Wayland Housing Market Update - 2012 Sales Up; Current Inventory Way Down!

Current (1/11/13): There are only 39 single-family homes for sale in Wayland compared with 73 last year at this time. Fewer homes for sale means less competition; making this a good time for homeowners who want to sell to put their homes on the market before everyone else. Some people think waiting will bring a higher price, however, if you’re going to buy another home, waiting may cost you since the price of the home you will buy will also have a higher price tag.

Prices for single family homes in Wayland range from 189,900 to $3,899,000. The median list price is $937,000, up from $647,500 last year. The price range with the most homes for sale continues to be $1,000,000 to $1,499,999; there are 8 on the market in this range; last year there were 11. The luxury home market rebounded substantially from 2011.

Pending: There are currently 5 properties with sales pending.

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December: As in most other places, home sales in Wayland were higher in December 2012 than in December 2012; 12 compared with 7. However, median and average sale prices were both lower. The December 2012 median sale price was $505,000; the average was $548,236. The median sale price in December 2011 was $720,000; the average was $716,786.

2012: Sales and prices were up for the year in Wayland! There were 231 single-family homes sold compared with 123 in 2011. The median sale price was $567,000, up from $560,000 in 2011; the average sale price was $698,564, up from $616,096 in 2011.

Price Changes and Expired Listings: Here are the data the media won’t tell you, even though it is in many ways more telling than sales and sold prices. As much as the housing market improved in Wayland in 2012, homes that were not priced correctly had to adjust their listing prices to attract buyers. There were 182 price adjustments on 101 listings (some houses had to adjust more than once); the average adjustment was -7.29%.

There were also 52 houses that did not sell after being on the market for an average of 290 days. Pricing is the key to attracting the right buyer; marketing will get your listing exposure, however, the price is what gets it in front of the right audience. Some people think if they don’t ask a high enough price they will leave money on the table. As in many things in real estate, the opposite is true; list to price ratios were 94% of the original asking price, and 96% of the adjusted list price.

Check out homes for sale.

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