Tuesday, November 09, 2010

Wayland Real Estate Market - October Sales Up; Current Pendings Down

Welcome to the real estate market conditions report for Wayland MA for November 2010.

Overall, there are more single family homes for sale in Wayland than there were one year ago - 85 compared to 79, however, a closer look shows that in many price ranges there are actually fewer available. The price range with the largest decrease is $600,000 to $699,900 - last year at this time there were 11 homes for sale; currently there are only 7. The range with the highest increase is $250,000 to $299,000 - there are 10 compared to only 1 last year. Many of the homes that range are either short sale or banked-owned properties.

Eight of the "active" listings have offers accepted and are being shown until contingencies have been met. Additionally, there are 7 single-family homes with sales pending; there were 16 sales pending one month ago. Pending sales indicate recent activity.

List prices in Wayland range from $179,000 to $4,795,000. The median list price is $719,000; last year at this time it was $639,000. The average list price is $956,309 compared with $1,059,493 last year. Average time on the market for current listings is 199 days; a year ago it was 210 days.

The number of closed sales during the month of October was up; 15 compared with 11 sales last year. The median sale price was $500,000 up from $472,500 last year; while the average of $488,850 was lower than during October 2009 when it was $532,986. Year-to-date, the number of single family homes sold sales was up over 2009 - 119 in 2010; 105 in 2009, and there was no significant change in median and average sale prices.

While median and average prices are helpful information, the market value of any property depends on the supply and demand which can vary greatly for each price range. It is important to understand your specific market when determining the list price that will attract the highest number of buyers; or if you are a buyer trying to determine what you are willing to pay.

For anyone looking for easy living, there are excellent opportunities in Wayland. There are 28 condominiums, including duplex and townhouse styles with prices ranging from $319,500 to $985,000. There are 3 condominiums with offers accepted; and 1 sale pending. There were 2 closed sales for condominiums during October.

Visit www.marilynmessenger.com to search complete MLS listings with addresses and maps; news and information and market reports for Sudbury, Stow, Maynard, and Weston MA.

Data source: MLSPIN (Multiple Listing Service Property Information Network)
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