Friday, April 29, 2011

How's the Wayland Real Estate Market?

List prices for single family homes in Wayland range from $179,000 to $24,500,000. The median price is $749,900; the average is $1,288,770 – both higher than last year at this time. Although 22 homes came on the market in March and 26 more so far in April, the number for single-family homes available remains low in Wayland with only 87 for sale compared with 104 one year ago. Of the 87, 14 already have accepted offers and are being shown until contingencies clear. The average time on the market is 171 days, a few days lower than last year. Additionally, there are 20 properties with sales pending.

Lower supply is generally good for sellers as there is less competition. However many buyers are still influenced by the national news and continue to believe that if they wait they will find a better house for a lower price and are not taking today’s low interest rates into consideration. When interest rates go up, and eventually they will, a lower sale price could end up costing more on a monthly basis. Also, houses in Wayland are so different from one another even when they are in the same neighborhood, the pros and cons of each property stands must be analyzed individually.

As in most places, first quarter sales for single family homes were down in Wayland; there were 15 compared with 19 for the same period in 2010. The median sale price was $480,000 and the average sale price was $525,000; both up but not significantly from last year. There were 6 closed sales during March, exactly the same number as in March 2010, however 2011 median and average sale prices were lower than last year. The median sale price was $466,000 and the average was $506,000.

Of course, the actual buying decisions for first quarter were made in the previous months during a most challenging winter which may be why condominium sales were up during first quarter. There were 10 closed sales compared with just 3 for the same period in 2010. At $539,900, the median price was also up substantially from $405,000 in 2010. Currently, there are 26 condominiums and luxury townhouses for sale in Wayland, Prices range from $249,000 to $985,000. The average time on the market is 126 days compared with 224 days last year.

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