Natick and South Natick, Massachusetts Market Update for March 2009

As of March 31, 2009, there were 110 single family listings in Natick on the Multiple Listing Service (MLSPin). During March, 53 new single family listings were added to our MLSPin and an additional 3 single family homes were relisted for sale on the MLS, with an average list price of $708,815. Inventories are growing, with new home listings increasing and year-to-date sales far behind 2008 for the comparable period. With interest rates so low, it is time for buyers to get off of the fence and start looking at the opportunities out there! Meanwhile, the area of South Natick is saturated with higher-end homes that are not moving. Aggressive pricing and marketing is the only thing that will get these properties sold ahead of their competition.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 12.2 months. That is to say, based on the volume of sales during the past month, it will take just over 1 year 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 $678,630. The lowest price is $214,900 and the highest price is $2,795,000, with the largest concentration of homes (46.4%) priced in the $350,000 to $599,999 price range. Of note, the average list price for a single family home in March 2008 was $629,031.

The median price is $544,900 and the average days on market are 132 days. This compares to a median list price of $459,900 and average days on market of 148 days as of March 31, 2008.

There were 16 properties that went under agreement during the month of March (March 2008- 21 properties). 9 single family homes sold during the month, with the average sales price being $465,878 and the median was $362,000, with the average days on market being 121 days. Compare this to 23 properties sold during March 2008, with an average and median sales price of $468,866 and $369,900, respectively, and the average number of days on market being 148 days.

During March 2009:

26 properties experienced price changes averaging -3.94%

Sales price to original price was 93%

Sales price to (last) adjusted price was 95%

4 property listings expired with an average days on market of 41 days