Wednesday, September 27, 2006

Real Estate Sales/Prices - West of Boston vs. Statewide

Sudbury Massachusetts -- Yesterday, The Boston Globe newspaper reported that the average number of single family homes sold in Massachusetts during the month of August dropped by 21.6% compared to August of 2005. And, the average median sale price for the state dropped 6.1% compared to August 2005.

West of Boston, in Sudbury, Wayland, and Weston the changes were even more dramatic! In Sudbury the number of homes sold was down by 20.8% and the median sale price for the month, $760,000, was 15.78% less than the August 2005 median of $880,000.

In Wayland, there were only 14 closed sales for the month compared to 25 in August 2005, a 36% drop and the median sale prices was down by 14%, $625,000 vs. $727,500 in August 2005. While Weston's median sale price for August this year was actually up 30% - $1,595,000 compared to $1,225,000 the median for August 2005, the number of closed sales was down 20%.

Statistics are interesting, but yesterday's information can't predict the future. It is unfortunate that the media continues to publish data that is almost a month old - September's numbers will be available in a few days and they are just reporting on August. Furthermore, closed sales in August reflect decisions that were made in May, June, and July -- it can take 30 to 90 days for escrow to close. Go back 30 to 90 days -- the economy was different - gas prices were higher, interest rates were higher, unemployment was higher and does anyone remember what the Dow closed at 2 months ago? Does it really matter?

My advice is get on with your life! If you need to move, do it - don't wait until the media tells you it's a good time - by then it will be too late! So many of the benefits of home-ownership are priceless Find yourself a good real estate buyer broker to help you sort through all of the inventory - you'll never do it looking at pictures on the Internet yourself there are just too many, and let your agent negotiate! It may take some time and effort, but it will be worth it. While everyone is putting their lives on hold trying to time the market, you'll be settled in your new home!

Marilyn Messenger writes the Realty Times Market Condition reports for Sudbury, Wayland, Weston, Maynard, and Hudson MA. To view the latest reports visit www.MarilynMessenger.com.
Post a Comment

Blog Archive