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

As of February 28, 2009, there were 76 single family listings in Natick on the Multiple Listing Service (MLSPin). Affordable homes are what are selling in Natick right now and the South Natick market is not holding up for the moment. The higher end homes in Natick do tend to compete with many of the neighboring communities in the Metrowest area, therefore pricing and marketing are key ingredients to moving homes faster and ahead of the competition. Inventory levels are rising and market absorption rates are moving in the buyers' favor. This should be considered by anyone looking to list their home in Natick in the coming months. During February, 21 new single family listings were added to our MLSPin and one additional single family home was relisted for sale on the MLS, with an average list price of $645,527.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 257 days. That is to say, based on the volume of sales during the past month, it will take approximately 8.44 months 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 $651,328. The lowest price is $205,000 and the highest price is $2,795,000, with the largest concentration of homes (63.1%) priced in the $350,000 to $799,999 price range. Of note, the average list price for a single family home in February 2008 was $645,757.

The median price is $544,900 and the average days on market are 158 days. This compares to a median list price of $459,900 and average days on market of 177 days as of February 29, 2008.

There were 16 properties that went under agreement during the month of February (February 2008- 21 properties). 9 single family homes sold during the month, with the average sales price being $411,227 and the median was $403,000, with the average days on market being 99 days. Compare this to 11 properties sold during February 2008, with an average and median sales price of $437,318 and $349,000, respectively, and the average number of days on market being 179 days.

During February 2009:

23 properties experienced price changes averaging -3.01%

Sales price to original price was 91%

Sales price to (last) adjusted price was 95%

4 property listings expired with an average days on market of 153 days