

By
Real Estate Attorney MA 9505496/Broker

 Weichert Works in Weston, MA  Map of Weston, MA

 

As of February 28, 2009, there were 83 single family listings in Weston on the Multiple Listing Service (MLSPin).  Weston continues to be a sought after area to live, but it is interesting to note that what is selling and what has recently been listed (or relisted) are below market averages for the town.  It goes without saying, however that there are a significant amount of properties on the Weston market that are very high-end luxury homes that will likely stay on the market for several months (if not years) before the "right" buyer finds the property.  Aggressive marketing to international markets is one way to  target buyers for these types of homes.   During February, 13 new single family listings were added to our MLSPin and an additional 7 single family homes were relisted for sale on the MLS, with an average list price of $2,059,245.   

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 631 days.   That is to say, based on the volume of sales during the past month, it will take approximately 20.75 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 $2,435,150.  The lowest price is $469,000 and the highest price is $14,000,000, with the largest concentration of homes (32.5%) priced in the $1,000,000 to $1,999,999 price range.  Of note, the average list price for a single family home in February 2008 was $2,184,713.

The median price is $1,849,000 and the average days on market are 208 days.  This compares to a median list price of $1,735,000 and average days on market of 221 days as of February 29, 2008.

There were 5 properties that went under agreement during the month of February (February 2008- 11 properties).  Four single family homes sold during the month, with the average sales price being $2,321,313 and the median was $2,420,125, with the average days on market being 280 days. Compare this to 8 properties sold during February 2008, with an average and median sales price of $1,404,863 and $1,071,450, respectively, and the average number of days on market being 106 days.

During February 2009:

13 properties experienced price changes averaging -7.70%

Sales price to original price was 89%

Sales price to (last) adjusted price was 91%

3 property listings expired with an average days on market of 248 days

 

Year to date market performance:                                                    

  

2009

 

2008

Average original list price

  

$1,963,988

  

$1,784,119

Average sales price

  

$1,723,594

  

$1,504,025

Median sales price

  

$1,652,750

  

$1,305,000

Average days on market

  

207

  

102

Total number of single family homes sold

  

8

  

16

  

 

 

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