Wayland Real Estate Market Update - Sales and Prices Continue Upward!

July Closed Sales: There were 26 closed single-family home sales during July in Wayland compared with 22 in July 2012. The median sale price was $652,750 was up 11.7% from $584.175 in July 2012.

Keep in mind that it takes approximately 30 to 60 days to close a sale. The buying decisions for properties that closed in July were made in April and May at the peak of the Spring market. Summer is a different market.

Year-to-date (through 7/31): Sales and prices for the first seven months of 2013 are both up over the same period last year in Wayland. There have been 133 homes sold; up 14.7%. The median price of $606,025 is up 9.7% from last year. The average time on the market for Y-T-D 2013 is 96 days; 25.7% less than in 2012.

New listings in July: the number of single-family homes that came on the market in Wayland during July was almost the same as in July 2012 – 18; 19 in July 2012. Of the 18, 10 that are fully active; 1 has an accepted offer with contingencies waiting to clear, 5 are under agreement, and one of the listings has expired.

Current: As in most places, there are fewer homes on the market than last year at this time (8/27); there are 65 single-family homes for sale compared with 74 on 8/27/2012. List prices range from $219,900 for a 6 room house with 2 bedrooms and 2 bathrooms to $2,995,000 for a luxury estate with 16 rooms, 5 bedrooms, 5 full and 4 half-baths, a 7 car attached garage, basketball court, and swimming pool on 2+ acres. See the listings at www.WaylandHomeSales.com

The current median list price in Wayland is $815.000; last year on 8/27 the median list price in Wayland was $907,000. As in Sudbury, the price range with the most choices is one million to 1.499 million – there are 13 for sale. The average time on the market for these properties is 156 days; some of these sellers may be ready to make a deal and buyer, you have less competition - everything is on sale in August and September!

Condominiums (townhouses and garden-apartment style): There were 6 closed sales of condominiums in Wayland during July; there were 2 in July 2012. Sale prices were lower this year. The median sale price in July 2013 was $350,000; the median in July 2012 was $517,500.

Current: there are 16 units for sale in Wayland compared with 31 last year at this time. List prices range from $279,900 for 3 bedrooms, 1 bath half-duplex, to $1,199,000 for a 3 bedroom, 3.5 bath luxury townhome at The Field. The median price for a condominium in Wayland is $645,000; the median list price was $662,450 on 8/27/2012.

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 32 price changes on 24 properties in Wayland during since July 1. 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. Contact me if you want an experienced buyer agent/broker to navigate you through the process. My clients have been able to get the house they want 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? 
---------------------------------------
About the author: Marilyn Messenger has been representing buyers and sellers in Wayland and the towns west of Boston since 1993. She combines hands-on personal service with the latest tech tools and knowledge systems to maximize efficiency and minimize stress for clients

Messenger s a licensed real estate Broker, Certified Residential Specialist (CRS), and Accredited Buyer Representative. Less than 4% of Realtors have earned the CRS designation; they sell 25% of residential real estate. She is a member of the Wayland Business Association and the Luxury Homes Marketing Institute as well as numerous professional organizations and boards. www.WaylandHomeSales.com for more.