In the month of August, 15 homes sold in Lynnfield for a median sold price of $750,000 and were on the market for 82 days on average.
The months of inventory (that is the number of months to sell all homes in a given area at the current rate of sales) fell again from 8.5 months in July to 7.3 months in August. Average market days increased to 82 as several Lynnfield homes at higher prices sold in August.
Currently, there are 71 homes on the market in Lynnfield (9/5/07) at an average price of $919,209 and the average days on the market for all homes are 165. There are 19 homes that are sale pending at an average asking price of $669,589 for average days of 120.
Note that the absorption rate (that's the percentage of homes sold of the total available inventory for sale) has almost doubled in a year. That's a great indicator of the current health of the market. (
Despite media reports and issues in the mortgage market, homes are selling in Lynnfield. There have been five consecutive months of 10 or more properties that have sold.
Lynnfield remains a desirable and sought after community for its schools, open space, lifestyle and proximity to Boston and major employment centers. Buyers are still buying homes. And interest rates are still at historical lows.
Market Statistics
| Mo/Yr | # Houses For Sale | # Houses Sold | Median Ask Price | Median Sold Price | Avg Mkt Days | Absorption Rate | Mo's of Inventory |
| Sep-06 | 144 | 12 | $ 629,900.00 | $ 528,000.00 | 104 | 8.3% | 10.1 |
| Oct-06 | 148 | 5 | $ 639,900.00 | $ 373,500.00 | 129 | 3.4% | 10.5 |
| Nov-06 | 133 | 12 | $ 650,000.00 | $ 425,000.00 | 135 | 9.0% | 10.5 |
| Dec-06 | 117 | 5 | $ 650,000.00 | $ 542,000.00 | 163 | 4.3% | 10.9 |
| Jan-07 | 110 | 5 | $ 649,900.00 | $ 315,000.00 | 170 | 4.5% | 10.8 |
| Feb-07 | 101 | 7 | $ 659,900.00 | $ 732,000.00 | 136 | 6.9% | 10.7 |
| Mar-07 | 95 | 7 | $ 650,000.00 | $ 390,000.00 | 134 | 7.4% | 10.7 |
| Apr-07 | 107 | 10 | $ 679,000.00 | $ 520,000.00 | 133 | 9.3% | 10.7 |
| May-07 | 110 | 12 | $ 699,000.00 | $ 630,000.00 | 148 | 10.9% | 10.0 |
| Jun-07 | 112 | 14 | $ 689,000.00 | $ 507,500.00 | 125 | 12.5% | 9.2 |
| Jul-07 | 113 | 15 | $ 679,000.00 | $ 504,000.00 | 56 | 13.3% | 8.5 |
| Aug-07 | 100 | 15 | $ 659,900.00 | $ 750,000.00 | 82 | 15.0% | 7.3 |
| Rolling 12 Mo Avg | 116 | 10 | $ 661,291.67 | $ 518,083.33 | 126 | 8.74% | 10.0 |
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