The spring market has sprung. The inventory has reached 85 single family homes on the market as of this date. There are some great homes on the market and with the First Time Buyer Tax Credit, low interest rates it makes for some great incentives in the home market right now.

There were 17 single family homes that went under agreement in the past month wit h the average days on market 100 days.

There have been 5 properties that went under agreement in the past 3 day as follows:

Ranch 4 room, 2 bed, 1 bath listed at $499,900 - days on market 49
Contemporary 8 room, 3 bed, 2 bath listed at $559,000 - days on market 26
Colonial 9 room, 3 bed, 1.5 bath listed at $579,900 - days on market 8
Colonial 9 room, 4 bed, 2 bath listed at $699,000 - days on market 201
Energy Efficient "GREEN LIVING" farm house 7 rooms, 3 bed, 2 baths days on market 196


There are concentration price points as follows:

3 single family homes between $450,000 - $499,999
13 single family homes between $500,000 - $599,999
8 single family homes between $600,000 - $699,999
5 single family homes between $700,000 - $799,999/
6 single family homes between $900,000 - $999,999
32 single family homes between $1,000,000 - $1,499,999 3/10/08 this number was 21 (big jump)
5 single family homes between $1,500,000 - $1.999,999


Comparing 3/10/07

There were 111 single family homes on the market - average days on market 147 Average price $926,388

3/10/08

There were 88 single family homes on the market - average days on market 136 Average price $1,045,102

3/10/09

Ther are 85 single family homes on the market - average days on market 115 Average price is $1,026,689

In the past month the average days on market for sold properties was 97 days with properties selling at 92% of the original price. and 95% of the current price.

There were 12 single family homes that sold during the last month with the average price being $678,146. In 2008 for the same time period the average price was $890,111 with days on market was 99 and properties selling at 95% of original price and 97% of current list price.

The inventory for the luxury market has gone up considerably from last year to same time this year from 21 to 32.

Pat Baker, Realtor(R), ABR (R), GREEN(R)
Coldwell Banker Residential Brokerage
1 Chapel Street, Needham, MA 02492
(C) 671-435-3471 (O) 781-444-7400 (V&F) 781-446-8697
Search for home in Massachusetts

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MetWest Scene - Market Momentum

Well the real estate pundits have been pontificating on what the market’s been doing.

And it seems that anyone and everyone announces their opinion as fact.

Some of the major media outlets have decreed certain towns to be “recession proof,” and others have taken attendee numbers at an open house to be the indicator of how well a town’s market is faring these days.

But rather than relying on anecdotal evidence, let’s take a look at the facts.

What are the relevant numbers and what do they tell us?

Signaling the arrival of the ides of March, market momentum is varying significantly by town.

NEEDHAM

Needham has burst out of the 2009 gate with a strong showing for the first two months of this year.

Sales in Needham for January and February soared 66.7% compared to the same period in 2008.

Transaction dollar volume in Needham has increased an astounding 78.4 % for the first two months of 2009, as compared to 2008.

WELLESLEY

Given that Wellesley’s home sales for the first two months of this year fell off the cliff, is it possible that buyers have turned to more affordable Needham?

Food for thought…

Homes sales in Wellesley were down 62.5% for the first two months of 2009, compared to the same period in 2008.

Transaction dollar volume slid a precipitous 70.6%.

NEEDHAM - WELLESLEY - NATICK

SALES + 66.7% - 62.5% - 5.0%

$ VOLUME + 78.4% - 70.6% - 18.3%

NATICK

A third metro west community, Natick, stayed on course during the first two months of 2009 by closing just one less home than the same period last year.

Transaction dollar volume in Natick declined 18.3%, due to a lower average sale price this year, as compared to the same period in 2008.

What does all this mean?

Wellesley’s average list price for single family homes is currently $1,949,567.

This is a stark contrast and out of balance with the average selling price of $1,077,917, for the first two months of 2009.

With numbers this far askew it may be some time before the market regains equilibrium in Wellesley.

