How's The [Real Estate] Market? What Everyone Wants to Know!

September Closed Sales: There were 15 closed single-family home sales during September in Wayland compared with 10 in September 2012. The median sale price was $480,000; the median sale price in September 2012 was $500,000.

Year-to-date (through 9/30): There were 147 single-family homes sold during the first 9 months of 2013; exactly the same number sold during the first 9 months of 2012. The median sale price for the first 9 months of 2013 was $600,000, up from 542,000 for the same period in 2012. The average time on the market for Y-T-D 2013 was 80 days down from 143 days in 2012.

Current: Overall there are fewer homes on the market than last year at this time (10/15); there are 51 single-family homes for sale compared with 63 on 10/15/2012. However, inventory levels vary by price-range and in some range; there are 8 homes for sale between $700,000 and $799,999, twice as many as last year.

The current median list price in Wayland is $949,900; last year on 10/15 the median list price in Wayland was $929,000. The price range with the most choices continues to be one million to 1.499 million – there are 12 for sale. The average time on the market for these properties is 163 days; some of these sellers may be ready to make a deal. Most sellers do not want to have their homes on the market during the winter months and most buyers would like to be in their new home for the holidays. Since most closings take about 60 days, this is the time for buyers to get going. View homes for sale at www.WaylandHomeSales.com or contact me at 508-596-3501 to talk about your options.

Condominiums (townhouses and garden-apartment style): There were 5 closed sales of condominiums in Wayland during September. The median sale price was $570,000. There were 32 condominiums, including townhouses and garden-apartment style, sold during the first 9 nines of 2013 compared with 42 for the same period in 2012. As with single-family homes, the median price of $570,000 YTD was higher than last year’s median of $463,750.

Current: there are 18 units for sale in Wayland compared with 24 last year at this time. The good news for condominium buyers is that the median price of $647,000 is less than it was last year at this time when it was $652,000. If you’re ready to let someone else take care of shoveling the snow this winter, now is your opportunity to buy.

What's it mean to you? Price is the key even in a hot market. Homes sellers who price their houses correctly are getting offers, multiple offers in some cases, and are selling quickly, sometimes for over asking; while those who were overly optimistic and went on the market too high are taking longer and they are reducing their prices. There have been 26 price changes on 24 properties in Wayland during since September. Price reductions create new opportunities for buyers and sellers.

People who are serious about buying are prepared and acting quickly, especially any who’ve already missed out on a house they wanted. Being prepared is more important than ever, however, it is still important to think things through and not to make costly mistakes like waiving the home inspection or offering more than you can comfortably afford. Call me at 508-596-3501 if you want an experienced buyer agent/broker to navigate you through the process. My clients have been able to get the house they wanted without over-paying.

For people who own a home and are not planning to move anytime soon, higher sale prices mean more equity in your property. Maybe you've been trying to refinance or take out an equity line to do some updates but your house wouldn't appraise. Mortgage interest rates are still historically low and this may be your window of opportunity. This is also a good time to consider a vacation home or income property. Prices are going up everywhere so why wait?

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