
As of April 30, 2009, there were 128 single family listings in Natick and South Natick on the Multiple Listing Service (MLSPin). During April, 39 new single family listings were added to our MLSPin, with an average list price of $546,577. Market absorption rates are moving back to reason, however indicators reflect that it is still very much a buyer's market in Natick. So called "luxury homes" - those with a larger property footprint and price tag - found predominantly in South Natick, are negatively affecting market absorption rates, whereas lower priced homes - perfect for first time homebuyers are selling quite rapidly. We should see continued positive activity in this segment of the Natick market. On the other hand, market trends and conditions are such that the next wave of short sales and foreclosures in the "luxury" home segment will put continued downward price pressures on certain listings in Natick - and South Natick in particular, as more homes come onto the market at distressed prices; fueling additional short sales and foreclosures in their path as home values further decrease.
Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 9.1 months. That is to say, based on the volume of sales during the past month, it will take an estimated 274 days 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 $642,379. The lowest price is $975,900 and the highest price is $2,195,000, with the largest concentration of homes (52.5%) priced in the $450,000 to $899,999 price range. Of note, the average list price for a single family home in April 2008 was $654,350.
The median price is $549,900 and the average days on market are 107 days. This compares to a median list price of $491,250 and average days on market of 131 days as of April 30, 2008.
There were 24 properties that went under agreement during the month of April (April 2008- 28 properties). 14 single family homes sold during the month, with the average sales price being $438,136 and the median was $470,500 with the average days on market being 114 days. Compare this to 8 properties sold during April 2008, with an average and median sales price of $466,116 and $376,548, respectively, and the average number of days on market being 51 days.
During April 2009:
41 properties experienced price changes averaging -3.17%
Sales price to original price was 90%
Sales price to (last) adjusted price was 95%
3 property listings expired with an average days on market of 164 days
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Year to date market performance:
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2009
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2008
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Average original list price
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$492,905
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$522,641
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Average sales price
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$447,194
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$479,618
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Median sales price
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$386,000
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$376,450
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Average days on market
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104
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133
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Total number of single family homes sold
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43
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54
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Is now the right time to sell your home? Contact WEICHERT, REALTORS®-Synergy for a complimentary Price Trend Analysis that you can use to evaluate your options.
Looking for other options? Meet with a local Weichert neighborhood specialist to discuss how our expertise can provide you with a competitive edge in selling your property. Stop chasing the market. Let the market chase you! Contact us now at http://synergy-metrowest.com/cma.htm
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