Wellesley’s numbers remained strong for some time after other nearby communities had been hit by the recession.

But the downturn in the economy has clearly caught up with Wellesley’s real estate market. The vast difference in the average listing price, versus the ACTUAL average sales price means that buyers aren’t perceiving the same value as the sellers do, OR that the higher end is not moving as well as Wellesley’s more affordable/lower range homes.

Buyers seem to be gravitating towards the lower priced homes in Wellesley, and appear to be avoiding the higher end.

While in Needham and Natick, it appears that buyers are perceiving value at the listing prices, though undoubtedly some buyers looking for the “deal of the century” will feel that these towns are still priced relatively high.

JOHN PRESCOTT

-BostonKayakGuy

Top Real Estate Agent for more than 14 years, serving the real estate needs of Wellesley, South Natick, Weston, Needham, Wayland, Newton, Framingham and other MetWest communities. www.johnprescott.net

JOHN PRESCOTT

Vice President

Century 21 Commonwealth

508-523-9252

BostonKayakGuy…The MetWest Scene

Help Habitat Build This House For Your Family

I picked up the local paper and saw this ad. I am passing it on because someone may need this information .

Your 300 hours of work on the house is your down payment - NOW THAT IS IT NEAT!

Buy the house for $150,000 and pay 0% interest on your mortgage - That is also neat because it is not a free home but you are working for it.

Family size - 3-6

Annual Income $35,000 to $50,000

*Must have good credit and work history- It is just great to work for something and feel good about it. It is not bailing someone out but assisting them in their own hard work and rewarding them for good credit practices.

Three bedroom single-family home - Screened in porch Wooded lot All new construction and appliances. Beautiful neighborhood woalking distance from schools.

Apply by March 25, 2009

Download an application www.habitatboston.org

or call for an application (617) 423-2223

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Get Your Irish On!

bostonkayakguy.wordpress.com — U2...special performance...Boston...secret location...March 11...(continued) BostonKayakGuy...John Prescott's The MetWest Scene

» Full Story on bostonkayakguy.wordpress.com

U2 Takes Boston by Storm !!!

-BostonKayakGuy

Top Real Estate Agent for more than 14 years, serving the real estate needs of Wellesley, South Natick, Weston, Needham, Wayland, Newton, Framingham and other MetWest communities. www.johnprescott.net

JOHN PRESCOTT

Vice President

Century 21 Commonwealth

508-523-9252

BostonKayakGuy…The MetWest Scene

As of February 28, 2009, there were 81 single family listings in Needham on the Multiple Listing Service (MLSPin). As the winter draws to an end and buyers begin to thaw out, Needham is well positioned to continue its upward trend in home sales this year. However, one must note that there continues to be downward price pressure from consumers and current market absorption rates indicate a buyers' market for the springtime inventory. During February, 25 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 $972,754.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 307 days. That is to say, based on the volume of sales during the past month, it will take approximately 10 months to sell all of the single family homes currently in inventory and sitting on the Needham market.

The average list price for a single family home is $1,036,886. The lowest price is $299,000 and the highest price is $3,200,000, with the largest concentration of homes (44.4%) 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 $1,071,510.

The median price is $989,900 and the average days on market are 124 days. This compares to a median list price of $924,000 and average days on market of 132 days as of February 29, 2008.

There were 20 properties that went under agreement during the month of February (February 2008- 19 properties). 14 single family homes sold during the month, with the average sales price being $751,554 and the median was $647,500, with the average days on market being 82 days. Compare this to 8 properties sold during February 2008, with an average and median sales price of $913,750 and $841,000, respectively, and the average number of days on market being 106 days.

During February 2009:

16 properties experienced price changes averaging -4.10%

Sales price to original price was 92%

Sales price to (last) adjusted price was 96%

3 property listings expired with an average days on market of 122 days

Year to date market performance:		2009		2008
Average original list price		$935,660		$890,200
Average sales price		$853,397		$806,803
Median sales price		$671,250		$749,000
Average days on market		103		115
Total number of single family homes sold		30		19